Category: INTERNATIONAL
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Ex-CBK governor fights charge over Sh1.2bn deal
Former Governor of Central Bank of Kenya (CBK) Prof Njuguna Ndung’u has urged the Court of Appeal to bar his prosecution over the Sh1.2 billion tender to install a modern security system at the regulator. Prof Ndung’u, who retired in February 2015, is appealing against a High Court order by Justice George Odunga in November…
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S.A:Expectations Gordhan will go leave South African markets on edge
South Africa’s currency and bonds weakened again on Wednesday as expectations rise that President Jacob Zuma will sack finance minister Pravin Gordhan following the funeral of anti-apartheid icon Ahmed Kathrada later in the day. “Speculation is that the duo may be fired tomorrow evening, after Uncle Kathy’s funeral,” Zuma’s one-time protege Julius Malema said on…
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Kenya:Rising expenditure affirms economy is growing, Treasury says
Treasury officials have downplayed the perception that despite the much vaunted economic growth, the effects are not being felt by ordinary Kenyans. At a meeting with journalists ahead of the reading of the Budget statement on Thursday, Treasury Principal Secretary Kamau Thugge and Director of Budget, Fiscal and Economic Affairs Geoffrey Mwau also said Kenyans should…
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Egypt: Strong EIB Commitment in Support of Renewable Energy – New Eur 115 Million Financing for a Windfarm in Egypt
The EIB and the Arab Republic of Egypt signed today a loan agreement of EUR 115 million for financing a wind farm in the Gulf of Suez to further expand energy generation from renewable resources. The wind farm will contribute to meet growing electricity demand using sustainable wind energy. In the presence of Dr. Sahar…
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S.A:Barclays in talks to sell Zimbabwe bank
Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa. First Merchant Bank said in a statement on its website it was in exclusive talks to buy out the 68 percent of Barclays…
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Rwanda’s airline to start flights to London
Rwanda’s airline will start three weekly flights to London’s Gatwick airport on May 26 and it expects to exceed one million passengers on all its routes in the next three to four years, Chief Executive John Mirenge said on Monday. The London route, which will be served by two newly acquired Airbus A330s, will be…
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Kenya:Top bank owners set for dividend windfall
Wealthy owners of public listed banks are set to earn billions in dividends this year, even as their customers continue to face difficulties accessing credit following the coming into force of a law capping interest rates last year. Nine out of the 11 listed banks that have announced 2016 financial results collectively posted a 13…
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Ivory Coast rescinds port security measures, attack threat unfounded
Ivory Coast rescinded an order on Sunday to increase security at its two main ports after determining that an earlier reported threat of terrorism was unfounded, according to a document seen by Reuters. The first transport ministry memorandum had ordered security under the International Ship and Port Facility Security (ISPS) code to be increased to…
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Kenyan firms freeze new hiring, suspend pay rise
Flat or declining sales coupled with growing concern over the August 8 General Election have left dark clouds hanging over the labour market, forcing the majority of employers to freeze plans to hire or raise workers’ salaries, a newly-released report says. The job market survey, commissioned by the Institute of Human Resource Management (IHRM), found…
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Libya’s National Oil Corp warns of new attempt at independent oil sales
Libya’s National Oil Corporation (NOC) said on Sunday that it had identified “illegal” efforts to sell crude oil without its approval and warned potential buyers not to enter into such contracts. Factions based in eastern Libya have previously tried to sell oil independently of NOC in Tripoli, but their moves have been frustrated by U.N.…