Category: INTERNATIONAL
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Kenya: Loan interest rate caps here to stay, declares Ruto
The Government has ruled out the scrapping of loan rate caps despite a clamour by commercial banks. In a TV interview Tuesday night, Deputy President William Ruto said the law would remain and urged commercial banks to change their business models in line with the law. Banks have cut lending with the growth in credit…
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Kenya: State departments can’t account for Sh3 billion
More than Sh3 billion collected for issuance of visas, passports, and certificates of good conduct as well as fees charged at Huduma centres cannot be accounted for. Auditor-General Edward Ouko said he could not confirm the accuracy of Sh2.6 billion for visas and other consular fees charged by the Department of Immigration in the year…
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Nigeria: Apapa-Oshodi Expressway – Maritime Workers Issue 21-Day Strike Notice to FG
The Maritime Workers Union of Nigeria, MWUN, yesterday, gave the Federal Government a 21-day ultimatum to rehabilitate and make the Oshodi-Apapa Dual Carriage Way and the access roads leading to the nation’s sea ports motor-able. Also, Customs clearing agents and Amalgamation of Trucking Associations will from today shut down process of clearance of goods from…
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Kenya:Vodafone to sell 35pc of its Safaricom stake to Vodacom in a Sh266b deal
Safaricom’s British parent company, Vodafone, is set to sell 35 per cent stake in the Kenyan telecom to its South African subsidiary Vodacom in a deal valued at Sh266 billion (€2.4 billion). Vodafone is currently Safaricom’s largest shareholder with 40 per cent interest. Under the deal, Vodafone will retain five per cent shareholding in Safaricom…
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Nigeria: Banks Never Shied Away From Supporting Govt’s Economic Plans – MD, Firstbank
The 2016 and first quarter 2017 operating results of FirstBank Limited affirmed the bank’s number one position in terms of earnings. But the results also show that the bank is lagging in other performance indices like profitability and non-performing loans. Managing Director/Chief Executive, First Bank Limited, Dr. Adesola Adedutan, in this interview discusses efforts to…
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Kenya’s yuan debt doubles on Sh20.7bn Chinese loan
The portion of Kenya’s external debt denominated in Chinese currency nearly doubled between September and December 2016, pushed up by a Sh20.7 billion ($200 million) semi-concessional loan disbursement from Beijing. Latest data from Central Bank of Kenya shows that the yuan-denominated portion of external debt stood at 6.6 per cent at the end of the…
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East Africa:Spare power capacity falls to 7-year low
Kenya’s spare electricity capacity has dropped to lows seen seven years ago, raising the risk of blackouts in the event of breakdown of some power stations. The country’s reserve energy margin — difference between maximum electricity demand and total available power that can be produced at any given time — is now 4.4 per cent,…
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Nigeria Likely Target of Worldwide Cyber Attack
Nigeria is likely going to be hit by a massive cyber-attack in the coming weeks, according to a top government official. This is coming in the wake of one of the largest cyber-attacks in history, which has affected over 100, 000 computers in 99 countries including Russia and China. The official, who pleaded anonymity because…
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Tunisia Army Deployed to Protect Oil and Gas Fields Against Economic Protests
For the first time, troops in Tunisia are to be deployed to protect key industrial sites against protests, sit-ins and strikes. Poverty, unemployment and corruption are ongoing issues in the North African state. Announcing the deployment, President Beji Caid Essebsi said the troops would protect industrial sites being disrupted by general strikes and protests over…
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Kenya: KCB earnings fall as interest income drops
KCB Group Kenya’s largest bank by assets, has posted a 1.9 per cent drop in net earnings for the first quarter on the back of lower interest income as the rate caps regime narrowed lenders’ spreads. The listed bank said net profit stood at Sh4.54 billion in the three months to March 2017 compared to…