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South Africa Watchdog Seeks Penalty Against Banks For FX Rigging

South Africa Watchdog Seeks Penalty Against Banks For FX Rigging

South Africa’s competition watchdog has recommended fines against banks including Citigroup, Nomura and Standard Bank equal to 10 percent of their annual revenues for rigging the rand currency, it said on Wednesday. The Competition Commission said it had concluded an investigation into whether banks colluded by using an instant messaging chat room called “ZAR Domination”, […]

Samsung Chief Appears For Second Round Of Questions In Graft Probe

Samsung Chief Appears For Second Round Of Questions In Graft Probe

Samsung Group leader Jay Y. Lee appeared at the South Korean special prosecutor’s office for questioning on Monday as part of a wider investigation into an influence-peddling scandal that could topple President Park Geun-hye. The special prosecutor has focused on South Korea’s biggest conglomerate, accusing Lee in his capacity as Samsung chief of pledging 43 […]

Egyptians Ditch Imports And Buy Local As Pound Sinks

Egyptians Ditch Imports And Buy Local As Pound Sinks

Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound currency dived in November, forcing shoppers traditionally “obsessed with everything foreign” to ditch pricy imports and buy local. “People started changing their habits,” Swifax’s commercial director Mohamed El Gammal told Reuters. “We could sell even […]

Nigeria Fine to push South Africa’s MTN To 2016 Loss, Shares Fall

Nigeria Fine to push South Africa’s MTN To 2016 Loss, Shares Fall

South African mobile phone operator MTN Group expects to report a full-year loss due to a $1 billion regulatory fine in Nigeria and underperformance there and at home, it said on Wednesday, sending its shares to a two-month low. MTN agreed in June to pay Nigeria a 330 billion naira ($1.05 billion at the time) […]

Nigeria Targets 7 pct GDP Growth By 2020

Nigeria Targets 7 pct GDP Growth By 2020

Nigeria is targeting economic growth of at least 7 percent by 2020, the Ministry of Budget and National Planning said on Tuesday, as the government seeks to lift the country out of its first recession in 25 years. The target for gross domestic product growth is part of a medium-term economic recovery plan, it said […]

Ghana Says IMF Deal Needs ‘Tweaking’After Shortfall Discovery

Ghana Says IMF Deal Needs ‘Tweaking’After Shortfall Discovery

Ghana’s debt bailout program with the International Monetary Fund may require “tweaking” after the nation’s new administration revealed that 7 billion cedi ($1.6 billion) in expenses were not accounted for by the previous government, the finance minister said. The country is in talks with the IMF and will seek to finalize an audit of the […]

Trump Dooms Dollar To Worst January Since 2008

Trump Dooms Dollar To Worst January Since 2008

The dollar was on course for its worst start to a year in more than a decade on Tuesday after a trade adviser to President Donald Trump added to signs the new administration may be trying to talk its currency down. Suggestions by the head of Trump’s new National Trade Council, Peter Navarro, that Germany […]

Uganda Negotiating $2.3 Bln Loan With China To Fund Rail Line

Uganda Negotiating $2.3 Bln Loan With China To Fund Rail Line

Uganda is negotiating a $2.3 billion loan with China’s Exim Bank to fund an initial 273 km stretch of rail line the east African country is planning to build for faster and cheaper transportation, an official said on Thursday. Landlocked Uganda eventually wants to construct a 1,700 km standard gauge railway network to connect with […]

Africa Finance Corp Issues $150 Million Debut Sukuk

Africa Finance Corp Issues $150 Million Debut Sukuk

Africa Finance Corp (AFC) said it issued a three-year $150 million sukuk, becoming the first African government-backed entity to sell an Islamic bond. The announcement confirmed a Reuters report this month that the bank would raise a dollar sukuk through a private sale. AFC, a pan-African institution based in Nigeria, said it received subscriptions of […]

S.Africa Economy Poised For Growth, Stable Repo Rate In 2017

S.Africa Economy Poised For Growth, Stable Repo Rate In 2017

South Africa’s economy will get a boost from perkier commodity prices, a benign inflation outlook and better rains for the agriculture sector this year, a Reuters poll found on Thursday. A median of 27 economists in a poll taken over the past week suggested growth in South Africa would accelerate to 1.1 percent this year […]