Financial

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

Nigeria’s central bank cut its benchmark lending rate to 12.5% from 13.5%, the central bank governor said on Thursday.

Abel Sithole appointed as CEO of South Africa’s PIC

On Wednesday, South African Finance Minister Tito Mboweni announced the appointment of Abel Sithole as the Chief Executive Officer of the Public Investment Corporation (PIC) and Executive Director on the Board of Directors.

Ouch! How Tiger Brands got its fingers burnt in Nigeria for the second time in a decade

Food giant Tiger Brands has passed on paying a dividend as it faces job losses and cost-cutting in its operations after a bruising first half trading on the cusp of COVID-19.

South African Reserve Bank cuts lending rate by 50 basis points

South Africa’s central bank cut its main lending rate by 50 basis points (bps) to 3.75% on Thursday, in what Governor Lesetja Kganyago said was a move aimed at shielding the economy from the impact of the new coronavirus.

Op-Ed: Rumours of a CFA franc devaluation in West & Central Africa dispelled

“There has been considerable uncertainty and speculation about the capacity of both the West African Economic and Monetary Union (Waemu) and the Economic and Monetary Community of Central Africa’s (Cemac) to absorb these shocks and to protect the value of their respective regional currency pegs to the euro,” writes economist, George Ott.

A second wave of COVID-19 will have ‘major consequences’ for the oil market, IEA warns

The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.

Memorandum shows SAA administrators will not sell assets without involving govt

Administrators at state-owned South African Airways (SAA) will not sell assets for an interim period without involving the government, a memorandum signed by one of the administrators and the public enterprises ministry showed.

Here’s how to apply for SA’s COVID-19 loan guarantee scheme

A multi-billion rand loan guarantee scheme announced by South African President Cyril Ramaphosa last month is now officially in operation, with the assistance of the country’s major banks, including FNB, Investec, Standard Bank and Absa.

South Africa’s Vodacom reports 8.9% jump in full-year earnings

South African mobile operator Vodacom Group reported a 8.9% rise in annual earnings on Monday, buoyed by an improved second half performance in its domestic market and the sustained growth of its international businesses.

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