daily menu » rate the banner | guess the city | one on oneforums map | privacy policy (aug.2, 2013) | DMCA policy | flipboard magazine

Go Back   SkyscraperCity > Continental Forums > Africa > General Forums > Business, Economy and Infrastructure

Business, Economy and Infrastructure Our architecture, infrastructure, transport, economy and other related discussions

Reply
 
Thread Tools
Old December 7th, 2017, 11:49 AM   #13781
abdeka
Algerian moderator
 
abdeka's Avatar
 
Join Date: Jun 2008
Posts: 21,370
Likes (Received): 12504

Quote:
Trade between France and Algeria declines



The volume of trade between France and Algeria has been declining amid competition from China, figures from Algeria’s National Centre for Statistics of the Customs Directorate revealed.

According to the centre, the value of Algeria’s imports from France fell by 12.12 per cent in 2016 to reach $4 billion compared to $5.43 billion in 2015.

Algeria’s imports from France continued to decline in 2017 by 14.14 per cent to reach $3.47 billion in the first ten months of 2017 compared to the same period in 2016.

Meanwhile, Algeria’s imports from China reached $8.41 billion in 2016 and $7.29 billion in the first ten months of 2017.

Algeria mainly imports foodstuffs including hard wheat, pharmaceuticals, producer goods and vehicles from France.

The Algerian market was the most important outlet for French products before the government decided to open up to other countries, specifically China which has become Algeria’s main trade partner in recent years.

Algeria’s exports have also declined from $4.56 billion in 2015 to $3.42 billion in 2016.

French President Emmanuel Macron is expected to focus on enhancing economic relations between the two countries during his upcoming visit to the North African country.
https://www.middleeastmonitor.com/20...eria-declines/
__________________
"Babylon in all its desolation is a sight not so awful as that of the human mind in ruins." Nelson DeMille, By the Rivers of Babylon.

Visit the ALGERIAN FORUM

Umoja liked this post
abdeka no está en línea   Reply With Quote
Old December 7th, 2017, 11:57 AM   #13782
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809



Good or bad news?
__________________

popa1980 liked this post
Umoja no está en línea   Reply With Quote
Old December 7th, 2017, 12:00 PM   #13783
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Algeria: an important issue for French SMEs

INSIGHT. Major market of the Maghreb, Algeria has an economic dimension more than appreciable for France. As much for large companies as for small


France remains the largest non-hydrocarbon investor in Algeria, according to the French Embassy in Algiers, and the largest foreign employer in Algeria, with 40,000 direct jobs and 100,000 indirect jobs, for about 400 companies - about 30 of them large companies. The main sectors of employment and activity: finance (with Société Générale and BNP Paribas), transport (including the presence of Air France), the maritime sector (CMA-CGM, employs 400 people), hotels and restaurants (Accor, Sodexo, Newrest) or automobile distribution through Renault and Renault Trucks.

Trade still limited

On the other hand, as the economist Abderrahmane Mebtoul points out, "the exchanges between Algeria and France are essentially limited to hydrocarbons for the Algerian part, and services, in particular banking, agrifood, pharmaceuticals and products from of the automobile industry for the French part ". "There are indeed political aspects that slow down these exchanges. Admittedly, trade is on the rise, but remains fixed in their structures and is derisory compared to the exports and imports of the two countries. France, in a good number of cases in Algeria, is ahead of Spain, Italy and China, which are taking more and more important market shares. "

...

Quote:
Algérie : un enjeu important pour les PME françaises

DÉCRYPTAGE. Marché majeur du Maghreb, l'Algérie a une dimension économique plus qu'appréciable pour la France. Autant pour les grandes entreprises que pour les petites
...
http://afrique.lepoint.fr/economie/a...77593_2258.php
Umoja no está en línea   Reply With Quote
Old December 7th, 2017, 01:12 PM   #13784
EdnilsonQ
Code!
 
EdnilsonQ's Avatar
 
Join Date: Oct 2014
Location: Anywhere and Everywhere
Posts: 2,196
Likes (Received): 4709

Quote:
Originally Posted by Umoja View Post
It's Only 2 Months, But Angolan Leader a Hit With Bond Investors





He’s lead Angola for only a couple of months, but bond investors already like what they’ve seen from Joao Lourenco.

