LONDON, Dec 15 – Kenya’s and Uganda’s shillings are likely to strengthen next week due to waning demand for dollars as the year comes to a close. The Ugandan shilling may also be helped by foreign currency inflows from the diaspora.
Category: business
S.Africa Nov CPI hits 20-mth high at 6.1 pct yy
JOHANNESBURG, Dec 14 – South Africa’s targeted consumer inflation breached the central bank’s 3-6 percent target in November as expected, complicating the Reserve Bank’s strategy to keep it in check by raising rates when growth is expected to be weak.
Nigeria finmin wants lower interest rates in 2012
ABUJA, Dec 14 – Nigeria’s Finance Minister Ngozi Okonjo-Iweala said on Wednesday she wants interest rates to be lowered next year after a “tight” 2012 budget proposal was read to the national assembly this week.
S.Africa platinum sector hit by safety stoppages
JOHANNESBURG, Dec 12 – Northam Platinum, one of South Africa’s smaller platinum producers, said on Monday its only producing mine has been hit by several stoppages due to government safety inspections, part of a wider campaign that has hit the sector.
S.Africa judge revokes rights awarded in Kumba case
PRETORIA, Dec 15 – A South African judge ruled on Thursday that a company with no mining experience and business links with President Jacob Zuma’s son could not keep mineral prospecting rights it was awarded.
Chinese firm denies abuse at Zimbabwe diamond mine
MARANGE, Zimbabwe, Dec 15 – A Chinese mining group has denied violating human rights at Zimbabwe’s Marange diamond fields where unlicensed small-scale miners have clashed with security forces in the past.
Africa business agenda: 18-23 December
WHAT TO WATCH NEXT WEEK
AFRICA FX WEEKAHEAD-E.Africa shillings to firm vs dollar
NAIROBI, Dec 8 – East Africa’s shillings are likely to firm next week, continuing their bounce from record lows against the dollar over the last few months, as monetary tightening takes effect and dollar-consuming businesses wind down towards the end of the year.
Congo delays election results again
KINSHASA, Dec 8 – Election authorities in Democratic Republic of Congo on Thursday delayed the announcement of a winner in the country’s presidential election for the second time this week, citing the need to cross-check results.
S.Africa net reserves down on strong dollar
JOHANNESBURG, Dec 7 – South Africa’s international liquidity position fell more than expected in November as gross reserves decreased on a stronger dollar against major currencies, causing a decline in foreign currency reserves.