JOHANNESBURG, Sept 8 – Stunningly weak factory output data and another drop in business confidence on Thursday pointed to a dismal third quarter for South Africa’s economy, supporting the case for a cut in interest rates already at 30-year lows.
Category: business
African business agenda 12-15 September 2011
WHAT TO WATCH NEXT WEEK Monday September 12 • Mauritius Monetary Policy Committee meeting. The MPC is expected to hold its benchmark interest rate steady at 5.50 percent.
BNP Paribas invests in South Africa
French global banking and insurance group BNP Paribas is expanding its local footprint through the acquisition of a majority stake in Cadiz Securities, the derivatives research and brokerage unit of South African financial services group Cadiz Holdings.
Kenya business update
Lerato Mbele speaks with Ken Minjire, Fixed Income and Money Markets Analyst at Stanbic Investments, looking at the latest financial news driving the Kenyan Market.
East Africa shillings on back foot again
NAIROBI, Sept 1 – Kenya, Uganda and Tanzania’s shillings all look likely to weaken next week, possibly to life-time lows against the dollar, amid soaring inflation and strong demand for hard currency from fuel importers.
Uganda inflation hits 18-yr high above 21 pct
KAMPALA, Aug 31 – Uganda’s year on year inflation jumped to 21.4 percent in August, the highest since February 1993 and almost three points higher than a month earlier, mainly due to a rise in food prices.
Bank of Ghana leaves prime rate unchanged
ACCRA, Sept 1 – The Bank of Ghana left its prime rate unchanged at 12.50 percent after considering signs that the economy has picked up, the bank’s governor said on Thursday, confounding most analysts’ expectations of a 50 basis points cut.
S.Africa growth slows, boosts case for rate cut
JOHANNESBURG, Aug 30 – South Africa’s economy grew at its slowest pace in almost two years in the second quarter as the manufacturing and mining sectors slumped after strikes, boosting the case for interest rate cuts while denting the government’s job-creation hopes.
Kenya interbank rate tumbles, stocks drop
NAIROBI, Sept 1 – Kenya’s interbank lending rate tumbled to 19.2515 percent on Tuesday from 27.7299 percent the previous day, central bank data showed on Thursday, as the bank’s action last week to bring down interbank rates filters through the market.
African business agenda: 5-8 Sep 2011
WHAT TO WATCH NEXT WEEK Business agenda of the African continent from 5 until 8 September 2011.