Category: INTERNATIONAL
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Kenya: Sidian slips into loss on lower interest income
Sidian Bank has slipped into the red in the six months to June weighed down by lower interest income as the rate cap regime narrowed the lender’s earnings from loans. The Centum-backed tier III bank, formerly known as K-Rep, posted a loss of Sh122.7 million as at June 2017 compared to a net profit of…
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Kenya’s power imports from Uganda up 281pc
Kenya’s electricity imports from Uganda have grown 281 per cent in the six months to June as drought cut local generation of hydro-electric power by a third or 615.69 million kilowatt hours. Kenya imported 131.6 million kilowatt hours (kWh) from Uganda in the first half of this year compared to 34.5 million units in the…
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Nigeria to permanently seize ex-oil minister’s $37.5 million property
Nigeria has been told by a court it can permanently seize a $37.5 million apartment block owned by a former oil minister who is wanted for money laundering. The property belongs to former petroleum minister Diezani Alison-Madueke, who was in office between 2011 and 2015. It had previously been seized temporarily. Alison-Madueke’s whereabouts are unclear,…
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South Africa’s business confidence climbs to 5-month high in July
South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) accelerated to 95.3 in July from 94.9 in June.…
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Political tension subdues trading at Nairobi bourse
Trading at the Nairobi bourse on Wednesday plummeted to rock bottom as tension gripped the country in the wake of a contested outcome of Tuesday’s election, bringing economic activity across all sectors to a standstill. Turnover slumped to Sh166.6 million as investors largely kept away from the market hoping for a speedy resolution of the…
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Nigeria: 57 Streets Write Ikeja Electric – No Pre-Paid Metres, No Bill Payment
“No Light No Bill,” “Total Darkness, Crazy Bills, Why?” “Don’t We Have the Right to Express Our Rights?” “We Want Prepaid Metres,” were some of the inscriptions displayed by protesting residents of Onipanu, Odi-Olowo/Ojuwoye LCDA of Lagos State at the headquarters of Ikeja Electricity Plc, weekend. The residents of about 57 streets in the area,…
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U.S. cable firms embrace former foe Netflix as TV viewing shifts
A growing number of U.S. cable operators are forming alliances with Netflix Inc NFLX.O, a shift that is helping the streaming pioneer add customers as its largest single market matures. No. 3 distributor Charter Communications Inc CHTR.O is expected to make Netflix available through its set-top boxes, joining more than a dozen top U.S. pay…
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Samsung scion Lee fights back tears as prosecutors seek 12 years’ jail
Samsung Electronics Vice Chairman Jay Y. Lee fought back tears and denied wrongdoing on Monday as prosecutors sought a 12-year jail term on charges that include bribing the former president to help cement control of the South Korean tech giant. Lee, the de facto leader of one of Asia’s largest conglomerates, has been in detention…
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Oil slides from nine-week highs as market looks to OPEC
Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States. Global benchmark Brent crude futures LCOc1 were down 65 cents, or 1.24 percent, at $51.77 a barrel at 0926 GMT. U.S. crude futures CLc1 were down 59 cents, or 1.19 percent, at…
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Nigeria: I’m Not Under Probe, I Transformed Nigeria’s Aviation Sector – Stella Oduah
A former Minister of Aviation, Stella Oduah, says she is unaware of any probe by the Economic and Financial Crimes Commission, EFCC, on any matter allegedly concerning her. She was reacting to media report that she had been invited by the anti-graft agency for questioning over a N225 million bullet-proof BMW allegedly purchased her when…