Angola’s $1.5 billion of bonds due in 2025 have returned 8.1 percent since Lourenco was sworn in as president on Sept. 26, replacing Jose Eduardo dos Santos, who had led the OPEC member and former Portuguese colony since 1979. That’s a better performance than any other country in the Bloomberg Barclays Emerging Markets USD Sovereign Bond Index, which includes debt from more than 70 nations.

....

https://www.bloomberg.com/news/artic...bond-investors
__________________

Nyumba, Quinajor, Umoja, popa1980 liked this post
EdnilsonQ está en línea ahora   Reply With Quote
Old December 7th, 2017, 04:11 PM   #13785
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

South African retailer in accounting scandal

Shares in the global retailer Steinhoff, which has its roots in Germany and is headquartered in South Africa, are still falling.

It comes in a week where the company announced that it has "accounting irregularities" and that its chief executive, Markus Jooste, had resigned.

The shares are down another 30% on Thursday - they've lost 75% of their value on the Frankfurt and Johannesburg stock exchanges this week.

Analysts at Royal Bank of Canada and JP Morgan have downgraded their views on the shares.

The company is incorporated in the Netherlands, has its primary share listing in Frankfurt and a secondary listing in Johannesburg.

At the start of 2017, the shares traded for around five euros each ($5.90; £4.40). Now they trade for around 80 cents.



http://www.bbc.com/news/live/world-africa-42174596
Umoja no está en línea   Reply With Quote
Old December 7th, 2017, 10:48 PM   #13786
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Zimbabwe budget woos foreign investors



Zimbabwe has taken steps towards ending its economic isolation in its first budget since the end of Robert Mugabe's 37-year authoritarian rule.

Finance Minister Patrick Chinamasa announced a package of measures aimed at wooing international investors, including new curbs on laws that require firms to be 51% locally owned.

He said privatisation of some state firms was being considered.

He unveiled spending cuts including the closure of some diplomatic missions.
Mr Chinamasa also said all civil servants over the age of 65 would have to retire as the government aims for a 2018 budget deficit of below 4% of GDP.
At present, more than 90% of government expenditure goes to pay civil servants' salaries.

Since taking office last week, new President Emmerson Mnangagwa has pledged to crack down on corruption.

He has also offered a three-month amnesty for individuals and companies to surrender public funds illegally stashed abroad.

...

http://www.bbc.com/news/business-42267691
__________________

Drillz1, Nostra liked this post
Umoja no está en línea   Reply With Quote
Old December 7th, 2017, 11:13 PM   #13787
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

The loosening of Ghana’s monetary policy [Article]



Over the past year, the Bank of Ghana has cut its benchmark Monetary Policy Rate five times. Elorm Desewu and Toma Imihere examine how continuity and transparency in monetary policy is benefiting the economy
The latest cut in the Bank of Ghana’s Monetary Policy Rate, announced on Monday, November 27, 2017 is the fifth since the immediate past Governor of the central bank, Dr Nasir Abdul Isshahaku, began the process of monetary easing after several years of exceedingly tight monetary policy aimed at squeezing inflation out of the economy. The latest reduction of 100 basis points has brought the benchmark interest rate down to 20%, its lowest level in half a decade.

The incumbent Governor, Dr Ernest Addison is now leading the loosening of monetary policy begun by his predecessor and it is coming at a critical time. While provisional real Gross Domestic Product estimates from the Ghana Statistical Service show that the economy grew by 6.6% and 9.0% for the first and second quarters of 2017 respectively and is expected to be a robust 7.9% for the full year, the data also shows that non-oil GDP growth was much slower at 3.9% in the first quarter and 4.0% in the second quarter. This means that Ghana’s renewed economic growth is primarily oil driven which means the benefits cannot yet be felt around the general populace since the oil sector is still an enclave one.

The conventional wisdom is that the easing of monetary policy is the BoG’s support for the new emphasis on supply side expansionary economic policy adopted by the President Nana Akufo-Addo administration introduced to replace the demand management driven policies of its predecessor, the Mahama administration, which have had the backing of the International Monetary Fund. Indeed, the BoG was heavily criticized by the organized private sector for the tightness of its monetary policy between early 2015 and the first three quarters of 2016 when the benchmark MPR was hiked to a record high of 26.0% in a bid to stem rising inflation and bring it down towards the medium term target of 8% plus or minus 2%. The central bank was accused of being too single minded in its inflation targeting focus which, critics argued, was stifling economic growth and consequently, economic activity and job creation.

