Economy -
  • Central bank raises interest rates in Sudan
    07 august 2001 17:49:00
    Khartoum- Sudan (PANA) -- The central bank (Bank of Sudan) has decided to raise its maximum interest rate to 15 percent up from the current 10, it notified commercial banks Tuesday in a circular. Full text...

  • Bank of Sudan raises interest rates
    07 august 2001 17:35:00
    Khartoum- Sudan (PANA) -- The Bank of Sudan Tuesday announced an increase of the maximum interest rate charged by commercial banks from 10 percent to 15 percent with effect from 1 September. Full text...

  • Nigeria Airways Returns to London Route
    07 august 2001 17:15:00
    Lagos- Nigeria (PANA) -- After a two-year layoff, Nigeria's national carrier announced Tuesday it will return to the lucrative Lagos-London route on 16 August with a wet-leased Boeing 747-200. Full text...

  • SADC calls energy investment conference
    07 august 2001 16:00:00
    Lusaka- Zambia (PANA) -- With 80 percent of its 200 million people still dependent on wood-fuel, the Southern Africa Development Community has called an international conference to look into investment opportunities in the energy sector. Full text...

  • Libya, Algeria sign cooperation pacts
    07 august 2001 15:34:00
    Sirte- Libya (PANA) -- The joint commission of Libya and Algeria Monday signed agreements covering security, trade, finance, investment, culture, education and scientific research at the end of a meeting in the north-east Libyan town of Sirte. Full text...

  • US to finance Moroccan oil exploration system
    07 august 2001 15:19:00
    Rabat- Morocco (PANA) -- Morocco and the United States have signed an agreement on funding an information system in oil exploration. Full text...

  • Small growers say multinationals muddle Kenya's tea industry
    07 august 2001 14:02:00
    Nairobi- Kenya (PANA) -- Kenya's tea sector is likely to suffer an irreparable damage following an unprecedented showdown between multinational tea firms operating in the country and small growers over leaf buying rights. Full text...

  • Botswana, Zimbabwe sign road transport agreement
    07 august 2001 12:30:00
    Gaborone- Botswana (PANA) -- Botswana and Zimbabwe have signed a bilateral road transport agreement after protracted negotiations spanning almost a decade. Full text...

  • Kenya's public debt on the rise
    07 august 2001 10:22:00
    Nairobi- Kenya (PANA) -- Kenya's public debt increased to 612. Full text...

  • MPs demand resignation of trade minister
    07 august 2001 10:06:00
    Dar es Salaam- Tanzania (PANA) -- Tanzanian Members of Parliament have stepped-up pressure for the immediate resignation of trade and industries minister Iddi Simba, whom they accuse of interfering with cabinet decisions. Full text...

  • Kenyan inflation drops as food supply improves
    07 august 2001 08:41:00
    Nairobi- Kenya (PANA) -- Overall month-on-month inflation in Kenya dropped by nearly 2 percentage points in June, a positive trend attributed to improved supply of foodstuffs due to favourable weather conditions and cautious monetary policy, says the Central Bank of Kenya. Full text...

  • Bread price goes up in Mozambique
    07 august 2001 00:00:00
    Maputo- Mozambique (PANA) -- Maputo Bakers Commission increased the price of a loaf of bread from 2,500 to 3,000 meticais (about 12 US cents) from Monday, the national news agency (AIM) reported. Full text...

  • SADC reviews structures
    06 august 2001 23:22:00
    Gaborone- Botswana (PANA) -- After taking its first step towards reorganisation last week, the Southern African Development Community (SADC) has set itself an ambitious agenda for a complete shake-up of its structures. Full text...

  • Libya, Algeria continue joint commission meeting
    06 august 2001 23:05:00
    Syrte- Libya (PANA) -- Libya and Algeria are at a joint commission underway in Sirte since Sunday, discussing the strengthening of economic cooperation particularly in the energy, industry and transport sectors. Full text...

  • IMF scores Nigeria low on reform efforts
    06 august 2001 22:31:00
    New York- US (PANA) -- The International Monetary Fund (IMF), says Nigeria's implementation of programmes under the Standby Arrangement agreed last year has been inadequate. Full text...

  • Botswana moves to step up trade with Namibia
    06 august 2001 21:12:00
    Windhoek- Namibia (PANA) -- Botswana's Trade and Tourism minister Tebelelo Seretse has urged for the exploration of ways to increased trade and investment between his country and Namibia. Full text...

  • VAT indicted for hike in commodity prices
    06 august 2001 20:48:00
    Windhoek- Namibia (PANA) -- The Bank of Namibia (BoN) has blamed a hike in commodity prices in on the introduction of the Value Added Tax (VAT) in Namibia last year. Full text...

