Category: INTERNATIONAL
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Uganda’s private-sector activity hurt by fewer export orders – survey
Uganda’s private-sector economic activity decelerated in February, slowed by weak exports, delays in customer payments and rising input prices, a survey showed on Monday. The Markit Stanbic Bank Uganda Purchasing Managers’ Index (PMI) declined to 51.1, down from 52.0 last month. A reading above 50 indicates expansion; anything below, a contraction. “February saw a contraction…
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Kenya: Vihiga adopts GIS technology in design of county projects
County governments in Kenya are still grappling with implementation of devolved governance since inception in 2013. One of the challenges is how to automate services to improve efficiency as well as seal loopholes through which billions of shillings are lost to corruption. Again most county managers consider acquisition of fancy devices such as iPads and…
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Kenya: State lenders face probe ahead of merger to mega bank
Parliament wants six State agencies earmarked for a merger probed before they are collapsed into one mega bank. The newly established Special Funds Accounts Committee said it will start investigations into the accounts of the funds to ensure that no public money is lost. “These are different funds that are being managed by various accounting…
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Kenya: Train breakdowns haunt Kenya Railways after RVR handover
The breakdowns that frequently bogged down the Rift Valley Railways (RVR) have returned to haunt the State operator five months after it took back its assets from the Egyptian firm. On Tuesday, hundreds of commuters to Embakasi arrived home late after their train stalled. The train broke down for about two hours at Tumaini estate…
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Bank Of Baroda to exit South Africa central bank
South Africa’s Reserve Bank said on Monday, the Bank of Baroda has notified the office of the registrar of banks of its intention to exit from South Africa. “The Registrar, which is part of the South African Reserve Bank (SARB), is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South…
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Angola’s central bank says only commercial banks can sell forex to public
Angola’s central bank said on Monday it was the sole responsibility of commercial banks to sell foreign currency to the public and that it would sell forex only to large importers of essential goods. The southern African nation in January abandoned the kwanza’s peg to the U.S. dollar, devaluing it by about 10 percent, in…
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South Africa’s power utility Eskom would have defaulted without PIC loan
South Africa’s Public Investment Corporation (PIC), Africa’s biggest investment fund, said on Tuesday that without a 5 billion rand ($420 million) loan it advanced to cash-strapped utility Eskom, the utility would have defaulted on its existing debts with lenders. The PIC, which holds a large chunk of government bonds and stakes in leading South African…
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South Africa’s unemployment rate falls to 26.7% in Q4 2017
South Africa’s unemployment rate fell to 26.7 percent of the labour force in the fourth quarter of last year from 27.7 percent in the third quarter, the statistics office said on Tuesday. In its quarterly labour force survey, which polls households, Statistics South Africa said this amounted to 5.9 million people without jobs in the…
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Britain to add Nigeria’s naira to list of accepted trade currencies
Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with…
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Botswana’s economy is projected to expand at a faster pace
Botswana’s economy is projected to expand at a faster pace this year compared to last year as the mining sector benefits from a recovery in the global economy, Finance Minister Kenneth Matambo said on Monday. Presenting the 2018 budget to parliament, Matambo said GDP growth was projected at 5.3 percent in 2018 from an estimated…