Category: INTERNATIONAL
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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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KRA fights capital gains tax hitch
The Kenya Revenue Authority (KRA) wants the court to suspend an order stopping it from seeking capital gains tax following a verdict that declared its law unconstitutional. In a suit filed Tuesday, the taxman sought the court’s intervention, arguing that it will be forced to delink the iTax payment module and the stamp duty, causing…
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Moody’s places S.A’s rating on review for downgrade
Moody’s Investors Service has today placed the Baa2 long-term issuer and senior unsecured bond ratings of the government of South Africa on review for downgrade. The decision to initiate a review for downgrade was prompted by the abrupt change in leadership of key government institutions. That action has raised questions regarding: – progress on reforms…
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Chase Bank owners to lose control on sale
Chase Bank owners are set to be squeezed out of the industry after the Central Bank of Kenya (CBK) invited bids for a majority stake from local and foreign financial institutions. Bidders have to submit proposals in three weeks, according to a statement issued by the regulator. “Potential strategic investors interested in taking an equity…
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Rotich extends tax amnesty for fat cats with cash abroad to June 2018
Wealthy Kenyans who have stashed wealth abroad have an additional six months to file returns on the assets and return them to Kenya. Treasury CS Henry Rotich in the 2017/18 Budget statement Thursday said the fat cats wishing to enjoy the tax amnesty should file their returns by June 30, 2018. The previous deadline was…
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S.A’s central bank keeps rates on hold, warns of widening risks in last few days
Since the previous meeting of the Monetary Policy Committee (MPC) the inflation outlook has improved. This was mainly due to the further appreciation of the rand exchange rate following the benign market reaction to the US Fed monetary policy tightening, as well as the significant narrowing of the domestic current account deficit. A more positive…
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IMF urges Nigeria to lift FX restrictions, dump multiple exchange rates
The International Monetary Fund called on Nigeria on Thursday to lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates to revive the country’s recession-hit economy. The call came as part of a regular assessment of a country’s economy, in which the IMF also forecast that Nigeria’s economy would grow 0.8…
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Volkswagen settles 10 U.S. state diesel claims for $157 million
Volkswagen AG said on Thursday it has agreed to pay $157.45 million to settle environmental claims from 10 U.S. states over its excess diesel emissions, as the world’s largest automaker looks to move past the scandal. The settlement covers states including New York, Connecticut, Massachusetts, Pennsylvania and Washington, as well as some consumer claims. In…
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U.S. economic growth revised higher, boosted by consumer spending
U.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost that was partially offset by the largest gain in imports in two years. Gross domestic product increased at a 2.1 percent annualized rate instead of the previously reported 1.9 percent pace, the Commerce Department said on…
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Asia stocks down, dollar posts gains on positive U.S. data
Asian shares fell on Friday as investors balanced positions on the last day of the quarter. The dollar rose on positive U.S. economic growth data and the euro was flat after overnight losses on figures suggesting slowing expansion in Europe. European shares were headed for a muted start, with financial spreadbetters expecting Britain’s FTSE 100…