Category: INTERNATIONAL
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Barclays’ shareholders to vote on African sell down
On Tuesday, Barclays, which plans to sell down its 62.3 per cent stake in Barclays Africa issued a circular to this effect. In its circular to shareholders the bank says it is considering both strategic and capital market options for the sell down. The bank said it is seeking shareholder approval for its plans at a general…
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S.Africa’s rand seen struggling due to local politics, risk aversion
South Africa’s rand edged up against the dollar on Wednesday but was still off recent four-month highs, with local political uncertainty as well as overall low risk appetite seen capping any significant gains. Stocks opened slightly firmer, with the JSE securities exchange’s Top-40 index up 0.5 percent from Tuesday’s close. At 0714 GMT the rand…
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Zimbabwean minister says banks have credible plans to sell stakes to locals
Foreign banks operating in Zimbabwe have submitted credible plans on how they intend to transfer majority shares to locals, the country’s finance minister said on Saturday, reducing the chances the government could cancel their licences. Under an Indigenisation and Economic Empowerment Act all foreign companies operating in Zimbabwe were given a March 31 deadline to…
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Algeria: Air Algerie to Resume Brussels Flights From Wednesday
National airline Air Algerie announced Monday in a communiqué the resumption from Wednesday of Algiers-Brussels-Algiers flights. The flights were suspended following the Brussels airport attacks. In this context, the national airline asked passengers traveling from Brussels Airport to “make registration three hours before boarding for logistical reasons relating to the security measures set up by…
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Mozambican tuna bonds exemplify the perils of markets at the edge
MAPUTO — Mozambique is becoming a case study on the perils of rushing into markets at the edge of the world’s financial system. Global investors who in 2013 thought they were lending a state-owned company $850m to buy a tuna fishing fleet learned within months that the funds had been diverted to buy ships for…
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Nigeria targets elusive small traders in new tax drive
Sewing hair extensions to the plaits on a middle-aged woman’s head, Nigerian hairdresser Bridget Okoidegun is not sure how much tax she pays — something the government plans to change. The owner of a small salon in Lagos could soon find herself on the hitlist of officials who have started cracking down on the small…
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Algeria’s Dates Export Market Share Slightly Up in Four Years
Algeria’s dates export market share slightly increased between 2010 and 2014, noted a study by the National Agency for Export Promotion (Algex) on global trade of dates. Algeria, which is the 8th world’s largest exporter, has its market share increase from 3.3% in 2010 to 5% in 2014. Dates represent one (1) billion of world…
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Bear market eats Kenya’s stockbrokers’ 2015 profits
A tough operating environment saddled by high interest rates and a surge in inflation saw 16 out of Kenya’s 21 stockbrokers’ 2015 profits drop, according to financial reports published by close of last week. The industry reported a cumulative net profit decline of 35 per cent to Sh823.5 million from Sh1.26 billion in 2014, as…
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Africa watches as Kenya prepares to test Eurobond waters
Kenya could become the first African country to tap global debt markets this year as it begins a bond roadshow this week, but Eurobond financing is likely to remain out of reach for most of its peers on the continent. Bond sales from sub-Saharan Africa, which had previously been booming, are yet to start in…
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Nigeria’s oil company offers to discuss revenue retention claims – NRGI
Nigeria’s state oil company has offered to talk to an international watchdog that says it failed to hand over billions of dollars in oil revenues despite government promises to tackle mismanagement and corruption. President Muhammadu Buhari last year fired senior staff at the Nigerian National Petroleum Corporation (NNPC) and approved a revamp of its structure…