Kenyan bank shares plunged for a second day on Friday after President Uhuru Kenyatta sought to boost the economy by capping lending rates and analysts said his attempt to encourage lending may prove counterproductive.
- Duncan Miriri, additional reporting by Neha Wadekar
- Tarek Amara
If Tunisia does not overcome its economic difficulties, an austerity programme will be inevitable next year with thousands of public sector job cuts and new taxes, prime minister-designate Youssef Chahed told parliament on Friday.
- Vuyani Ndaba
South Africa's credit rating is set to be cut to junk status this year, according to a Reuters poll taken just days after police summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue unit of the tax service.
- Mfuneko Toyana, additional reporting by James Macharia, Joe Brock, Tanisha Heiberg
South African President Jacob Zuma said on Thursday he backs Finance Minister Pravin Gordhan but cannot intervene in a police investigation over a suspected spy unit at the tax service, signalling a prolonged tussle that could rock markets further.
- Sonali Paul
Sundance Resources said on Thursday Australian police are investigating allegations that the company may have bribed politicians in Congo Republic to win permits to pursue a major iron ore project.
- Wendell Roelf
South African Finance Minister Pravin Gordhan said on Wednesday that the domestic growth outlook remained bleak, reiterating that economic expansion would be close to zero percent this year as forecast by the central bank.
Kenya's President Uhuru Kenyatta signed into law on Wednesday a bill capping commercial bank lending rates, saying banks had in the past failed to live up to pledges to lower their rates when parliament tried to introduce caps.
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