....

https://citifmonline.com/2017/12/07/...olicy-article/
Umoja no está en línea   Reply With Quote
Old December 7th, 2017, 11:14 PM   #13788
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Three More Great Reasons to Go to Cape Town Right Away

The South African capital has added incredible hotels, top-tier art, and avante garde fashion to its already alluring list of attractions.




No stranger to tourists, Cape Town has *typically staked its reputation on being an adventure capital more than an arts center. The city’s natural beauty draws even the laziest of travelers on hikes up Table Mountain, to penguin-packed beaches sheltered by rocky coves, and across the rolling hills of 200 nearby vineyards.

But change is afoot in the Mother City. I was living here in 2014, when it was dubbed a World Design Capital, and I witnessed the emergence of a local cultural scene. The Central Business District and once-gritty Woodstock area were then morphing into art hubs brimming with studios and world-class galleries such as Stevenson, Gallery Momo, and Whatiftheworld. Even outside the city, vineyards like Leeu Estates, Le Quartier Français, and Delaire Graff Estate are now showcasing homegrown artistic talents.

This long-simmering creativity came to a boil in September when philanthropist and ex-Puma Chief Executive Officer Jochen Zeitz opened the 500 million-rand ($36 million) Zeitz Museum of Contemporary Art Africa (Mocaa). The German businessman has been a passionate collector of art from the African continent and diaspora for a decade, painstakingly amassing a *collection—rumored to include more than 1,000 works—that ranges from Zimbabwean political commentary and African American pop art to Tunisian photography.

....

https://www.bloomberg.com/news/artic...own-right-away
Umoja no está en línea   Reply With Quote
Old December 8th, 2017, 12:19 AM   #13789
Drillz1
Registered User
 
Join Date: Jun 2015
Posts: 500
Likes (Received): 608

Quote:
Originally Posted by Umoja View Post
Zimbabwe budget woos foreign investors



Zimbabwe has taken steps towards ending its economic isolation in its first budget since the end of Robert Mugabe's 37-year authoritarian rule.

Finance Minister Patrick Chinamasa announced a package of measures aimed at wooing international investors, including new curbs on laws that require firms to be 51% locally owned.

He said privatisation of some state firms was being considered.

He unveiled spending cuts including the closure of some diplomatic missions.
Mr Chinamasa also said all civil servants over the age of 65 would have to retire as the government aims for a 2018 budget deficit of below 4% of GDP.
At present, more than 90% of government expenditure goes to pay civil servants' salaries.

Since taking office last week, new President Emmerson Mnangagwa has pledged to crack down on corruption.

He has also offered a three-month amnesty for individuals and companies to surrender public funds illegally stashed abroad.

...

http://www.bbc.com/news/business-42267691
lets hope for more & more common sense economic policies
Drillz1 no está en línea   Reply With Quote
Old December 8th, 2017, 02:07 AM   #13790
NicSA
Registered User
 
Join Date: May 2012
Location: Cape Town
Posts: 3,920
Likes (Received): 4263

SA on the cover of the Economist this week:

The choice that could save South Africa, or wreck it



SOUTH AFRICA’S Constitutional Court may be the world’s most emotionally powerful building. The courtroom is built with the bricks of the Old Fort prison, where both Nelson Mandela and Mahatma Gandhi were held. A glass strip around the courtroom, allowing passers-by to see in, represents transparency. Above the entrance, the values of the constitution are set in concrete in the handwriting of the first constitutional judges after apartheid—including the childlike script of Albie Sachs, who had to learn to write with his left hand after the white regime’s security services blew off his right arm. In painful contrast with its uplifting setting, a recent conversation between an Economist journalist and an official working in the building was, at the official’s request, conducted outside and, as a further precaution against surveillance by today’s security services, the journalist was asked to leave her phone inside. It is a measure of how far South Africa has fallen from the ideals it embraced when it was reborn after apartheid.

Under President Jacob Zuma, the state is failing. Contracts are awarded through bribes and connections; ruling-party members murder each other over lucrative government jobs; crooks operate with impunity.

