Category: INTERNATIONAL
-
South Africa aims to pass delayed mining law by December: minister
Amendments to South Africa’s mineral resources law are expected to be passed by December and provide greater investor certainty, Mines Minister Mosebenzi Zwane said on Thursday. Changes to the Mineral and Petroleum Resources Development Act were initially passed by parliament three years ago but were then sent back to lawmakers by President Jacob Zuma in…
-
Kenya Airways in Sh2.6bn plane sub-lease losses
Kenya Airways has reported a Sh2.61 billion loss on the sub-lease of its aircraft, indicating the heavy burden that the national carrier continues to shoulder from previous years of rapid expansion that was not matched by proportionate growth in customer demand. KQ, in its freshly released annual report for the year ended March 2017, says…
-
South Africa’s business confidence at lowest in over 30 years
South Africa’s business confidence index fell to its lowest in more than three decades in August as merchandise import and export volumes fell, a survey showed on Wednesday. The business group said South Africa’s economic performance was sub-optimal despite an positive global outlook, and improved business confidence was needed to revitalise domestic growth. The South…
-
Kenya: Foreign bank rep office deals rise to Sh240 billion
The value of transactions facilitated by representative offices of foreign banks in Kenya doubled to Sh239.7 billion last year, indicating they are taking a larger role in arranging financing deals in the country. The banks’ offices mainly facilitated deals in syndicated lending, specialised, project and trade finance, Central Bank of Kenya says in the 2016…
-
Kenya: Remittances rise to Sh90bn, lend muscle to the shilling
Cash sent home by Kenyans living abroad rose by 4.1 per cent in the first half of the year to $887.6 million (Sh91.6 billion) compared to a similar period last year, helping support the shilling against major global currencies. Latest Central Bank of Kenya (CBK) data shows that the remittances rose markedly in the second…
-
Kenya Airways moves to seal revenue loopholes
Kenya Airways has moved to protect its revenue streams from exploitation by staff and external parties after an earlier audit flagged weaknesses in its sales management system. The national carrier says in its latest annual report that it has created a new division to ensure its transactions are well priced and in compliance with its…
-
South Africa’s Shoprite fined for “reckless lending” – regulator
South African retailer Shoprite has been fined 1 million rand ($77,500) for failing to assess properly whether consumers could afford its loans, the National Consumer Tribunal said on Wednesday. The company, which had turnover in its last financial year of 141 billion rand ($11 billion), was also ordered to appoint a debt counselor at its…
-
Farming helps grow South African economy out of recession
South Africa emerged from a recession in the second quarter as agriculture helped the economy expand more than expected, official figures showed on Tuesday, strengthening the rand and bonds. Africa’s most industrialised economy grew 2.5 percent in the three months to the end of June, after contracting by 0.6 percent in the first quarter and…
-
Vodafone sells down stake in South Africa’s Vodacom
Vodafone has sold down its stake in South African subsidiary Vodacom by 5.2 percentage points, it announced on Wednesday, sending the African mobile firm’s share price down by more than 6 percent. The sale of 90 million shares for 14.85 billion rand ($1.15 billion) in a private placement reduces Vodafone’s stake in Vodacom to 64.5…
-
Africa’s two biggest economies likely out of recession
Africa’s two biggest economies likely emerged from recession in the second quarter but strong growth won’t show up until business confidence is restored, a Reuters poll suggested on Friday. Nigeria and South Africa have both benefited from a recovery in commodity prices since early 2016, though not as much as their main trading partners –…