South Africa’s mining industry “in crisis”, Chamber says

Businessam StaffSeptember 8, 2017

South Africa’s mining industry is in “crisis” and its companies have lost confidence in the mining minister, whose sowing of policy uncertainty has led to a freeze on new investment, the chief executive of its Chamber of Mines said Friday, according to Reuters. In a speech to a mining conference in Australia, Roger Baxter painted […]

Egypt’s non-oil business activity contraction slows in August- PMI

Businessam StaffSeptember 6, 2017

Egypt’s non-oil private sector business activity shrank in August at the slowest pace since July last year amid a decline in new orders and a jump in exports, a survey showed Wednesday. The Emirates NBD Egypt Purchasing Managers’ Index (PMI) for the non-oil private sector rose to 48.9 in August from 48.6 a month before […]

Egypt’s tourism revenue rises 170% in first seven months of 2017

Businessam StaffSeptember 5, 2017

Egypt’s tourism revenues jumped by 170 percent in the first seven months of 2017, reaching 3.5 billion dollars, a government official told Media in welcome news for an economy heavily reliant on the sector for foreign currency and jobs. “The number of tourists visiting Egypt rose by 54 per cent in the same seven-month period on […]

Farming helps turn around South African economy

Businessam StaffSeptember 5, 2017

South Africa emerged from a recession in the second quarter as agriculture helped the economy expand more than expected, Statistics South Africa said Tuesday, strengthening the rand and bonds. Africa’s most industrialised economy expanded 2.5 percent in the three-months to the end of June after contracting by 0.6 percent in the first quarter and by […]

Egypt to lower customs exchange rate to 16 pounds from Sept. 1

Businessam StaffAugust 28, 2017

Egypt will lower its customs exchange rate to 16 pounds per dollar from 16.25, effective Sept. 1, Finance, Minister Amr El-Garhy, told Reuters Monday. The new rate will be set for one month, El-Garhy said. Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its currency in November. The […]

ACBF calls for establishment of Africa Central Bank, Africa Monetary Fund

Businessam StaffAugust 24, 2017

The African Capacity Building Foundation (ACBF) Thursday called for the establishment of Africa Central Bank and Africa Monetary Fund. Emmanuel Nnadozie, the ACBF Executive Secretary, made the suggestion in Lagos at the final plenary session of the 2017 Annual General Conference of Nigerian Bar Association (NBA), saying that these two institutions were needed in Africa to […]

Angola votes for first new leader in 38 years amid economic crisis

Businessam StaffAugust 23, 2017

Angolans headed to the polls Wednesday in a parliamentary election expected to usher in the ruling party’s defence minister as the first new leader of Africa’s second biggest oil producer for 38 years. Joao Lourenco, who has pledged to boost growth and fight corruption, would inherit an economy mired in recession, according to Reuters’report, as […]

Mozambique to set up independent fund to invest mineral sales income

Businessam StaffAugust 22, 2017

Adriano Maleiane, Minister of Economy and Finance

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 […]