Next week comes a moment that may determine whether South Africa slides further into this mire or starts to recover. At a conference that starts on December 16th the ruling African National Congress (ANC) is due to choose the successor to Mr Zuma as its leader, and thus its candidate for presidency of the country. The front-runners are Mr Zuma’s ex-wife and preferred candidate, Nkosazana Dlamini-Zuma, and the deputy president, Cyril Ramaphosa. For South Africa and for the whole African continent, Mr Ramaphosa needs to win.

Read more: https://www.economist.com/news/leade...c-should-ditch
NicSA está en línea ahora   Reply With Quote
Old December 8th, 2017, 11:02 AM   #13791
NicSA
Registered User
 
Join Date: May 2012
Location: Cape Town
Posts: 3,920
Likes (Received): 4263

Wiese loses billionaire status as Steinhoff continues massive sell-off

Once the richest man in South Africa, retail tycoon Christo Wiese has lost his dollar billionaire status, Forbes’ realtime rankings show.

As of Friday, 8 December, Wiese’s fortune has shrunk to $742 million (R10.2 billion), in the wake of a massive scandal that has seen the Steinhoff share price crumble over the past week.

Wiese, who owns 23% of Steinhoff and is its biggest shareholder, was forced to take the reigns at the company as executive chairman after former CEO, Markus Jooste stepped down amid an accounting scandal that emerged in Germany.

Steinhoff said it wasn’t able to release audited full-year financial results on Wednesday due to matters related to a criminal and tax investigation in Germany.

It had previously rejected allegations made in a Manager-Magazin report that Jooste is among employees being investigated by German prosecutors in a 2015 case linked to possible accounting fraud.

The company has been accused of inflating earnings and covering up losses.

Following the initial reports of Jooste stepping down, Steinhoff’s shares fell 61% on the JSE. wiping off over $2 billion of Wiese’s net worth.

https://businesstech.co.za/news/weal...sive-sell-off/
NicSA está en línea ahora   Reply With Quote
Old December 8th, 2017, 04:02 PM   #13792
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Buhari inaugurates 2 manufacturing plants in Kano



President Muhammadu Buhari says his administration’s trade and investment policies will help the nation to diversify the economy, attract more foreign investments and speed up the country’s industrialization.

Malam Garba Shehu, the President’s Senior Special Assistant on Media and Publicity, said Buhari stated this at the commissioning of two newly-established agro-based industries, shortly before he ended his two-day State Visit to Kano on Thursday.

The President noted that the overall effect of these achievements would lead to job creation and better living conditions for citizens as promised by the governing All Progressives Congress (APC).

At the newly-built 1,200-tonne capacity solvent extraction plant of Gerawa Oil Mills Limited, the biggest oil mill plant in West Africa, located at Tokarawa Industrial Estate, the president commended the owner of the plant for taking full advantage of the prevailing investment climate in the country.

The President also commissioned and inspected Fullmark Rice Mills, the biggest rice mill in West Africa, at Kwanar Gunduwawa, Hadejia road.

....

http://guardian.ng/news/buhari-inaug...lants-in-kano/
__________________

Nyumba, Drillz1 liked this post
Umoja no está en línea   Reply With Quote
Old December 8th, 2017, 05:07 PM   #13793
Azmat
Moderator
 
Azmat's Avatar
 
Join Date: Nov 2010
Posts: 20,275
Likes (Received): 6202

African Billionaires, Presidents Gather In Egypt For Landmark Business Forum - FORBES


The 2017 Business for Africa forum has kicked off in Sharm El Sheikh, Egypt.

[...]

Some of the most important business leaders expected to speak at the event include Africa’s richest woman, Isabel dos Santos, Nigerian banker Tony Elumelu, and Nigerian cement tycoon Abdulsamad Rabiu.

[...]

Now in its second year, the 2017 Business for Africa forum is a platform for business owners to nurture new partnerships and meet investors. The forum will provide business owners with an opportunity to engage with African political leaders and policy makers on new ideas to improve business environment across the continent. There will also be a series of events for entrepreneurs to pitch their businesses to investors from within and outside Africa. More than 1,500 delegates from more than 40 countries are expected to attend the event.

