Category: INTERNATIONAL
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South African: Fitch downgrades big-five banks to junk
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of five South African banks to ‘BB+’ from ‘BBB-‘. The banks affected are Absa Bank Limited, FirstRand Bank Limited (FRB), Investec Bank Limited (IBL), Nedbank Limited (Nedbank) and Standard Bank of South Africa (SBSA). Fitch has also downgraded the Long-Term IDRs of four bank holding…
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U.S:Volkswagen offers six-year warranty to win back U.S. customers
Volkswagen AG (VOWG_p.DE) is trying to win back American customers after its diesel emission scandal with SUV warranties that it said will be the longest in the United States. Ahead of the New York auto show, the world’s largest automaker said Tuesday it will offer a six-year, 72,000 mile warranty on its new 2018 Atlas…
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Europe:Investors swoop on stocks as geopolitical strains simmer
A break in alarming political news lifted European stocks on Wednesday and cooled a safe-haven rally that saw the yen and gold at five-month highs and top-rated government bond yields at their lowest this year. The mood remained skittish though, tarnishing an otherwise brightening outlook for global economic growth, and meant that what looked set…
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Oil prices rise on potential extension of output cuts
Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. Brent crude futures were up 20 cents, or 0.36 percent, at their highest…
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Kenya:World Bank slashes 2017 growth projection to 5.5pc
The World Bank (WB) has once again downgraded Kenya’s projected economic growth rate to 5.5 per cent citing heavy headwinds for the country. In its latest economic update released Wednesday, the global lender said drought, weak credit growth, and higher oil prices will drag down growth in 2017 to below the earlier projection of 5.9…
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Kenya:Car dealer Marshalls moves to delist from NSE
Marshalls East Africa is set to delist from the Nairobi Securities Exchange #ticker:NSE (NSE) following years of recording losses as Global Limited, which owns 13.9 per cent of the auto dealer, offers to buy out fellow minority shareholders at a premium. The loss-making car dealer, which once held an exclusive dealership contract for iconic French…
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Morocco: Rwanda Eyes Over U.S.$100 Million Investments From Morocco
Rwanda is expecting more than $100 million in investments from Morocco. Acting head of investment promotion at the Rwanda Development Board (RDB) Winifred Ngangure Kabega said at a press conference Monday that the money would be invested in different sectors of the economy including tourism, energy, and infrastructure. Kigali hosted more than 100 Moroccan investors…
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Zimbabwe: Penhalonga Diamonds Find Worries Locals
Residents here say they were worried following reports that there could be deposits of kimberlite diamonds in the community and surrounding areas. Villagers fear that the experiences at Marange could be repeated in their community. The government unleashed the army in a bloody campaign on Marange after thousands of panners swooped on the district following…
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S.A:Treasury Refuses to Release More Bond Notes Amid Cash Shortages
Zimbabwean Finance Minister Patrick Chinamasa has refused to add more bond notes into the southern African country’s struggling market, insisting that the country’s only solution was to increase exports, said a report on Monday. According to Newsday, Chinamasa told the country’s national assembly last week that he was against a further release of the bond…
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North Africa:169 Gambians Repatriated From Libya
International Organization for Migration (IOM), in partnership with the Ministry of Foreign Affairs, International Cooperation and Gambians Aboard and the Ministry of Interior, has repatriated 169 Gambians from Libya. This is the second batch of returnees following the repatriation of 140 Gambians sometime last month. The deputy permanent secretary at the Ministry of Foreign Affairs,…