Africa

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South Africa’s Central Bank Chief Rules Out Defence Of Rand

South Africa’s central bank governor has given warning about emerging market turbulence if volatility over the Chinese economy continues, but has ruled out any intervention to prop up a weak rand. The South African Reserve Bank (Sarb) surprised analysts ...

Daily Headline - global.abi.org - 08/26/2015 - 20:40 - 0 comments

Emerging Markets Hit Hard as Global Rout Continues

Bad news from China has sparked a firestorm in the developing countries that feed its vast industrial machine, leaving a swath of economies with few good ways to escape a crunch, The Wall Street Journal reported. In Indonesia, coal once bound for Chi ...

Daily Headline - global.abi.org - 08/24/2015 - 21:43 - 0 comments

China’s Currency Move Rattles African Economies

The shock waves from China’s surprise yuan devaluation are ricocheting through African economies, sending currencies tumbling and stoking anxiety that the continent’s biggest trading partner might be losing its appetite for everything from oil to wine, ...

Daily Headline - global.abi.org - 08/17/2015 - 20:12 - 0 comments

Nigeria Adopts Unorthodox Measures To Defend The Naira

The Nigerian government has resorted to chopping down trees lining the streets of its capital to thwart black market money changers, one of a range of unorthodox measures it is deploying to defend its weakening currency, the Financial Times reported. ...

Daily Headline - global.abi.org - 08/17/2015 - 17:42 - 0 comments

South Africa's Struggling Evraz Could Pull Through

last month that it could cut as many as 1,000 jobs as weaker steel demand and cheaper imports from China hit its sales. Claims of 1.2 billion rand ($94 million) had been received against Evraz, but a ...

Daily Headline - global.abi.org - 08/05/2015 - 21:41 - 0 comments

Commodities Rout Erases Billions from Africa's Biggest Fortunes

The collapse in commodity prices and the rise of the African middle class has flipped the fortune trends of the continent's richest people. "The go-go years of African billionaires whose wealth has been built around oil is over," said Mart ...

Daily Headline - global.abi.org - 08/03/2015 - 20:35 - 0 comments

Zambia Plans Record Benchmark Debt Sale

to raise over $1bn this week and is expected to pay a higher rate than it has for previous issues as ... $1bn. Zambia, which is Africa’s second largest copper producer, has boasted some of the continent’s ...

Daily Headline - global.abi.org - 07/22/2015 - 19:34 - 0 comments

Ghana Counts Cost Of Public Pay Overruns And Export Rout

Ghana’s president has blamed the country’s economic malaise on government overspending just as the bottom fell out of the market for its main commodity exports, the Financial Times reported. In a reversal of fortunes that provides a cautionary tale f ...

Daily Headline - global.abi.org - 07/09/2015 - 22:50 - 0 comments

Companies Avoid Paying $200 Billion in Tax

Businesses avoid paying $200 billion annually in taxes by channeling their overseas’ investments through offshore financial hubs, a United Nations agency said Wednesday, The Wall Street Journal reported. The estimate by the United Nations Conference ...

Daily Headline - global.abi.org - 06/24/2015 - 23:02 - 0 comments

Nigerian Lawmakers Propose Docking Own Pay

Some of the best-paid people in this country—its lawmakers—are proposing an unusual measure: docking their own salaries, The Wall Street Journal reported. The volunteered pay cut is part of a new austerity descending on Africa’s top economy. Nigeria’ ...

Daily Headline - global.abi.org - 06/24/2015 - 23:03 - 0 comments

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