The event is organized by Egypt’s Ministry of Investment and International Cooperation and by the Common Market for Eastern and Southern Africa (COMESA) Regional Investment Agency (RIA). “The intra-regional trade is a valuable component of the economic growth strategy of Africa and Egypt,” said the Egypt’s minister of Investments, Sahar Nasr, in a press statement.

[...]
__________________
#ThisIsEgypt
Cairo AlexandriaLuxor
Life in Cairo

“What one can imagine always surpasses what one can see, because of the scope of the imagination, except Cairo because it surpasses anything one can imagine."
- Ibn Khaldun


Umoja, Nyumba, Drillz1 liked this post
Azmat no está en línea   Reply With Quote
Old December 8th, 2017, 06:21 PM   #13794
abdeka
Algerian moderator
 
abdeka's Avatar
 
Join Date: Jun 2008
Posts: 21,370
Likes (Received): 12504

Quote:
Sanofi Signs Agreement to Produce Vaccines in Algeria


Sanofi's new algerian manufacturing site

Sanofi SA (SAN.FR) said Friday that it has signed a memorandum of understanding with the Saidal Group and the Pasteur Institute of Algeria to create a company to produce vaccines in Algeria.

Under the agreement, the new unit will manufacture three of Sanofi's most recent vaccines for immunization against a range of diseases including hepatitis B, diphtheria, whooping cough and tetanus.

The unit will create 150 new jobs, Sanofi's vaccine subsidiary said, with an expected production capacity of between 10 million and 20 million doses a year.

Write to Euan Conley at [email protected]
(END) Dow Jones Newswires
December 08, 2017 05:53 ET (10:53 GMT)
http://www.foxbusiness.com/features/...n-algeria.html
__________________
"Babylon in all its desolation is a sight not so awful as that of the human mind in ruins." Nelson DeMille, By the Rivers of Babylon.

Visit the ALGERIAN FORUM

Nyumba, Umoja liked this post
abdeka no está en línea   Reply With Quote
Old December 8th, 2017, 10:21 PM   #13795
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Africa's Richest Woman Prepares New Deals After Losing Oil Post



Less than a month after being fired as head of Angola’s state-owned oil company, Isabel dos Santos says she is studying new deals.

Dos Santos, Africa’s richest woman, said two major Angolan banks she has links to are preparing to sell shares as part of plans to strengthen their operations at home and abroad. She also said Friday she remains committed to her investments in Portuguese oil company Galp Energia SGPS SA and cable operator NOS SGPS SA.

....

https://www.bloomberg.com/news/artic...osing-oil-post
Umoja no está en línea   Reply With Quote
Old December 8th, 2017, 10:24 PM   #13796
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Contidis group expands hypermarket chain in Angola

Angolan group Contidis, controlled by business owner Isabel dos Santos, plans to open the third hypermarket of the “Candando” network, which in the final phase of construction in Viana, near the capital, Santos said on Instagram.

This new “Candando” hypermarket will cover an area of 8,500 square metres of the “Power Center Viana” shopping centre, which has a covered area of 13,200 square metres, that is being built by portuguese group DST – Domingos da Silva.

The “Candando” network is headed up by Portugal’s Miguel Osório, a former Sonae CEO and project director, after the end of the Angolan businesswoman’s partnership with that Portuguese retail group.

The first “Candando” hypermarket, whose name is derived from the word in the Kimbundu language meaning “embrace”, opened in Luanda in May 2016 following an investment of US$40 million and promising to focus on domestic production.

The second store opened in April of this year, in Talatona, near Luanda, close to the first one

....

https://macauhub.com.mo/2017/12/07/p...dos-em-angola/
Umoja no está en línea   Reply With Quote
Old December 8th, 2017, 10:27 PM   #13797
Umoja
Registered User
 
Join Date: Apr 2015
Location: Kinshasa
Posts: 3,478
Likes (Received): 2809

Trade between Brazil and African countries recovers



Brazil’s trade with African countries, which worsened in recent years after reaching a record high in 2008, is recovering, in a new diplomatic context, according to figures from the Brazilian Ministry of Industry, Trade and Services.

Official figures show that Brazilian exports to African countries totalled until US$7.94 billion to October, 26.16% more than in the same period of 2017.

