The shilling has come under significant pressure and has shed value against the dollar to trade at 3,591.63/3,601.63 buying and selling respectively at mid-day on 9th March 2017 from 3383.56/3393.56 at the end of September 2016, according to Bank of Uganda data. For every dollar, Ugandans must now fork out an extra sh209 in a space of just six months as the green buck keeps strengthening against the shilling.
Category: Africa
Kenyan Minister Opposes Regulations to Break Up Vodafone Unit
Kenya’s government opposes using regulation to force East Africa’s biggest mobile operator Safaricom Ltd. to be broken up, after a draft study found the company is dominant in the country’s telecommunications industry, Information, Communications and Technology Secretary Joseph Mucheru said. The government disapproves of measures that would stifle innovation as it wants companies to expand by investing in new products and technology, Mucheru said in an interview Friday from the capital, Nairobi.
Africa: Strict Rules Keep African Firms Away From Stockmarkets
Tight requirements coupled with a fear of public scrutiny have locked out 420 local companies from being listed on stock exchanges in Africa. The PwC 2016 Africa Capital Markets Watch estimates that Africa has 700 companies with annual revenues in excess of $500 million, but only 40 per cent are listed.
Jihadi launchpad Tunisia hesitates taking extremists back
In this photo dated, Dec. 24, 2016, women demonstrate outside the Tunisian parliament, in Tunis, Saturday, Dec. 24, 2016. Poster reads : no to the return of Daesh’s criminals in Tunisia.
Telkom Said to Consider $1 Billion Bid for South Africa’s Cell C
Telkom SA SOC Ltd. is considering a bid of as much as $1 billion for South African wireless operator Cell C Pty Ltd., which has missed debt payments and is trying to complete a recapitalization, according to three people familiar with matter. Investment banks are also approaching other potential bidders with the firepower to take on the deal, said two of the people, who asked not to be identified as the matter is private.
Nigeria wants to close airport in capital for runway repairs
Nigeria’s government has proposed closing the airport in its capital, Abuja, for six weeks to repair runways that some airlines have described as dangerous. The government wants to close Nnamdi Azikiwe International Airport, the country’s second busiest, for most of February and March.
Russia Urges Libya Leadership Role for UN-Defying Military Chief
Russia threw its weight behind a powerful Libyan army commander, Khalifa Haftar, who’s in conflict with the UN-backed government there, saying he must have a role in the leadership of the crisis-wracked state. Russian Deputy Foreign Minister Gennady Gatilov criticized the United Nations’ envoy to Libya for favoring other political forces in the North African country.
Deutsche Bank Said Last Lender to Stop Angola Dollar Clearing
Deutsche Bank AG stopped providing dollar clearing in Angola, leaving one of Africa’s biggest oil-producing nations without a lender to supply the service, according to three people with knowledge of the matter. The company ceased dollar clearing for Angola in mid-November, said two of the people, who asked not to be identified because they’re not authorized to speak to the media.