Business

Tue,11Dec2018

Business

South Africa to reallocate $3.5 bln of budget to revive economy - Ramaphosa

 South African President Cyril Ramaphosa, center with black cap, takes a walk from the Guguletu Sports Complex to the Athlone Stadium with members of the community and the general public in Cape Town, South Africa, Tuesday, Feb. 20, 2018. Photo: AP/SIPASouth African President Cyril Ramaphosa announced a raft of policy reform plans on Friday, including re-prioritising 50 billion rand ($3.5 billion) of public spending to boost economic growth and create jobs.

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South Africa's cabinet approves new mining charter

A front end loaders dumps sand on a conveyor belt at the Menell's Dump in the southeast of Johannesburg Thursday, March 22, 2007. Photo: DENIS FARRELL/AP/SIPSouth Africa's cabinet approved a long-delayed mining charter that sets out requirements for black ownership levels and backed the withdrawal of a mining bill after industry opposition, a minister said on Thursday.

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Liberia loses $104 mln in central bank cash, bans 15 from foreign travel

Photo by AP. Ellen Johnson Sirleaf's son is implicated in the missing notesFifteen Liberians, including the son of former president Ellen Johnson Sirleaf, are banned from leaving the country while the government investigates the whereabouts of $104 million in missing cash intended for the central bank, the government said.

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British fund Gemcorp extends $250 million loan to Zimbabwe -CEO

APLondon-based emerging market fund Gemcorp Group said on Monday it had extended a $250 million loan to Zimbabwe to help the country import essential goods like fuel and medicine, the company's CEO said.

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Nigeria hits back at HSBC after bank warns of economic stagnation

Photo: AP/President BuhariNigeria has accused HSBC of laundering money for one of the country's former rulers, hitting back at a research note by the global bank that suggested a second term for President Muhammadu Buhari risked

 

 

 

 

 

 

 

 

HSBC declined to comment on the allegation late on Saturday by the Nigerian presidency that the bank had laundered more than $100 million for former military dictator Sani Abacha.

Buhari plans to seek a second term in office at an election next February, which has created a rift within his ruling party, as some of his supporters quit to join the opposition.

An HSBC research note dated July 18 said a second Buhari term "raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil."

In response, the presidency said what had "killed" the economy in the past was "unbridled looting of state resources by leaders, the type which was actively supported by HSBC."

The presidency said the bank had "no moral right whatsoever" to assert that another Buhari term risked limited economic progress.

$5 billion of public money stolen

Abacha stole as much as $5 billion of public money during his five years running Africa's top oil producing country from 1993 until his death in 1998, according to the corruption watchdog Transparency International.

In 2016, Buhari urged the World Bank to assist in the repatriation of $320 million stolen by the former military leader, which is being held by authorities in Switzerland.

Growth in Nigeria has returned after the economy entered into its worst recession in a quarter of century in 2016. However, the economy is still fragile, with high unemployment and weak infrastructure.

Inflation started to rise in August, the statistics office said after slowing for 18 months.

Buhari took office in 2015 after an election campaign largely fought on his vow to fight corruption, but his detractors have accused him of failing to investigate allies accused of wrongdoing.

The presidency said on Saturday the entities that aided corruption were under investigation for various offences.

Two former allies of Buhari now in opposition, including Senate leader Bukola Saraki, and several others have declared their intention to challenge the president in next year's vote.

 

Anglo American asks Angola for permission to explore for metals

The President of Angola, Joao Lourenco, addresses the media during a joint press conference after a meeting with German Chancellor Angela Merkel at the chancellery in Berlin, Wednesday, Aug. 22, 2018. Photo: Markus Schreiber/AP/SIPAAnglo American, one of the world's largest commodities miners, has asked Angola for permission to explore for base metals, the country's ministry for mines said on Friday.

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Private equity | The fall of Abraaj

Arif Naqvi - ANGEL FRANCO/NYT-REDUX-REA
In the wake of the private-equity firm’s collapse and the exposure of its governance weaknesses Africa-focused funds will face much greater scrutiny from investors

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