News | - Part 11

Tanzania says Q3 2014 GDP growth slows, hurt by agriculture

DAR ES SALAAM (Reuters) – Tanzania’s economy grew 6.8 percent in the third quarter of 2014 compared with 7.4 percent in the same period a year ago due to a slowdown in agriculture, construction and transport sectors, data showed on Thursday. The government sees Tanzania’s economy growing by 7.4 percent this year from an estimated 7.2 percent in 2014 due to expected strong performance of agriculture, construction and manufacturing sectors. Growth in agriculture, the biggest…

Oil producer Afren gains another extension on debt payment

Posted on by The Editorial Team

March 2 (Reuters) – Debt-laden oil producer Afren Plc said it had been given another payment extension by some creditors, a day after the Sunday Times reported that China’s Fosun International Ltd was backing a takeover bid for the company. Afren’s shares rose as much as 39 percent to 12 pence in early trading on the London Stock Exchange on Monday. The company, whose main operations are in Nigeria, made no reference to Fosun in…

Mauritius central bank seeks to buy gold from Australia

Posted on by The Editorial Team

PORT LOUIS (Reuters) – Mauritius central bank plans to buy gold from Australia to keep the Indian Ocean economy’s currency from extreme fluctuation, its finance minister said on Monday. In 2009, Mauritius bought two tonnes of gold from the International Monetary Fund, valued at an equivalent of $72 million at the time. Finance Minister Seetanah Lutchmeenaraidoo said the central bank will buy an undisclosed amount of gold from Australia’s Perth Mint. He has said the…

Uganda sees economic growth of 5.3 pct this fiscal year

Posted on by The Editorial Team

KAMPALA (Reuters) – Uganda’s economic growth is set to accelerate to 5.3 percent in fiscal 2014/15, driven by infrastructure investment aimed at maximizing benefits from an expected oil boom, outgoing finance minister Maria Kiwanuka said. She was speaking to Reuters before she was moved in a cabinet reshuffle on Sunday to become presidential advisor on finance. Her forecast was the government’s first growth estimate for the fiscal year ending in June, after Uganda rebased its…

8 Miles invests in Uganda’s Orient Bank

Posted on by The Editorial Team

Pan-African private equity firm 8 Miles have joined a consortium of local investors to buy Bank PHB, formerly Orient Bank Limited, a mid-tier commercial bank in Uganda, from Keystone Bank, a government-owned Nigerian bank. The consortium includes the original founders of Orient Bank who lead the consortium as well as Chinese business man who is a resident in Uganda. The bank had reportedly been making losses it had been taken over by Nigerian Keystone Bank and…

Kenya’s Weekly News Review: 6th Feb 2015

Posted on by The Editorial Team

The National Treasury will be seeking to spend an additional Sh137 billion before June as government speeds up investment in big projects while setting aside Sh8 billion to pay salaries and allowances for public servants. The revised estimates, which will have to be tabled before parliament in supplementary budget, are contained a draft budget policy statement published on Friday. Additional money will also finance other projects recommended by parliament during budget approval but which the…

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