Category: INTERNATIONAL
-
Asia shares advance as investors look to data for proof of ‘goldilocks’
Asian shares rose on Tuesday as investors looked to a barrage of economic data around the world to confirm recent signs the global economy is in fine fettle with inflation staying well contained. Spreadbetters expected a mostly stronger start for European shares, forecasting Britain’s FTSE to open 0.5 percent higher, Germany’s DAX to start up…
-
South Africa’s rate cut signals political pressure on central bank: Moody’s
The first interest rate cut in five years by South Africa’s central bank will likely boost the country’s economic growth potential, ratings firm Moody’s said, but warned that the policy decision also signalled growing political pressure on the bank. South Africa’s main anti-graft watchdog recommended last month that the central bank mandate be changed to…
-
Nigeria’s new $1.5BN fertiliser plant boosts agriculture sector
Nigeria’s acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa’s largest economy to boost its agriculture industry. Nigeria has for decades been dependent on exports of oil to support its economy, but as global crude prices have dropped and production has been…
-
Kenya: Forex reserves hit new low as CBK shores up the shilling
Foreign exchange reserves have fallen to the lowest level since March 16 when it was at $6.973 billion (Sh724.56 billion), underlining increased activity by Central Bank of Kenya (CBK) to stabilise the shilling and debt payment. The CBK says in the latest weekly bulletin that the country’s forex reserves, largely in US dollars, dropped by…
-
Kenya: Release City Hall’s Sh1bn, KRA ordered
City Hall has been allowed to pursue punishment of the Kenya Revenue Authority (KRA) boss John Njiraini for attaching Sh1 billion to recover disputed taxes despite a court order barring the same. Justice George Odunga has allowed City Hall to file a contempt of court application against the KRA after the taxman attached the sum…
-
Nigeria: Govt Adopts U.S.$11 Billion Dangote Refinery Under New Petroleum Policy
The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will today, lead a strong government…
-
Nigeria: Half Year – Dangote Cement Records 12.6 Percent Sales Volume Increase Across Africa
Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. The financials released on the floor of the Nigerian Stock Exchange (NSE) indicated that the increase in sales volume showed a growing capture of Pan-African…
-
Kenya: Safaricom rallies to Sh25 on dividend deadline
Safaricom shareholders have enjoyed a Sh214 billion gain in their wealth this year after the telco’s share hit a new all-time high of Sh25 on Friday. The share price rally on the Nairobi Securities Exchange (NSE) saw the telecoms operator become the first listed company in Kenya to touch the Sh1 trillion mark in market…
-
East Africa: IDB Capital enjoined in Imperial Bank asset row
Development financier IDB Capital has been enjoined in a suit filed by Imperial Bank’s receiver managers to recover Sh34 billion from firms linked to the lender’s scam. IDB is seeking to free assets tied down by the court case as they were used as security for loans. IDB Capital had asked Justice Fred Ochieng to…
-
Nigerian Oil Workers Threaten Strike in Abuja
The National Union of Petroleum and Natural Gas Workers has threatened to begin a strike in the Federal Capital Territory, FCT, over a dispute with Assets Management Company of Nigeria, AMCON. Addressing journalists in Abuja on Thursday after a National Executive Council meeting, Igwe Achese, NUPENG President, said the strike was inevitable because of three…