The East African Community Secretariat has rejected arbitration over non-payment of $778k to the contractor of the regional capital markets infrastructure project that has failed to take off in time, raising its implementation costs by $1.8 million. This means regional investors will have to wait longer to start buying and selling shares of companies located […]
Kenyan Treasury secretary Henry Rotich told the Financial Times on Friday that he will review the cap on bank lending rates that has resulted in a massive fall in loans to the private sector. This is part of the contentious reforms demanded by the IMF to extend a frozen Sh153 billion ($1.5bn) emergency standby facility […]
Ambassador Fulvio Rustico (L) and Governor Ambode (R) (Photo via NaijaOxygen) The Italian Ambassador to Nigeria, Amb. Fulvio Rustico, on Thursday announced plans by Nigeria and Italy to sign fresh agreements that would broaden the areas of cooperation between both countries. Rustico told the News Agency of Nigeria in Lagos that both countries’ Ministers of […]
Photo: Courtesy of An African City In a recent episode of An African City , Africa’s groundbreaking Web series centered on the chaotic love lives of five girlfriends in Accra, Ghana, the show’s heroine, NanaYaa, stops her beau short amid the throes of passion. He’s about to climax on her Ralph Lauren sheets and the […]
There was a collective sigh of relief from markets when the Nigerian Central Bank announced on Wednesday that it would, effective June 20, abandon the fixed rate for the naira against the U.S. dollar that it has defiantly held for 16 months and allow the currency to float freely. The announcement comes amid difficult economic […]
19 June 2016 CG Hotels and Resorts, the hospitality division of Nepal’s only billionaire, Binod Chaudhary, has kickstarted the construction of its latest hotel, with the widely renowned brand Taj. The 200-key luxury hotel is being built in the happening Jumeirah Lake Towers, Dubai. CG Hotels and Resorts, in a partnership with Mr. Jayant Lal […]
East Africa’s extractives industry is expected to slow down as investors delay capital expenditure due to weak commodity prices. Mining companies in the region will cut back or delay investing as commodity prices are expected to remain low due to anticipated weak global demand and tightening of financial conditions. The Kenya Fluorspar Company suspended mining […]
Central Bank of Nigeria Governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. AFP PHOTO | PHILIP OJISUA Kenya Airways is facing more cash flow pressures from exchange losses expected from the effective devaluation of the Nigeria currency this week. Nigeria is one […]
Trading at a market in Kenya. Plans by Kenya and Uganda to bring small and micro enterprises into the tax net, in the wake of declining collections from the formal sector, face administration challenges. PHOTO | FILE In 2008, Kenya implemented the turnover tax, applicable to any business whose turnover is between $5,000 and $50,000 […]
MTN Group’s record US$1,7bn Nigerian fine is about to get a whole lot cheaper. By Loni Prinsloo. MTN Group’s record US$1,7bn Nigerian fine is about to get a whole lot cheaper. MTN rose the most in a week on Friday as investors prepared for a slump in the Nigerian naira after Africa’s second-biggest crude producer’s […]
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