Egypt debt to UAE oil company drops to $228m
Businessam Staff
February 12, 2018
Egypt has paid $164 million to the UAE-based Dana Gas reducing its debt to the company to $228 million, a statement on the organisation’s website on Sunday said. The funds, according to middleeastmonitor, were paid by Cairo last year, the company added. Egypt has faced difficulties in paying foreign companies’ debts since the January revolution of […]
BoE keeps rate at 0.5%, warns rate hike sooner than expected
Businessam StaffFebruary 12, 2018
The Bank of England voted unanimously to keep the Bank Rate at 0.5 percent on February 8th as widely expected, saying that inflation is expected to remain around 3 percent in the short term, reflecting recent higher oil prices. The bank also warned that interest rates may rise sooner than anticipated, as the economy will […]
Tanzania inflation rate unchanged at 4.0% in January
Businessam StaffFebruary 12, 2018
Consumer prices in Tanzania advanced 4.0 percent year-on-year in January of 2018, unchanged from the previous month. The inflation rate stood at its lowest level since January of 2015, mainly due to a slowdown in housing and utilities prices. Year-on-year, prices slowed for housing and utilities (7.1 percent compared to 8.3 percent in December); clothing […]
UK offers initiative for holistic approach to infrastructure devt in Africa
Businessam StaffFebruary 12, 2018
UK has indicated that it would increase its efforts to work closer with African governments and private sector on infrastructure development through a vehicle, the Africa Infrastructure Board. On the sidelines of the Mining Indaba in Cape Town last Friday, the UK government and private sector presented the Africa Infrastructure Board and emphasized the unique […]
Bullish outlook seen for SSA private equity investments as consumer-focused sector to gain most
Businessam StaffFebruary 11, 2018
Consumer-focused sectors, which include food and beverages, healthcare and pharmaceuticals, agriculture and agribusiness, as well as financial services, rank among the top PE sector focus areas in Africa, with West and East Africa taking the lead, according to the 2017 Deloitte Africa Private Equity Confidence Survey. Both the IMF economic growth projections as well as […]
Five tips to planing a budget-friendly honeymoon
Businessam StaffFebruary 10, 2018
Marriages are made in heaven but honeymoons are supposed to be relished on earth. But going by how lavish some weddings are, most couples end up looking for budget honeymoon destinations. The good news is that there are plenty of budget-friendly destinations, just that they are perhaps not that popular. Besides the choice of destination, there are many […]
Nigerian lenders record N29.44trn e-payment transactions in Q4 2017
Businessam StaffFebruary 7, 2018
Nigerian lenders recorded N29.44 trillion worth of e-payment transactions in the fourth quarter of 2017, according to the National Bureau of Statistics (NBS) in a report titled “Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength for the fourth quarter of 2017”. RThe report indicated that a total volume of 461,980,541 […]
Pension funds managers find fortune in stocks as investments return 21.72% YTD
Andy NssienFebruary 5, 2018
Nigerian pension funds asset managers are looking no further than stocks as the rally in the market in the last seven months have put their investments in pole position, returning 21.72 percent year-to-date. The Nigerian Stock Exchange (NSE) market report for the week ended February 2, 2018, indicates that its pension index, which includes about […]
Bitcoin faces renewed sell-offs, down 40% to $8,000 on prospect of increased regulation
Businessam StaffFebruary 2, 2018
The prospect of increased regulation, the $500 million hack of a Japanese exchange and a move by Facebook to ban cryptocurrencies advertisements, have heightened negative sentiments about bitcoin, which fortune went from bad to worse Friday. The digital currency dropped below $8,000 on Friday for the first time since November 2017, down over 40% so […]
Nigeria sells longer term treasuries at higher yield to draw funds
Businessam StaffFebruary 1, 2018
Nigeria raised N252.88 billion ($827m) at a treasury bill auction on Wednesday as investors piled demand into the higher yielding one-year debt, traders said Thursday, according to Reuters. The central bank sold N177.22 billion of one-year debt at a rate of 13.7 percent. It auctioned N6.09 billion of three-month debt at 12 percent and N69.57 billion […]