African briefs
Zimbabwe tobacco sales at all-time high
Zimbabwe’s tobacco sales have reached a record high of 237.1 million kg with a week to go before the selling season ends, official data showed on Friday, raising hopes its second biggest export could help ease the country’s severe dollar shortage.
Growing demand from China, the world’s biggest smoking nation, and funding from private tobacco companies have boosted output, which plunged to its lowest in 2008.
Tobacco accounted for a quarter of Zimbabwe’s US$3.8 billion in total export earnings in 2017, behind gold.
-Nampa/Reuters
Kenyan court blocks tax hikes
Kenya’s High Court has temporarily blocked tax hikes designed to fund a range of government development goals, including the provision of affordable housing.
The court suspended a 0.05% tax on bank transfers above 500 000 shillings (US$4 967.71) and a two percentage point increase in excise duty on mobile money transfers.
It also suspended a range of other new tax measures in a separate ruling late on Thursday. The suspensions will remain in force until the cases are heard in September.
-Nampa/Reuters
Gabon oil workers' union ends strike at Total facilities
Gabon’s oil workers’ union ONEP on Friday ended a strike at Total facilities across the country after 11 days, it said in a statement.
The 15-day strike was meant to last until next Tuesday over demands for higher pay and career advancement opportunities. It was not clear if Total made any concessions, although ONEP said it might resume the strike if the company did not meet its demands
-Nampa/Reuters
Nigeria to devise green bond issuance programme
Nigeria’s debt office will devise a green bond programme before the end of 2018 to raise funds for environmental projects, a junior minister for the environment said on Friday.
Ibrahim Jibril said the capital market could see issues of around 208 billion naira (US$682 million) this year to fund projects to reduce carbon emissions. The ministry said the total figure was not fixed and would depend on an evaluation of the projects that need funding.
-Nampa/Reuters
Ethiopia's birr black-market evaporates
A “hard currency amnesty” and reform-driven confidence in Ethiopia’s economy, both at home and abroad, have helped close a once yawning gap between the official and black market exchange rates for its birr currency.
As cash - in some cases briefcases full of dollars - pours into banks, local businesses say they are finally feeling relief from a foreign exchange crunch that had seen some segments of the economy grind to a halt.
-Nampa/Reuters
Zimbabwe’s tobacco sales have reached a record high of 237.1 million kg with a week to go before the selling season ends, official data showed on Friday, raising hopes its second biggest export could help ease the country’s severe dollar shortage.
Growing demand from China, the world’s biggest smoking nation, and funding from private tobacco companies have boosted output, which plunged to its lowest in 2008.
Tobacco accounted for a quarter of Zimbabwe’s US$3.8 billion in total export earnings in 2017, behind gold.
-Nampa/Reuters
Kenyan court blocks tax hikes
Kenya’s High Court has temporarily blocked tax hikes designed to fund a range of government development goals, including the provision of affordable housing.
The court suspended a 0.05% tax on bank transfers above 500 000 shillings (US$4 967.71) and a two percentage point increase in excise duty on mobile money transfers.
It also suspended a range of other new tax measures in a separate ruling late on Thursday. The suspensions will remain in force until the cases are heard in September.
-Nampa/Reuters
Gabon oil workers' union ends strike at Total facilities
Gabon’s oil workers’ union ONEP on Friday ended a strike at Total facilities across the country after 11 days, it said in a statement.
The 15-day strike was meant to last until next Tuesday over demands for higher pay and career advancement opportunities. It was not clear if Total made any concessions, although ONEP said it might resume the strike if the company did not meet its demands
-Nampa/Reuters
Nigeria to devise green bond issuance programme
Nigeria’s debt office will devise a green bond programme before the end of 2018 to raise funds for environmental projects, a junior minister for the environment said on Friday.
Ibrahim Jibril said the capital market could see issues of around 208 billion naira (US$682 million) this year to fund projects to reduce carbon emissions. The ministry said the total figure was not fixed and would depend on an evaluation of the projects that need funding.
-Nampa/Reuters
Ethiopia's birr black-market evaporates
A “hard currency amnesty” and reform-driven confidence in Ethiopia’s economy, both at home and abroad, have helped close a once yawning gap between the official and black market exchange rates for its birr currency.
As cash - in some cases briefcases full of dollars - pours into banks, local businesses say they are finally feeling relief from a foreign exchange crunch that had seen some segments of the economy grind to a halt.
-Nampa/Reuters
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