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Ezekwesili Wants Financial Literacy For Students

Ezekwesili Wants Financial Literacy For Students

A former Minister of Education, Dr. Oby Ezekwesili, on Wednesday, said Nigerian youths should be equipped with skills and knowledge that would aid their understanding of financial matters right from secondary school. Ezekwesili stated this at the 2017 Nigerian Stock Exchange Essay Competition Awards Ceremony in Lagos. “We need to offer children financial literacy before […]

Ousted Zimbabwe Finance Minister Chombo In Court To Face Corruption Charges

Ousted Zimbabwe Finance Minister Chombo In Court To Face Corruption Charges

Former Zimbabwe finance minister Ignatius Chombo, who was among those detained by the military when they seized power before Robert Mugabe resigned this week, appeared in court on Saturday to face corruption charges. This was Chombo’s first public appearance since he was detained almost two weeks ago. He had no visible injuries and appeared calm, […]

S&P Cuts South Africa Debt Rating, Moody’s Issues Warning

S&P Cuts South Africa Debt Rating, Moody’s Issues Warning

S&P Global Ratings cut South Africa’s local-currency debt score to junk on Friday, while Moody’s Investors Service also threatened to slash its ranking to the same level, raising the risk of a selloff from global indexes. S&P lowered the country’s local-currency rating one step to BB+, one level below investment grade, and placed it on […]

Zambia’s Central Bank Cuts Lending Rate To 10.25 Percent

Zambia’s Central Bank Cuts Lending Rate To 10.25 Percent

Zambia’s central bank cut its benchmark lending rate by 75 basis points to 10.25 percent on Wednesday, citing declining consumer inflation, the high cost of credit and low growth. “Inflation has continued to decline over the last 10 months. We also noted that the cost of credit has been high and growth has been sluggish,” […]

How the ‘Warren Buffett of Arabia’ Built His Fortune

How the ‘Warren Buffett of Arabia’ Built His Fortune

When the Saudi king had dozens of powerful princes and businessmen arrested on Nov. 4 in a crackdown on corruption, none of the names grabbed global attention quite like that of Prince Alwaleed bin Talal. The world’s 61st-richest person, the royal is practiced at grabbing attention. For decades he’s been a celebrity on Wall Street, […]

South Africa’s Rand, Bond Add To Losses On Budget Shock

South Africa’s Rand, Bond Add To Losses On Budget Shock

South Africa’s rand extended losses in early deals on Thursday, a day after Finance Minister Malusi Gigaba flagged weaker growth expectations and rising government debt in his budget speech.   At 0624 GMT, the rand traded at 14.1600 versus the dollar, 0.73 percent weaker from its New York close on overnight. Gigaba said in his […]

Guinea Gets Staff-level Approval For 3-year IMF Deal

Guinea Gets Staff-level Approval For 3-year IMF Deal

The International Monetary Fund said on Tuesday it had reached a staff-level agreement with Guinea for a three-year programme of reforms with backing from the lender of last resort’s Extended Credit Facility (ECF). The agreement still requires approval from the IMF’s Executive Board, which is expected to consider it next month. An IMF statement said […]

Egypt Plans to Extend $2 Billion Financing Deal for a Year

Egypt Plans to Extend $2 Billion Financing Deal for a Year

Egypt plans to renew a $2 billion financing deal with international banks while also developing alternative sources of funding such as issuing dollar-denominated Eurobonds, Finance Minister Amr El-Garhy said. The repurchase transaction, which international banks offered to increase to $5 billion upon its extension, will remain unchanged in size and probably in duration, El-Garhy said, […]

Sub-Saharan Africa To Grow At A Slower Rate This Year, World Bank Says

Sub-Saharan Africa To Grow At A Slower Rate This Year, World Bank Says

The economy of sub-Saharan Africa is seen growing more slowly this year than previously forecast, largely due to weak investment and productivity, the World Bank said on Wednesday. In a report, it forecast growth in the region to be 2.4 percent in 2017, down from the 2.6 percent that it projected in April. But growth […]

KPMG Revamps S. African Top Management as Clients Dump Firm

KPMG Revamps S. African Top Management as Clients Dump Firm

KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while […]

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