Business

Tue,24Jan2017

Business

Kenya: Lending rate cap hits shares again, sparks growth fears

Photo©Thomas Mukoya/ReutersKenyan 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.

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Tunisia: Prime Minister warns of austerity, job cuts

Tunisian Prime Minister-designate Youssef Chahed. Photo©Zoubeir Souissi/ReutersIf 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.

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South Africa's credit rating to be cut to junk this year

Photo©Brendan McDermid/ReutersSouth 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.

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South Africa: President Zuma can't intervene in Pravin Gordhan probe

President Jacob Zuma. Photo©Themba Hadebe/AP/SIPASouth 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.

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Mining: Australian police probe Sundance over Congo corruption allegations

File photo©Karel Navarro/AP/SIPASundance 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.

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South Africa finance minister says Treasury managing to remain "fiscally credible"

Pravin Gordhan. Photo©Chalk Van Zuydam/AP/SIPASouth 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.

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Banking: Kenyan president approves law capping commercial bank lending rates

Kenya's President Uhuru Kenyatta. Photo©Noor Khamis/ReutersKenya'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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