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Nigeria sues JP Morgan for $875 mln over Malabu oilfield deal


Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and ...

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Angola central bank governor eyes move towards kwanza float


Angola’s central bank may begin the process of fully floating its kwanza currency in three months’ time, the bank’s governor Jose Massano said, according to daily O Pais on Monday. This month the bank ditched a currency peg and moved to a partial float that allows the kwanza to trade freely within a range set, but not disclosed, by the ...

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IMF cuts South Africa’s growth forecast for next two years

Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package. (AP Photo/Cliff Owen)

The International Monetary Fund cut South Africa’s economic growth forecast for the next two years on Monday, citing rising political uncertainty that has dented investor confidence. The IMF said in its World Economic Outlook that more subdued growth prospects were projected in South Africa, “where growth is now expected to remain below 1 percent in 2018–19, as increased political uncertainty ...

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MTN  aiming to be Africa’s biggest bank


MTN, Africa’s biggest mobile operator, is gunning to become Africa’s biggest bank. The ambitious business strategy was revealed by MTN CEO Rob Shuter yesterday during the Deloitte Africa in 2018 Outlook conference in Woodmead. The company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in. This is despite MTN Mobile Money failing to ...

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Ethiopian Airlines Partners with Zambian Government to develop Lusaka as an aviation hub for Southern Africa

"Sahara" taxing via Quebec for take-off, Runway 23, Toronto

Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that it has finalized the shareholders’ agreement with the Government of Zambia for the re-launch of Zambia Airways. The Government of Zambia will be the majority shareholder with 55% and Ethiopian will have 45% stakes in the airline. Mr. Tewolde Gebremariam, ...

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Nigerian stocks hit 9-year high in third straight day of gains

Stock market display board with opening bell

Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session. The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008. Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise. The central bank floated the naira for foreign investors in 2017, a move that has ...

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South Africa: Risks inhibit cut as SARB leaves rates unchanged – FNB


Following the South African Reserve Bank’s decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10,25% and will review its position after the next SARB MPC meeting in March. FNB CEO Jacques Celliers says, “After a positive but sluggish performance by the SA economy in 2017, we start the new ...

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South African central bank holds repo rate at 6.75%


South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday, saying that risks to the inflation forecast were still assessed to be on the upside. The majority of analysts polled by Reuters last week had predicted the repo rate would stay on hold. Central bank governor Lesetja Kganyago told a news conference that five members ...

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Kenya: Only 14 production firms running at top efficiency


Only 14 manufacturers in Kenya are operating at maximum efficiency levels, new data indicates, as the State offers subsidy to encourage production and job creation. Data from the Kenya Association of Manufacturers (KAM) indicates that the firms have put 100 per cent of their day and night capacity to work, leaving no headroom to increase output or hire more workers. ...

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South Africa’s rand steady as markets await Zuma’s fate


South Africa’s rand was steady in early trade on Monday, buoyed by uncertainty after Cyril Ramaphosa, the new leader of South Africa’s ruling African National Congress, said queries about President Jacob Zuma’s fate would be addressed “as time goes on”. * At 0645 GMT, the rand traded at 12.36 per dollar, unchanged from its New York close on Friday. * ...

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