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African Business

Kenya shilling falls vs dollar, further losses possible

NAIROBI — The Kenyan shilling fell against the dollar on Monday dragged down by end-month importer demand for the greenback and traders said risk-averse investors moving into the United States currency could weigh further on the local currency.

African Business

Shell re-enters coal with swaps trading

LONDON- Shell International Trading and Shipping Company Ltd this month resumed trading in coal derivatives more than a decade after parent Royal Dutch Shell exited the coal business and sold its mines, sources close to the company said.

African Business

Africa Finance Corp eyeing $3 bln deals in a year

NAIROBI - Africa Finance Corporation (AFC), a Lagos-based development financier, is considering potential investments worth $3 billion across sub-Saharan Africa over the next year, its chief executive said on Monday.

African Business

IMF cuts sub-Saharan Africa 2012 growth forecasts

JOHANNESBURG - Sub-Saharan Africa's economies will expand at a slower rate in 2012 than earlier projected, undermined by global financial distress and a sluggish recovery in South Africa, the International Monetary Fund (IMF) said on Monday.

African Business

Rand hits 4 month low, R186/157 spread at historic high

JOHANNESBURG - The spread between South Africa's 2015 and 2026 benchmark bonds hit a historic high on Friday

African Business

S.Africa aims to lift savings, cut budget strain

JOHANNESBURG - South Africa is looking to strengthen its social security system by encouraging a higher savings rate among its highly indebted households, which should help economic growth and reduce the burden on state finances, the Treasury said on Monday.

African Business

GE sees double-digit revenue growth in Africa

ADDIS ABABA - General Electric Co sees double-digit revenue growth in its Africa business over the next few years, its regional head said on Friday, as the U.S. firm targets rising demand for heavy equipment and power projects on the growing continent.

African Business

S.Africa will manage impact from stalled toll: Gordhan

ADDIS ABABA - South Africa is looking at options to retire a multi-billion rand debt incurred by the state road agency for highway upgrades, after a court halted a planned road toll to recoup the money, Finance Minister Pravin Gordhan said on Friday.

African Business

S.Africa's mine tax regime competitive: minister

CAPE TOWN - South Africa's mineral royalties tax is working well, and the government should be wary of not overburdening a sector already hit with labour strife and work stoppages that has curbed output in the world's top platinum producer, the mines minister said on Thursday.

African Business

Rising inequality threatening African growth: report

ADDIS ABABA - Rising inequality across Africa could curtail the continent's economic gains, a leading think-tank said on Friday, warning governments they risked instability unless unemployment and hunger were tackled.