African Markets Reviews Today March, 22

Enterprise Television- African Markets Reviews Today March, 22

 

The following company announcements, scheduled economic indicators, debt and currency market moves which may affect African Today.

EMERGING MARKETS

For the top prominent markets news.

NIGERIA’S ECONOMY

The chairman of the Senate’s committee on banking explain: Nigeria’s upper house of parliament will consider Today President Muhammadu Buhari’s nominees for the central bank’s interest rate-setting committee.

Traders announce: Nigeria plans to raise 53.96 billion naira at a treasury auction Today after repaying the same amount of bills, with the aim of lowering its borrowing costs.

Lower house Speaker Yakubu Dogara clarify that,the Nigerian parliament aims to pass the country’s 2018 budget on April 24, following several months of delay.

AFRICA’S TRADE

African leaders agreed Today to form a $3 trillion continental free-trade zone encompassing 1.2 billion people, but its two biggest economies, Nigeria and South Africa, did not sign up, diminishing its impact.

KENYA’S MARKETS

Traders enlighten that, the Kenyan shilling strengthened against the dollar Today helped by thin demand and positive market sentiment following a boost to central bank foreign currency reserves by proceeds from a Eurobond sale

The Central Bank of Kenya inform that,  Kenya’s cap on commercial interest rates probably cut last year’s estimated economic growth rate by 0.4% points because it throttles credit to small and medium businesses.

When Nestle executive Stephan Canz attended the German school in Nairobi in the early 1980s, it was surrounded by lush coffee farms.

French tyre manufacturer Michelin inform Today that, it had agreed to a joint venture with automotive and pharmaceutical distribution specialist CFAO to sell premium tyres in Kenya and Uganda.

Kenya Airway Today notify that, its nine-month after tax loss stood at 6.1 billion shillings ($60.34million), while its pretax loss was 5.97 billion shillings, adding its performance was hurt by a prolonged election period and rising fuel prices.

UGANDA’S MARKETS

The Uganda shilling was edged down Today mainly due to demand for hard currency from commercial banks and some merchandise importers.

Yields on Uganda’s 10-year Treasury bond climbed at auction Today where a total of 200 billion shillings ($54.67million) worth of debt of different maturities were on offer.

IVORY COAST’S AGRICULTURE

A senior source at the Coffee and Cocoa Council (CCC) report Today: Ivory Coast’s mid-crop cocoa output is expected to drop 23% this season due to insufficient rain and poorly kept fields.

ZAMBIA’S FIRST QUANTUM

Canada’s First Quantum Minerals Today hopeful of resolving a dispute with Zambia over a whopping 76.5 billion Zambian kwacha ($8.07 billion) bill for unpaid duties on imported mining equipment.

SOUTH SUDAN’S USA/OIL SANCTIONS

The United States Today imposed sanctions on 15 South Sudanese oil operators that it said were important sources of cash for the government, an action aimed at increasing pressure on President Salva Kiir to end the country’s conflict and humanitarian crisis.

MOZAMBIQUE’S DEBT

A group of Mozambique’s international creditors report Today that, it hoped to soon start constructive debt restructuring talks with the heavily indebted African country, with follow-up high level meetings scheduled in four weeks time.

ZIMBABWE’S ECONOMY

A Government notice shown Today that, Zimbabwe’s new president Emmerson Mnangagwa has pardoned up to 3,000 prisoners, including most female inmates, in his first act of clemency.

The Zimbabwean government announce Today that, it would not pay salaries and allowances to striking junior doctors, taking a hard line in the first big labour dispute President Emmerson Mnangagwa has faced since he took power.

MAURITIUS’S SUGAR

The CEO of Mauritius Sugar Syndicate, which represents growers report Today that Mauritius’ 2017 earnings from sugar are expected to drop 30 percent, hit by lower export prices.

CONGO’S ECONOMY

The country’s transport minister report Today that, Dubai ports operator DP World DPW.DI will build and manage a new deep water port on Democratic Republic of Congo’s Atlantic coast.

Democratic Republic of Congo announce it would open talks on Friday with mining companies about implementing some of the most contentious provisions in a new mining code that hikes taxes and royalties in the face of objections from industry.

The guns have fallen silent in the Congolese town of Mwene Ditu, but each day starving children arrive at the small hospital there battling for their lives.

LIBYA’S SECURITY/RIGHTS

The United Nations human rights office reports Today that, Armed groups execute and torture civilians in Libya in almost complete impunity seven years after the revolution that toppled Muammar Gaddafi.

 

 

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