Category: INTERNATIONAL
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Nigeria central bank holds benchmark interest rate at 14%
Nigeria’s central bank held its benchmark interest rate at 14 percent on Tuesday, its governor said following a Monetary Policy Committee meeting. Fourteen of 15 economists polled by Reuters last week predicted rates would stay on hold while one forecast a 200 basis point cut. – Credit: CNBC Africa
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Nigeria asks Senate to amend law for govt to settle 2.7 TRN naira debt
Nigeria’s government has asked parliament to amend its spending law to enable a debt program to settle 2.7 trillion naira ($8.6 bln) worth of obligations including pensions and salary arrears, according to a letter from Vice President Yemi Osinbajo. The letter, read out in the Senate on Tuesday, requested amendments to the law, which stipulates…
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S.A: Fuel franchising continues to be resilient as economic indicators remain subdued
The South African fuel retail industry has grown considerably in recent years. In fact, it is one of the few sectors to weather the downgrading, rand volatility and negative growth rates recently experienced. Fuel retail specifically is a highly specialised sector, with operating margins that are affected by a multitude of factors such as oil prices, labour costs, exchange…
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New Renault saloon brand hits Kenya’s showrooms
Auto dealer Simba has introduced the Renault Megane in the Kenyan market, targeted at customers looking for a compact saloon car. The model, priced at Sh4.4 million inclusive of Value Added Tax, has a 1.6-litre engine and an automatic transmission system. It has a GPS navigation system with Kenyan maps, keyless entry with walk-away auto-locking…
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Interest paid on Kenya’s debt increases by Sh56bn
The interest charged on Kenya’s public debt rose by Sh56 billion in the 2016/17 fiscal year compared to the previous period, with total interest payments gobbling up more than a third of the country’s annual revenue. Latest Treasury data from the 2017 Budget outlook and review paper (BROP) shows that the country spent Sh271.3 billion…
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Kenya: Director opposes proposed Tuskys, Nakumatt merger
Yusuf Mugweru, the fourth born of seven siblings who own Tuskys Supermarkets, has opposed a proposed merger of the retail with struggling Nakumatt in a move that could scuttle the deal that was announced last week. Mr Mugweru claims that his siblings sidelined him in ongoing negotiations with Nakumatt, and that he is yet to…
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Egypt: Investment Forum in Egypt Next Year to Probe Opportunities for U.S. Firms
Investment and International Cooperation Minister Sahr Nasr said that there is coordination with the American Chamber of Commerce to organize an investment forum in Egypt next year. The forum targets probing offered investment opportunities for US firms, the minister underlined, stressing her keenness on enhancing the activities of the US investment funds in Egypt. These…
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Kenya raises inspection fee on Tanzania wheat imports by over 13 times
Kenya has imposed a steeper inspection fee on Tanzanian wheat imports, threatening to escalate the trade war between the two neighbours. The government has increased the cost of wheat inspection at the border from Sh600 per truck to Sh8,000, a move that would technically lock out the commodity. The two East African countries have been…
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Barclays Bank starts scheme to merge seven of its branches
Barclays Bank of Kenya (BBK) has started closing some of its branches in Nairobi in line with an earlier announced plan to merge seven of its units countrywide starting October 1. The bank on Thursday sent alerts to customers explaining the closures while giving them alternative branches that will offer them services. Haile Selassie branch…
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Kenya: Paunranas lose Sh17bn ARM wealth in 3 years
The value of Paunrana family’s wealth in cement maker ARM dropped by Sh17.8 billion in three years as the company battled the challenges of debt-fueled growth and a persistent pricing war arising from the entry of multiple players in the market. ARM’s stock yesterday touched a new low of Sh12.7 at the Nairobi Securities Exchange…