Category: INTERNATIONAL
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Kenya: Pressure on banks to raise fees as rate cap takes a toll
Commercial banks are under pressure to introduce new chargeable services or raise fees on existing offerings in the wake of interest rate caps, analysts say. Standard Investment Bank (SIB) says in a new report that lenders underpriced transactions before the introduction of interest rate controls when they relied more on the lending business, which is…
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East Africa: World Bank private lender to fund Good life Pharmacy growth
The International Finance Corporation (IFC) is providing a $3 million (Sh309.8 million) loan to fund the expansion of Goodlife Pharmacy in Kenya and Uganda. In a notice, the institution says the loan was part of the funding needed for the pharmacy to grow its footprint from the current 32 to 100. IFC estimates that the…
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Agency tips Kenya as top hospitality investment spot
A global hotels, tourism and leisure consulting firm has named Kenya East Africa’s hottest investment spot, where 24 multi-billion five-star hotel projects are currently underway. The just released ‘TopHotelProject’ analysis by Horwath HTL South Africa said Kenya was ahead of Africa’s richest country, South Africa (16), Ethiopia (23), Algeria (12), Cape Verde (12), Tanzania (11)…
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Zim retailers raise alarm on food shortages
Retailers in Zimbabwe want the central bank to put a speedy end to foreign payment bottlenecks for suppliers of goods and commodities to shops in the country. This comes as shortages have started to emerge, owing to a foreign currency crunch. Pick n Pay, in partnership with Zimbabwe’s TM Supermarkets and OK Zimbabwe, are the…
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U.S: Harvey may pinch some Gulf Coast refining, chemical projects
Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and…
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U.S: Lilly to lay off 8 percent of employees in bid to cut costs
Eli Lilly and Co (LLY.N) said on Thursday it would lay off about 8 percent of its employees as the drugmaker, which has suffered setbacks over the past year in the development of two potential blockbuster drugs, works to cut costs. Lilly will cut about 3,500 positions around the world, resulting in yearly savings of…
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Will Saudi Aramco deliver world record profit for next year’s IPO?
When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 trillion valuation in its initial public offering (IPO). [IPO-ARMO.SE] Investors have long debated whether Aramco could be valued anywhere close to $2 trillion, the figure…
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Oil markets mixed on Saudi supply cut, hurricane damage to refineries
Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while U.S. crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of…
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BLSA wants details on Hawks investigation against Gordhan
Business Leadership South Africa (BLSA) aired its concern on Wednesday about former finance minister Pravin Gordhan’s alleged victimisation by the Hawks. It called on the Hawks to confirm whether they are indeed investigating Gordhan. “The business community has lost confidence that the SA Revenue Service (SARS), the Hawks and the National Prosecuting Authority (NPA) are…
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Nigeria seeks to diversify from oil with $41bn of rail
Nigeria has started a $41bn railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the…