Brazilian imports from African countries grew by 16.01% in the first 10 months of the year, to US$4.739 billion, with the balance favourable to Brazil by US$3.201 billion.

In 2008, Brazil’s balance of trade with African countries was at one point over US$25.931 billion, more than twice the amount in 2016.

Brazilian official figures showed that Egypt is still the main destination for exports to Africa, ahead of Nigeria, while for imports the main source is Algeria, followed by Nigeria.

....

https://macauhub.com.mo/feature/pt-t...m-recuperacao/
Umoja no está en línea   Reply With Quote
Old December 9th, 2017, 12:30 AM   #13798
Drillz1
Registered User
 
Join Date: Jun 2015
Posts: 500
Likes (Received): 608

Quote:
Originally Posted by Umoja View Post
Africa's Richest Woman Prepares New Deals After Losing Oil Post



Less than a month after being fired as head of Angola’s state-owned oil company, Isabel dos Santos says she is studying new deals.

Dos Santos, Africa’s richest woman, said two major Angolan banks she has links to are preparing to sell shares as part of plans to strengthen their operations at home and abroad. She also said Friday she remains committed to her investments in Portuguese oil company Galp Energia SGPS SA and cable operator NOS SGPS SA.

....

https://www.bloomberg.com/news/artic...osing-oil-post

how much of her wealth is down to the fact her dad was president.
Was it through corruption or business acumen

Last edited by Drillz1; December 9th, 2017 at 12:51 AM.
Drillz1 no está en línea   Reply With Quote
Old December 9th, 2017, 12:48 AM   #13799
Drillz1
Registered User
 
Join Date: Jun 2015
Posts: 500
Likes (Received): 608

Chinamasa finds his groove, and voice

Patrick Chinamasa virtually sang and danced through his budget speech like a newly freed slave on Thursday.

The shackles are off and he clearly looked relieved. For the first time in his portfolio, he is free to do what he always thought needed to be done; reducing the wage bill, cutting back on unnecessary spending, fixing the indigenisation law, and reengagement with foreign funders.

Many are still undecided about President Emmerson Mnangagwa’s policy direction, after his strong inauguration speech was sullied by unpopular Cabinet picks. So the pressure was heavy on Chinamasa to provide some clarity. And he did so by sending the message that “we are breaking from the past”.

But while the words said all the rights things, the numbers tell us that breaking from the past will be harder than he made it seem.

Still, it is easy to see why Chinamasa’s statement may as well have been headlined “Free at Last”. There are four key areas where, under former President Mugabe, he was barred from doing what he needed to do.

Indigenisation

Two years ago, Patrick Zhuwao, then Youth and Empowerment Minister, called reporters on Christmas Day to a press briefing. He was angry with Chinamasa, who just days earlier had announced that banks would be exempt from foreign ownership.

“This is a man who is a lawyer who was once an attorney general and is lying and misleading the banks,” Zhuwao railed. He accused Chinamasa of “treachery”. Zhuwawo ally, Jonathan Moyo, told Chinamasa to “shut up” and stick to his own portfolio.

Chinamasa at one point walked out on Zhuwao at a meeting meant to solve their differences on the matter. Not long after that, Zhuwao declared that all foreign firms that don’t give up shares to locals would be closed by April 1, 2016. The threat drove the stock market down and helped cause a flight of cash from the economy.

Mnangagwa told a conference at the time that the fighting between the two ministers had caused “confusion and unsettled current and potential investors”. Mugabe was forced to issue a statement clarifying the law, but investors remained anxious.

The proposed change to the law, in which only platinum and diamond mines will now be majority locally owned, has been well received although it falls short of the expectations of many investors. But after so much opposition, this was still a chance for a Chinamasa victory dance in front of his old critics.

Foreign engagement

Former President Mugabe was never a fan of the IMF and the World Bank, or foreign investment in general. At one time, Chinamasa was in the middle of delicate talks with the IMF, when Mugabe told a ZanuPF meeting: the IMF can “go to hell”.

In 2016, Zhuwao said FDI was “ungodly” and Zimbabwe could do without it.

Now, on Thursday, Chinamasa was able to confidently promise that he was prepared to make the “necessary sacrifices” to engage global capital, repeatedly referring to Mnangagwa’s inauguration speech, which pledged reengagement. That’s one more shot at his former President.

