PRETORIA, May 24 – South Africa’s central bank said on Tuesday that the inflation outlook had deteriorated markedly and it would not hesitate to act to quell price pressures, but gave no clues as to when it might start raising interest rates.
Category: business
Nigerian parliament passes reduced 2011 budget
ABUJA, May 25 – Nigeria’s parliament passed a revised 2011 budget on Wednesday, trimming its spending plans from a version lawmakers proposed two months ago that President Goodluck Jonathan refused to sign into law.
Nigeria unexpectedly hikes interest rates
ABUJA, May 24 – Nigeria’s monetary policy committee raised its benchmark interest rate by 50 basis points on Tuesday, wrong footing many analysts as it stepped up efforts to curb inflation and ease pressure on the local naira currency.
African business agenda: 30 May – 2 June
Monday May 30 South Africa’s Competition Tribunal expected to rule on U.S. retail giant Wal-Mart’s planned $2.4 billion acquisition of local chain Massmart. Togo hosts meeting of leaders of West Africa’s UEMOA zone. Likely to name new head of West Africa’s BCEAO central bank
Swedes eye budding biofuels industry
The Swedish government and its private sector are hoping to secure a foothold in Botswana’s nascent biofuels industry that kicked off recently with plans for a five million-litre per annum processing plant. According to a Memorandum of Understanding signed between the two countries on Tuesday, Sweden has identified several projects, including the budding biofuel industry, […]
Long-term gain or long-term pain?
The “long-term play” mantra that accompanies equity investing in frontier Africa is wearing decidedly thin.
Ghana revises up 2010 deficit
Ghana revised its 2010 public deficit up to 6.8 percent of output from a previous estimate of 3.7 percent on Monday and signalled the current year deficit would likely be adjusted too.
S.Africa April CPI surprisingly soft at 4.2 pct
South Africa’s annual headline inflation came in softer than expected in April, bolstering the view of a minority of analysts who expect interest rates to remain on hold throughout this year.
Nigerian finmin expects to agree budget by Friday
Nigeria’s government is expected to agree an amended 2011 budget with parliament by Friday, the finance minister said, a version likely to have tighter spending plans than the proposal lawmakers set out last month.
Kenya shilling gains near one pct vs dollar
The Kenyan shilling gained almost one percent against the dollar on Thursday as banks shed long dollar positions after the central bank said it was not seeking to weaken the shilling by buying hard currency.