Archive In BusinessRead the latest news for Business in Africa

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  Finance

  Naira Falls To Record Low Despite $250m Spent By CBN. On Thursday, 20th August, 2014, the Nigerian Naira fell 1.2 percent to N176.30 – to a dollar, a record low for the ailing currency.
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  Retail & Manufacturing

  Liberty’s New Business Sees Stable Sales Behaviour. The performance of JSE-listed life insurer, Liberty Holdings, continued to reflect the benefits of product innovation and related positive momentum in insurance new business sales with relatively stable customer behaviour in the 10 months to...
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  Finance

  Struggling Adcock Ingram Posts $4.5m Profit. Adcock Ingram, South Africa second-biggest drug maker, made about R50 million ($4.5 million) profit after tax in the quarter to September this year, Chairman Brian Joffe, said on Friday.
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  M & A

  Bisco Shareholders Favour Kellogg’s Latest Offer, May Ditch Abraaj. Shareholders of Bisco Misr, Egypt’s largest sweet snack maker, are leaning towards accepting a buyout offer from US cereal producer, Kellogg’s, following an approved offer from what Abraaj tabled earlier this week.
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  Energy

  Oil Crisis: Why VAT Increase May Prove Too Dangerous For Nigeria. Due to the impact of falling oil prices on Nigeria’s revenue, the government is once again mulling an increase on the country’s 5 percent Value Added Tax rate.
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  Energy

  Two Of The World’s Largets Oil Companies Partner To Invest In Nigeria. Russia’s second-largest oil company, Lukoil, and America’s American oil major, Chevron Corp, have struck a deal to jointly develop an oil project in Nigeria.
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  Finance

  StanChart Kenya’s Profit Boosted By Property Sale. Standard Chartered Bank Kenya has reported a 20.1 percent growth in its profit after tax for the nine months ended September, boosted by the sale of a property and cut in interest on savings.
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  Economic Development & Policies

  AfDB Lends Kenya $133m For Rural-Targeted Power Project. The African Development Bank (AfDB) has approved a $133 million loan to fund a power project that will connect at least 314,200 new customers in Kenya’s rural areas.
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  Mining & Construction

  Kenya’s ARM Cement Rolls Out East African Expansion Plans. East Africa’s largest cement maker, ARM Cement Ltd, says it is increasing investment in plants across the region as the battle for the cement market in East Africa heats up.
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  International

  FNB Bank Keeps Prime Lending Rate Unchanged. First National Bank (FNB), a wholly-owned subsidiary of South Africa’s third biggest bank, FirstRand, on Friday said it will maintain its prime lending rate at 9.25 percent following the decision earlier today by the SARB...