JOHANNESBURG, March 2 (Reuters) – Angola’s central bank will
probably have to devalue the kwanza and raise interest rates
this year as a sharp drop in oil prices saps foreign exchange
supply, the Angolan unit of Africa-focused investment bank Imara
Securities said on Monday.
Oil-dependent Angola slashed $17 billion off its budget this
year due to the drop in the price of oil, which accounts for
around half of the southern African country’s gross domestic
product and 90 percent of its export revenues.
JOHANNESBURG, Feb 16 (Reuters) – South Africa’s main
opposition party has called for an investigation into why mobile
telephone reception was cut in parliament ahead of President
Jacob Zuma’s chaotic State Of The Nation address last week.
The Democratic Alliance (DA) branded the apparent jamming as
“censorship” and denounced the speaker of parliament, Baleka
Mbete, saying she was unfit to continue in office.
JOHANNESBURG, Feb 13 (Reuters) – “State of Chaos”, was how
one South African newspaper described the images of police and
politicians trading blows at the opening of parliament, a
damning assessment of the country’s democracy twenty years after
President Jacob Zuma walked down the red carpet outside
parliament in Cape Town on Thursday evening as a brass band
blasted out South Africa’s national freedom anthem, Nkosi
Sikelel’ iAfrika, and cannons fired off a 21-gun salute.
JOHANNESBURG, Feb 6 (Reuters) – When Michelle Obama and
Beyonce Knowles attended high-profile events in clothes made by
African designers, it was a sure sign that the continent’s
vibrant style has arrived on the world stage.
The showcasing of clothes from home-grown African designers
in stores in New York, London and Tokyo is a sign of a broader
change of attitude towards a continent which is earning a
brighter reputation beyond stories of war and disease.
ABUJA, Nigeria (Reuters) – In late 2013, Nigeria’s then central bank governor Lamido Sanusi wrote to President Goodluck Jonathan claiming that the state oil company had failed to remit tens of billions of oil revenues it owed the state.
After the letter was leaked to Reuters and a local news site, Jonathan publicly dismissed the claim and replaced Sanusi, saying the banker had mismanaged the central bank’s budget. A Senate committee later found Sanusi’s account lacked substance.
ABUJA, Nigeria Feb 6 (Reuters) – In late 2013,
Nigeria’s then central bank governor Lamido Sanusi wrote to
President Goodluck Jonathan claiming that the state oil company
had failed to remit tens of billions of oil revenues it owed the
After the letter was leaked to Reuters and a local news
site, Jonathan publicly dismissed the claim and replaced
Sanusi, saying the banker had mismanaged the central bank’s
budget. A Senate committee later found Sanusi’s account lacked
JOHANNESBURG, Jan 29 (Reuters) – Angola’s oil-dependent
economy is set to slow this year, key infrastructure projects
will be shelved and swathes of social spending are facing the
chop as a global crude price slump takes its toll on Africa’s
Angola’s cabinet last week sent a revised 2015 budget to
parliament, cutting the assumed oil price to $40 a barrel, from
$81 previously projected, and slashing $14 billion off planned
spending, the finance ministry said.
LUSAKA, Jan 21 (Reuters) – Zambia’s ruling Patriotic Front
(PF) party candidate Edgar Lungu took an early lead on Wednesday
in a presidential election that ran into a second day after
heavy rains disrupted voting.
Results from 14 out of 150 constituencies showed defence and
justice minister Lungu, 58, had 103,634 votes, compared to
47,731 for his main rival, Hakainde Hichilema, 52, a wealthy
economist from the United Party for National Development (UPND).
LUSAKA, Jan 20 (Reuters) – Zambians flocked to the polls on
Tuesday to choose the next leader of one of Africa’s most
promising frontier markets, in what shaped up as a tight race
between a populist lawyer and a wealthy economist.
Edgar Lungu, leader of the ruling Patriotic Front (PF), is
seen having a slight edge over main rival Hakainde Hichilema, a
businessman whose United Party for National Development has
wooed the middle-class and investors.
NDOLA, Zambia (Reuters) – Zambia’s copper industry, the spluttering motor of one of Africa’s fastest-growing economies, has been at the heart of campaigning for Tuesday’s presidential election and poses a big headache for the country’s next leader.
Hit by plummeting metal prices, accusations of corruption and a hike in taxes, mining companies say production and jobs are at risk unless the new president steps in.