  • NSE equities' daily trading rises
    06 august 2001 20:35:00
    Lagos- Nigeria (PANA) -- Following is the daily equities trading at the Nigeria Stock Exchange for Monday, 6 Aug. Full text...

  • Botswana gleeful over weakening rand
    06 august 2001 20:32:00
    Gaborone- Botswana (PANA) -- The Bank of Botswana said Monday that the weakening of the South African rand against the pula and US-dollar might have an overall positive effect on the Botswana economy. Full text...

  • Fugitive Rwandan banker linked with 7 million-dollar fraud
    06 august 2001 20:19:00
    Kigali- Rwanda (PANA) -- Rwandan government Monday threatened to sue a top banker it accused of stealing more than seven million US dollars of State and public money in the aftermath of the 1994 genocide in the country. Full text...

  • Justice ministers meet ahead of 2001 SADC Summit
    06 august 2001 17:42:00
    Blantyre- Malawi (PANA) -- Justice ministers from the Southern African Development Community started meeting in Blantyre Monday as part of the build-up to the sub-regional grouping's 2001 annual summit. Full text...

  • Justice ministers meet ahead of 2001 SADC Summit
    06 august 2001 16:34:00
    Blantyre- Malawi (PANA) -- Justice ministers from the Southern African Development Community started meeting in Blantyre Monday as part of the build-up to the sub-regional grouping's 2001 annual summit. Full text...

  • Zambian maize allowed into Zimbabwe at last
    06 august 2001 16:03:00
    Lusaka- Zambia (PANA) -- Zimbabwe has issued the first import permits to enable Zambian maize grain exporters to sell their product in the neighbouring country facing serious food shortages. Full text...

  • Rwanda seeks support for a rail link
    06 august 2001 14:55:00
    Kigali- Rwanda (PANA) -- Landlocked Rwanda is seeking international and regional support to construct a rail link to seaports in neighbouring countries, 'The New Times', an independent paper published in Kigali, reported Monday. Full text...

  • SGS to open office in Somaliland
    06 august 2001 14:03:00
    Addis Ababa- Ethiopia (PANA) -- A Swiss pre-shipment inspection company, Societe Generale de Superintendence, or SGS, is negotiating with Somaliland authorities the possibility of opening up a branch office in the self-proclaimed state. Full text...

  • Delinquent traders lose goods worth 1.43 million dollars
    06 august 2001 13:33:00
    Lusaka- Zambia (PANA) -- Zambian customs officials have seized goods worth more than one million US dollars from petty cross-border traders who failed to pay taxes on them, state-owned Television Zambia reported Monday. Full text...

  • NNPC to resume oil search in Chad Basin
    06 august 2001 12:47:00
    Lagos- Nigeria (PANA) -- Nigeria's state-run oil company NNPC is set to resume oil drilling in the Chad basin next year, the privately-owned Guardian newspaper reported Monday. Full text...

  • Nigeria spends 200 billion naira to improve power supply
    06 august 2001 10:37:00
    Lagos- Nigeria (PANA) -- As Nigerians enjoy a rare moment of steady power supply, Power and Steel Minister Olusegun Agagu said the government had so far spent 200 billion naira (about 1. Full text...

  • Mauritius hotel group invests big in Seychelles
    05 august 2001 15:04:00
    Port Louis- Mauritius (PANA) -- Mauritius hotel group Beachcomber is to invest one billion rupees (35 million US dollars) in the construction of a new hotel on the island of St Anne in Seychelles. Full text...

  • Mauritius targets American tourists
    05 august 2001 14:49:00
    Port Louis- Mauritius (PANA) -- Some 12 American journalists are expected in Mauritius this month as part of a strategy launched by the authorities in Port Louis to market the island's tourist attractions, sources said. Full text...

  • Khat traders relocate to Eldoret and Entebbe
    05 august 2001 14:29:00
    Nairobi- Kenya (PANA) -- Traders in the lucrative Miraa (Khat) business have relocated to Kenya's Eldoret airport in the Rift Valley and Entebbe in Uganda, to bypass a ban slapped on trans-border trade between Kenya and Somalia. Full text...

  • Ethiopia lands IMF loan
    05 august 2001 10:18:00
    Addis Ababa- Ethiopia (PANA) -- The International Monetary Fund (IMF) has reportedly approved a 22 million-dollar loan for Ethiopia to stimulate economic growth and reduce poverty. Full text...

  • Fuel price cuts blamed for shortages in Gauteng province
    04 august 2001 19:45:00
    Johannesburg- South Africa (PANA) -- Service stations in and around Johannesburg, South Africa's main business capital, are running dry as fuel demand outstrips supplies. Full text...

  • Oil firms operating in Zambia to form consortium
    04 august 2001 19:12:00
    Lusaka- Zambia (PANA) -- International Oil companies in Zambia are planning to create a consortium which they hope would reduce overheads in the importation of crude oil from the port of Dar es Salaam in Tanzania. Full text...

