Business

Thu,24Jul2014

Business

South Africa's striking UASA accepts wage deal "in principle"

NUMSA, which represents virtually all the workers on strike in the sector, is yet to make up its mind on the offer. Photo©ReutersSouth Africa's UASA union has broadly accepted an offer for wage increases of up to 10 percent, a spokesman said on Thursday, a move that would take about 20,000 metal workers out of a three-week strike that has hit the supply of auto parts.

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South Africa's striking UASA union accepts metal employers' wage deal

NUMSA says its strike has not been suspended. File Photo©ReutersThe United Association of South Africa union (UASA) said on Thursday it had accepted a wage increase offer of between 7 and 10 percent, raising hopes of an end to a three-week strike by more than 200,000 steel and engineering workers.

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Telecoms: Airtel Ghana commits GH₵ 200 million in network expansion

Airtel Ghana is investing GH₵ 200 million (approx. $59 million) in a network services expansion drive with an emphasis on revamping data services.

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Nigeria must boost foreign exchange reserves before cutting rates

Central Bank Governor Godwin EmefieleNigeria's central bank needs to increase its foreign exchange reserves before conditions would be suitable for a rate cut, and a cut is unlikely before presidential elections next year, one of the bank's deputy governors said on Wednesday.

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Burundi tax hikes over low revenue criticised

Photo©ReutersBurundi's cabinet will propose new duties on some alcoholic drinks and other products, an airport departure tax and other measures to make up for a shortfall in forecast revenues for 2014, according to a draft bill seen on Wednesday.

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Oil and Gas: Russian company signs exploration deal with Ethiopia

Photo©ReutersA Russian company is set to begin petroleum and natural gas exploration in Ethiopia after signing an agreement with the country's mines ministry.

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Ethiopia should consider currency devaluation, says World Bank

Ethiopia's currency is overvalued by 31%, says Lars Christian Moller, a World Bank economistEthiopia should consider devaluing its currency to boost exports as they are mostly unprocessed products and need to stay competitive on price, a World Bank economist said on Tuesday.

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