Category: INTERNATIONAL
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Treasury pushes Kenya into more debt with fresh Sh82 billion loan
The Treasury has taken yet another expensive short-term loan from a group of international banks, pushing Kenya further into debt. Reuters news agency reported that the $800 million (Sh82 billion) syndicated loan deal was signed last Thursday with a consortium of four banks including StanChart, Standard Bank, Citi and Rand Merchant Bank — and is…
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Kenya:Inflation jump threat after maize flour price rebounds
Consumer price of flour has rebounded to Sh130 for a two-kilogramme packet after easing last month as food cost threatens to take inflation to a new short-term high. This comes as millers warn that the price will continue to rise in the coming days as maize supply in the market gets tighter. Inflation in January…
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Zimbabwe: Govt, Firm Ink U.S.$7 Million Power Plant Deal
Government has sealed a $7 million agreement for the contractor at Tokwe-Mukosi Dam to start civil works on the planned mini-hydro power plant that will generate electricity at the recently completed dam. The agreement signed between Government and the Italian contractor Salini Impregilo will see the firm carrying out excavation works on the powerhouse, where…
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Nigeria: Govt Commends Dangote Cement for Self-Sufficiency Feat
The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spearheaded the “backward integration policy” introduced by the government. The Minister for Solid Minerals Development, Kayode Fayemi, who led a government team to the…
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Kenya:Parliament seeks stiff fines for rogue banks
Parliament is seeking punitive fines for bank executives who fail to disclose suspicious transactions in a fresh bid to block the flow of stolen taxpayers’ cash. Financial institutions are required to report all transactions above $10,000 (Sh1,030,000) to The Financial Reporting Centre (FRC), the state agency that tracks proceeds of crime, but many do not…
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Egypt received two cargoes of diesel fuel from Saudi Aramco
Egyptian Petroleum Minister Tarek El Molla said on Sunday his country had received two cargoes of diesel fuel from Saudi Arabian state-owned oil company Aramco on Friday and Saturday. Molla was speaking at an energy conference in Cairo. Saudi Arabia agreed in April last year to provide Egypt with 700,000 tonnes of refined oil products…
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Nigerian central bank head urges cooperation on monetary & fiscal policy
Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The…
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Uber Kenya hikes fare by 20 percent after strikes
The Kenyan unit of U.S. ride-hailing firm Uber Technologies Inc has increased its fare by 20 percent, a move that follows protests and strikes by Uber drivers who said a lower fare made their service uneconomical. Uber, which operates in several African countries, cut its fare in Kenya to 35 shillings ($0.3400) per kilometre last…
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S.A’s Eskom signs R6bn deal with France’s AFD
Eskom and AFD today signed a R 6 billion (€400 million) multi-tranche framework agreement to support Eskom investments in the extension and reinforcement of its power transmission grid. Eskom’s Chief Financial Officer Anoj Singh said: “This multi-tranche loan facility will contribute towards Eskom plans to strengthen and refurbish the transmission infrastructure while diversifying our funding…
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S.A:Allan Gray may call Net1 shareholder meeting over Sassa handling
Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders’ meeting over the company’s handling of the South African welfare contract, local media reported. “Sixteen percent allows us to call a shareholders’ meeting,” Allan Gray Chief Operating Officer Rob Dower told Talk Radio 702. Chief investment…