Bank of Canada raises benchmark rate to 1%

Stephen Poloz, Bank of Canada chief

The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising currency and sluggish price pressures. Policy makers raised their benchmark rate 25 basis points to 1 percent, the second increase since July. At the same […]

Doha Bank CEO in talks with foreign lenders to raise debt

Doha Bank Group CEO R. Seetharaman

Doha Bank QSC is talking to foreign lenders about the possibility of raising long-term funding either through a private placement or public debt sale, according to Raghavan Seetharaman, the Chief Executive Officer. The bank plans to raise debt after completing a 1.3 billion riyal ($352.9 million) rights offer earlier this year, Seetharaman said in an interview […]

Nigeria naira outlook positive this week on 5.1% rise in FX reserve levels, CBN interventions

Federal government

The Nigerian naira is projected to trade positive this week on growing reserves and central bank continued intervention, according to Ecobank Research analysts. At close of trade last week, the naira at N353.4/$ strengthened against the U.S dollar, a development, analysts at Ecobank Research say would continue this week. Specifically, the Nigerian naira strengthened 0.6 […]

American conglomerates, Dow Chemical, DuPont complete a $130bn mega-merger

Dow Chemical Co. and DuPont Friday completed their $130 billion merger, which was originally announced in December 2015. Each company’s shares stopped trading at the close Friday August 31 with the combined DowDuPont listing under ticker symbol “DWDP”. “The true value of this merger lies in the intended creation of three industry powerhouses that will […]

The budget bank rattling South Africa’s financial sector

A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “big four” lenders and prompting a price war that is driving down banking costs in a country where many people can’t afford an account. Capitec Bank has doubled its customer numbers over the past five years and quadrupled in […]

Amazon officially seals up deal to own Whole Foods

Amazon has officially sealed the deal with Whole Foods, and the promised price cuts are already hitting grocery stores. Bananas for 49 cents a pound, anyone? Marked down from 79 cents, that’s more comparable to other supermarket chains. The organic variety goes for 69 cents a pound in a Manhattan store, down from Sunday’s price of 99 […]

South Africa’s Kumba Iron Ore, union reach wage deal

South Africa’s Kumba Iron Ore, a unit of Anglo American, and a major union have signed a three-year wage deal giving workers an increase of as much as a 10 per cent a year, the National Union of Mineworkers (NUM) said Friday. NUM, which is the majority union at all of Kumba’s operations, said workers […]