Category: INTERNATIONAL
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AfDB strongly supports Nigerian Government’s economic recovery efforts
The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott. The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and salutes the Government’s…
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Egypt: London Stock Exchange Group Discusses New Ways to Support Egypt Economy
A delegation from the London Stock Exchange (LSE) Group wrapped up a two-day visit to Cairo that was aimed at supporting EGX’s development and connecting the Egyptian government and companies to London markets – one of the world’s most powerful source of international investor capital. The London Stock Exchange is one of the world’s oldest…
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Shortage fears loom as supply of cheap maize flour dwindles
Reduced supply of subsidised maize flour has hit supermarkets days to the end of the subsidy scheme, raising fears of shortages. Some supermarkets did not have flour on Friday while others had only stocked one brand on reduced supplies of the Sh90 a packet flour. This has raised the likelihood of shortages and rationing of…
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US firm in Sh450m outlay for Nairobi condom-making plant
American investment firm Restance Inc is set to sink Sh450 million to establish a condom-making plant in Kenya. The firm will invest through East African Development Partners LLC, which it acquired 100 per cent in exchange for five million shares of Restance Inc. The shares were on Friday trading at Sh9 on the OTCMKTS, an…
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Kenya: Equity posts 3pc drop in net profit
Equity Bank is looking to transactions income and regional subsidiaries to grow its earnings as the cap on the cost of loans and a charged political environment cut its interest income and shaved its profit for the nine months to September. The largest bank by customer base Monday reported a three percent drop to Sh14.6…
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SA’s Medium-term budget highlights
In a press conference with media ahead of the release of the Medium Term Budget Policy framework, South Africa’s Finance Minister Malusi Gigaba said it aimed to be as candid as possible about the dire situation South Africa finds itself in. Below are the highlights. Economic outlook is dire 2017 Economic growth revised downwards from…
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SA’s 27% unemployment tops spending priorities-MTBPS
Job creation, which has escalated to an alarming all-time high of 27 percent, and small business development top the list of South Africa’s spending priorities. This is contained in the Medium Term Budget Policy Statement (MTBPS), delivered by the country’s Finance Minister, Malusi Gigaba, in Cape Town this afternoon. The MTBPS states that Cabinet approved…
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Kenya: 47pc of factories to shed jobs over election jitters
Half of Kenya manufacturers plan to shed jobs on reduced orders and sales linked to jitters over the prolonged electioneering period and tension over the October 26 repeat presidential poll, a new survey reveals. Kenya Association of Manufacturers’ 3rd Quarter Barometer says that 47 per cent of the industries plan to shed jobs over the…
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Kenya: How Sasra is keeping saccos fit to serve the credit market
Kenya’s famed co-operatives sector appears to be growing in the middle of turbulence arising from failure to comply with some regulatory requirements. For instance, a recent report by sector regulator said more than 100 deposit-taking savings and credit co-operative societies (saccos) did not meet the mandatory capital ratio requirement in 2016, raising questions over their…
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Kenya: Small businesses feel the weight of election standoff
Julie Scott, the managing director of travel and tour firm Bunson Travel Service, yesterday received a call from her business partners relaying what has become a regular message in the past month. A group of about 70 businesspeople that were to jet into Nairobi from around the world for a regional management meeting had changed…