  • Kenya gets 15 million-dollar World Bank credit
    04 august 2001 17:02:00
    Nairobi- Kenya (PANA) -- The World Bank has approved a 15-million-US dollar credit to finance a technical assistance project aimed at enhancing the capacity of public institutions to improve accountability. Full text...

  • US phone company sees Senegal as gateway into African market
    03 august 2001 19:52:00
    Dakar- Senegal (PANA) -- African governments could overcome rural communication headaches if they got rid of excessive bureaucracy in the interest of development of their people, a senior executive of a US telecommunications firm said here Friday. Full text...

  • NSE Equities daily trading
    03 august 2001 18:51:00
    Lagos- Nigeria (PANA) -- Following is the daily equities trading at the Nigeria Stock Exchange for Friday, 3 August 2001. Full text...

  • Accra bourse Index slumps under pressure
    03 august 2001 18:34:00
    Accra- Ghana (PANA) -- The Ghana Stock Exchange (GSE) All-share Index, the key measure of the Accra Bourse, slumped Friday following a whopping 4,000-cedi loss by Aluworks firm. Full text...

  • Kenya, EU sign 12.8 million dollar agreement
    03 august 2001 16:42:00
    Nairobi- Kenya (PANA) -- Kenya and the European have signed an agreement for one billion Kenyan Shillings (about 12. Full text...

  • Zimbabwe negotiating oil deal with Sudan
    03 august 2001 16:15:00
    Harare- Zimbabwe (PANA) -- Zimbabwe, battling a two-year oil shortage, is negotiating oil import from Sudan, the Sudanese Ambassador to Zimbabwe, Ahmed Abdelbari said in Harare. Full text...

  • Nigeria loses 4.5 billion dollars yearly to capital flight
    03 august 2001 14:45:00
    Abuja- Nigeria (PANA) -- Nigeria loses about 4. Full text...

  • Stakeholders meet on poverty reduction in Benin
    03 august 2001 14:33:00
    Cotonou- Benin (PANA) -- Representatives of government, the civil society, the private sector and the media, began a meeting in Cotonou Thursday on poverty alleviation strategy in Benin. Full text...

  • Mauritius cooperative bank in the pipeline
    03 august 2001 13:42:00
    Port Louis- Mauritius (PANA) -- Mauritius Deputy Prime Minister Paul Berenger, Friday disclosed that a new cooperative bank would soon be established to replace the defunct Mauritius Cooperative Central Bank Ltd, which closed shop in 1996. Full text...

  • Kwacha under threat from resurgent forex demands
    03 august 2001 13:21:00
    Lusaka- Zambia (PANA) -- The effects of high demand for foreign exchange allocations began to manifest Friday on the Zambian market as the Central Bank kept its dealing window shut for the second day running. Full text...

  • Minister says Africa not benefiting from WTO
    03 august 2001 13:03:00
    Nairobi- Kenya (PANA) -- Kenyan Trade and Industry Minister Nicholas Biwott Friday expressed unhappiness over the difficulties encountered by African countries in the enforcement of their rights and obligations under the World Trade Organisation (WTO) Agreements. Full text...

  • Japan to prop Nigeria's electrification project
    03 august 2001 11:42:00
    Lagos- Nigeria (PANA) -- The Japanese government has pledged about 530 million naira (close to 5 million US dollars) in support of Nigeria's rural electrification project, a statement from the Japanese embassy said. Full text...

  • Deby receives former Senegalese Premier
    02 august 2001 23:48:00
    N'Djamena- Chad (PANA) -- Former Senegalese Prime minister, Mamadou Lamine Loum on Wednesday had an audience with the Chadian President, Idriss Deby, in his capacity as World Bank Adviser and head of the International Consultative Group on the oil exploitation and Chad-Cameroon Oil pipeline project. Full text...

  • World Bank lends 3.4 billion US to Africa in one year
    02 august 2001 22:09:00
    New York- United States (PANA) -- The World Bank announced Thursday that it had lent 3. Full text...

  • Guinea Bissau's International Bank clutches at straws
    02 august 2001 22:09:00
    Bissau- Guinea Bissau (PANA) -- In a desperate bid to salvage itself from bankruptcy, the International Bank of Guinea Bissau (BIGB) has started seizing properties of its defaulting debtors. Full text...

  • Botswana complains to South Africa on seizure of goods
    02 august 2001 21:16:00
    GABORONE- Botswana (PANA) ­ Botswana and South Afr-ica may be headed for a trade row after Durban police seized a consignment alleged to contain counterfeit goods on transit to a retail clothing wholesaler in Gaborone, the Botswana Guardian reported Thursday. Full text...

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