Mozambique to set up independent fund to invest mineral sales income
Businessam Staff
August 22, 2017
Mozambique’s government plans to set up a sovereign investment fund where taxes paid on sales of the country’s minerals will be used to finance development projects, state-run AIM news agency reported Monday quoting the finance minister. Adriano Maleiane, Minister of Economy and Finance said the new fund would have capital gains taxes paid on the […]
South Africa’s Zuma signs financial regulation act into law
Businessam StaffAugust 22, 2017
Jacob Zuma,South African President, Monday signed into law the Financial Sector Regulation Act, know as “Twin Peaks”, which will establish a prudential regulator and a separate, dedicated market conduct regulator. A statement released by the Presidency said the act aims to achieve a financial system that works in the interests of consumers and supports balanced […]
Kenyan shilling strengthens against the dollar
Businessam StaffAugust 21, 2017
The Kenyan shilling gained against the dollar Monday challenged by the outcome of petitions to the country’s re-election of Kenyatta in August, traders said. At 0858 GMT commercial banks has it that the shilling was 102.95/103.15 per dollar, compare to the last close. Raila Odinga, Kenya’s veteran opposition leader, and one-time prime minister is against […]
Tunisia’s interim finance minister quits over conflict of interests
Businessam StaffAugust 18, 2017
Fadhel Abdelkefi, Tunisia’s Interim Finance Minister told local media Friday that he was resigning from the government over a conflict of interests case in which he had been fined and handed a suspended prison sentence. Abdelkefi, a key member of Prime Minister Youssef Chahed’s government under pressure to carry out contentious economic reforms demanded by […]
South Africa’s retail sales up 2.9% year-on-year in June
Businessam StaffAugust 16, 2017
South African retail sales rose by 2.9 percent year-on-year in June, above market expectations, after increasing by a revised 1.6 percent in May, data from the statistics office showed Wednesday. Analysts polled by Reuters had forecast a 2.2 percent year-on-year increase in retail sales in June. On a month-on-month basis, sales inched up 0.2 percent […]
Namibia cuts lending rate to 6.75% to support growth
Businessam StaffAugust 16, 2017
Namibia’s central bank cut its benchmark lending rate by 25 basis points to 6.75 percent Wednesday, citing the need to support economic growth and maintain the one-to-one link between the Namibian dollar and the South Africa rand. Namibia’s economy slipped into recession in the first quarter of 2017, shrinking by 2.7 percent in the quarter […]
Egypt tourism revenue bounces back after crippling dollar shortage
Businessam StaffAugust 15, 2017
Egypt tourism receipts almost tripled and worker remittances rose in the last three months of its fiscal year, marking another step in the country’s economic recovery from a crippling dollar shortage. Tourism revenue rose to $1.5 billion in the fourth quarter that ended June 30, from $510 million in the same period a year ago, […]
Mozambique cuts key lending rate to 22.5%
Businessam StaffAugust 11, 2017
Mozambique’s Central Bank reduced its benchmark lending rate by 25 basis points to 22.5 per cent, the regulator’s website showed Friday. The Bank of Mozambique said falling consumer price inflation and a firmer currency against the dollar had prompted the decision to reduce rates.
Swift decline in Rand as Zuma wins vote
Businessam StaffAugust 9, 2017
The South African rand fell for a second day against the dollar after President Jacob Zuma survived a no-confidence vote that could have brought an end to his administration. According to report from Bloomberg, the decline marks a swift turnaround for the rand, which was the best-performing major currency on Monday as the secret ballot […]
World Trade Centre expert decries declining non-oil imports under AGOA
Businessam StaffAugust 8, 2017
The World Trade Centre in Miami, Florida, has decried the declining trend of non-oil imports from sub-Saharan Africa to the U.S. under the African Growth Opportunity Act (AGOA). Kemi Arosanyin, the Director for African Trade Expansion Programme in Lagos, said in a statement Tuesday that the AGOA opportunity had been grossly underutilised in the last […]