NAIROBI (Reuters) – Absa Bank Kenya said on Wednesday its first quarter 2022 pretax profit rose to 4.3 billion shillings ($37 million)from 3.41 billion shillings in the same period last year. The lender, which is a unit of South Africa’s Absa Bank, said in a statement net interest income rose to 6.88 billion shillings from …
Absa bank Kenya says Q1 2022 pretax profit rises 26% Read More »
OUAGADOUGOU (Reuters) – Customs officers in Burkina Faso seized a record haul of around 115 kilograms of cocaine worth more than $11.5 million last week, the directorate general of customs said in a statement on Wednesday. The drugs were intercepted on Thursday along the main road linking the southwestern city of Bobo to the capital …
Burkina Faso seizes record 115 kg of cocaine from vehicle Read More »
By Chijioke Ohuocha ABUJA (Reuters) – Nigerian banks require up to one month to provide customers with dollars for their offshore expenses, a move that will limit access to the currency at a time when the central bank is squeezing supplies to banks, industry sources said on Wednesday. Nigeria is facing chronic dollar shortages while …
Nigerian banks require more time to provide dollars amid shortage Read More »
ABUJA (Reuters) – The bid-ask spreads on Nigerian bond yields widened up to 15 basis points on average on Wednesday from 5 basis points before a surprise central bank rate hike a day earlier. The benchmark 2042 bond bid-ask spread widened as much as 35 basis points, as yields also rose, traders said. The central …
Nigerian bond spreads widen after surprise rate hike Read More »
JOHANNESBURG (Reuters) -The South African rand edged lower on Wednesday, as the dollar bounced back ahead of the release of U.S. Federal Reserve minutes of its last policy meeting. At 1450 GMT, the rand traded at 15.7325 against the dollar, 0.54% weaker than its previous close. The dollar index strengthened on Wednesday, ahead of the …
JOHANNESBURG (Reuters) – South Africa’s central bank said on Wednesday the risk of a spillover of the Russia-Ukraine war could hurt the country’s financial stability through rising food and fuel inflation, lower economic growth and high unemployment. Emerging markets have been unduly impacted by the Russia-Ukraine crisis through increases in the price of oil, gas, …
S.Africa’s central bank flags inflation as major risk to domestic financial system Read More »
(Reuters) – Zimbabwe will import 400,000 tonnes of white maize from Zambia and Malawi, the Grain Millers Association of Zimbabwe (GMAZ) said, as the country faces a reduced harvest this year blamed on erratic rains. The southern African country has faced food insecurity since the turn of the century when its former leader, Robert Mugabe, …
Zimbabwe to import 400,000 T maize from Zambia and Malawi, say millers Read More »
TUNIS (Reuters) – The Tunisian government hopes to start official negotiations in coming weeks with the International Monetary Fund for a $4 billion loan, its finance minister said, as the country suffers from its worst financial crisis. Tunisia is seeking the loan to avoid public financial bankruptcy, but it would mean commiting to unpopular reforms, …
Tunisia hopes to start official talks soon with IMF for $4 billion loan Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -Tiger Brands will intensify efforts to reduce costs and minimise price rises but significant increases are inevitable, South Africa’s largest food producer said on Wednesday as it reported a decline in profit. Consumer goods makers around the world are raising prices to offset soaring energy, commodities, labour and transport costs, …
Tiger Brands warns of more price rises as cost pressures build Read More »
By Camillus Eboh ABUJA (Reuters) – The OECD’s minimum corporation tax rule will exempt several multinational companies from paying taxes to the Nigerian government, hurting its ability to generate revenues, the country’s tax chief said on Tuesday. Nigeria did not sign up to the Paris-based Organisation for Economic Cooperation and Development rule last October because …
OECD’s new rule will exempt some foreign firms from taxes in Nigeria -tax chief Read More »
