Category: INTERNATIONAL
-
Zimbabwe: Mugabe Foreign Trips Cost Cash-Strapped Zimbabwe U.S.$50 Million
Zimbabwean President Robert Mugabe’s office spent more than $50 million on foreign travel last year, official figures show. According to a financial statement published in the latest government gazette, foreign travel expenses totalled $53.2 million in 2016. According to the figures in the “Consolidated Statement of Financial Performance of the Consolidated Revenue Fund”, this was…
-
Nigeria: U.S Transparency Bill to Expose Illicit Funds From Nigeria, Others
A corporate transparency bill introduced in the U.S. Congress last week will force disclosure of Nigerians and other nationals who run shell companies registered in the United States. The bipartisan bill, ‘Corporate Transparency Act of 2017’, introduced by Congresswoman Carolyn Maloney, a Democrat, and co-sponsored by Congressman Peter King, a Republican, will compel disclosure of…
-
Zimbabwe: Govt Reassures Civil Servants On Bonuses
Government has reaffirmed its commitment to pay civil servants their 2016 bonuses, saying all its workers will receive their 13th cheque by next month. Public Service, Labour and Social Welfare Minister Prisca Mupfumira yesterday said Government would not disappoint the civil servants. Government staggered payment of 2016 bonuses because of resource challenges, but most of…
-
Nigeria: Naira Rises to N359/$ in Investors/Exporters Window
The naira yesterday recorded its biggest daily appreciation of N6 against the dollar in the Investors & Exporters (I&E) window, with the exchange rate falling to N359 per dollar. The naira also appreciated by N1 in the parallel due to weak demand for dollars. Vanguard survey revealed that the parallel market exchange rate dropped from…
-
Fitch affirms Stanbic Bank Kenya rating with negative outlook
Fitch Ratings has affirmed Stanbic Bank Kenya (SBK) long-term issuer default rating (IDR) at ‘BB-’, but with a negative outlook informed by potential downgrade of Kenya. Fitch said the assessment was informed by a moderate probability of support from its parent owner, South Africa-based Standard Bank Group, which indirectly owns 60 per cent stake in…
-
Tanzania lifts ban on foreigners investing in telecom IPOs
Tanzania has lifted the banning on foreign investors participating in initial public offerings in the telecoms sector, the capital markets regulator said on Friday. The removal of the restriction allows foreigners to take part in the IPO of Vodacom Tanzania Plc, a subsidiary of South Africa’s Vodacom Group. The Vodacom IPO was launched in March…
-
Zimbabwe: 700k Fingerlings Boost for Command Fisheries
Government has distributed 700 000 fingerlings in 20 districts across the country as part of Command Fisheries launched by President Mugabe at Tokwe-Mukosi Dam in Masvingo last month. Parks and Wildlife Management Authority last week also stocked Insukamini Dam with 100 000 fingerlings of Nile Tilapia-Oreochromis Niloticus bream, a species which originated from Nile River.…
-
Zimbabwe: Livestock Farmers Cry Foul Over Taxes
Farmers in the livestock production sector have cried foul over various taxes they are expected to pay dubbed “beef sector compliance costs”. The farmers are expected to pay levies to abattoirs, Agricultural Marketing Association, Zimbabwe Republic Police, Zimbabwe Veterinary Services, among others, which they say erode their hard earned money. Speaking at a stakeholder dialogue…
-
Uganda: Couple Fights Diamond Trust Bank Over Shs 10 Billion ‘Loan’
Businessman Francis Nekuusa and his wife Stella Nekuusa are embroiled in a court battle with Diamond Trust bank (DTB) over loans that amount to more than Shs 10bn in a case that could shed more light on what could be seen as suspicious banking practices in the country, writes DERRICK KIYONGA. The case has seen…
-
World Bank approves $345 million loan for Tanzania port expansion
The World Bank said on Sunday it had approved a $345 million loan for the expansion of a port in Tanzania’s commercial capital Dar es Salaam, which the East African country aims to turn into a regional gateway. Dar es Salaam is vying with the port of Mombasa in Kenya to become the trade hub…