Wage
bill
reform

In 2015, the Cabinet agreed to a programme of reforming the civil service. Part of that was a plan to remove over 3700 “youth officers” from the Government payroll. But at a rally in Chinhoyi in July, Mugabe changed his mind after he was reminded that these were ZANU-PF activists.

“Our economy is recovering. Is this the time we should be firing our youths? Whether this is the Minister of Finance or Minister of Labour, I say stop it,” he declared. The next day, it was announced that the whole 2015 civil service reform plan had been frozen.

On Thursday, it was easy to see Chinamasa’s delight as he announced he could now send those youths away. The cuts would save the taxpayer $1.6 million per month and US$19.3 million per year, he said. That was another middle finger to his former boss.

Government
spending

Chinamasa’s biggest undoing was his inability to say “no” to Mugabe’s spending habits. By mid year, Mugabe had overspent on his travel budget by $23 million. His large delegations on foreign trips were a source of ridicule and a drain on government funds. Government officials often had to make embarrassing justifications for the spending.

“Diplomacy is not costless,” presidential spokesman George Charamba once said.

In his budget, Chinamasa took delight in announcing an end to all that. Delegations will be cut and travel will be minimised.

“Experience has shown that Zimbabwe delegations to regional and international fora being among the largest from the region at such gatherings,” Chinamasa said.

The numbers don’t lie

There is a lot that Chinamasa was once forced to do that he is now happy to bury publicly. He spoke freely against everything that Mugabe got wrong. The “policy inconsistencies”, a hallmark of Mugabe’s fumbling Government, and the “fiscal indiscipline” that reflected in the failure to adhere to approved budgets. Massive spending was “being incurred arbitrarily outside Budgeted Votes”. There was a failure to follow laid down systems, Chinamasa said.

Chinamasa used terms such as “paradigm shift” and “New Economic Order” and “new system” to try and drive home the point that this was a new Government that was determined to do new things.

But away from his triumphant words and his promises to end the old chapter, it is the numbers that show how big a job he has if he is to make a real clean break from the Mugabe era.

Most critics have immediately latched on to Chinamasa’s allocations, especially the fact that Defence got more than Health. But the bigger problem is not who gets what, but what it is being used for, and what Chinamasa can do about it.


His measures to reduce the wage bill include everything from retiring aged civil servants to cutting fuel allocations, but the cuts just don’t go deep enough. The yawning deficit, the source of inflation and liquidity shortages, demands that more sacrifices to be made. As long as Chinamasa cannot fix that deficit, it won’t matter much how much money is allocated where.

Chinamasa has enjoyed his first taste of freedom, and his “Free at last” joy was clear throughout his triumphant statement. But now that he is free of Mugabe’s shackles, Chinamasa’s true mettle will now be tested.
http://source.co.zw/2017/12/chinamas...ove-and-voice/
Drillz1 no está en línea   Reply With Quote
Old December 9th, 2017, 04:00 AM   #13800
NicSA
Registered User
 
Join Date: May 2012
Location: Cape Town
Posts: 3,920
Likes (Received): 4263

Fitch cuts Nigeria's 2017 GDP growth forecast to 1%

Fitch has cut its 2017 economic growth forecast for Nigeria to 1% from 1.5%, the ratings agency said on Friday.

Nigeria returned to growth in the second quarter of 2017 after shrinking by 1.5% in 2016 but the recovery has been fragile because oil revenues remain depressed and hard currency is short.

Speaking at a Fitch event in London, Jermaine Leonard, a director for sovereigns, added that although Nigeria’s 2018 budget had an oil production target of 2.3 million barrels per day (bpd), the Fitch forecast was just above 2 million bpd.

Partly this was linked to a potential flare up in violence in the Niger Delta as elections approach in 2019, he said.

Fitch currently rates Nigeria at B+ with a negative outlook, which reflected the fact that there were still a lot of elements which could take it down, said Leonard. “But at this point we are cautiously optimistic,” he said.

The country is moving ahead with plans to borrow $5.5 billion from foreign investors aiming to plug a large gap in Nigeria’s finances that stem in part from the global fall in oil prices.

http://ewn.co.za/2017/12/08/fitch-cu...-forecast-to-1
NicSA está en línea ahora   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 02:43 AM. • styleid: 14


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu