Economy -
  • Sierra Leone signs development assistance pact with USAID
    11 august 2001 11:14:00
    Freetown- Sierra Leone (PANA) -- Sierra Leonean President Ahmad Tejan Kabbah and US officials have signed signed a 19-million-dollar bilateral development assistance with the US Agency for International Development (USAID), State radio announced in Freetown Saturday. Full text...

  • Senior official arrested over Minister's complaint
    11 august 2001 10:27:00
    Port Louis- Mauritius (PANA) -- The Director of Mauritian Board of Investment, Vijay Ramgoolam, was arrested Friday evening by the police Central Criminal Investigation Department following a complaint by Labour and Industrial Relations Minister Showkatally Soodhun. Full text...

  • Bank asset quality deteriorates in Zimbabwe
    10 august 2001 15:34:00
    Harare- Zimbabwe (PANA) -- Assets of commercial banks in Zimbabwe deteriorated sharply last year due to the prevailing economic crisis in the country, the central bank in Harare reported Friday. Full text...

  • Zimbabwe begins beef export to Libya in September
    10 august 2001 15:16:00
    Harare- Zimbabwe (PANA) -- Zimbabwe and Libya have concluded a beef export deal involving nearly 12,000 tonnes annually, a businessman who took part in the negotiations said in Harare Friday. Full text...

  • Mozambique to reduce customs duties
    10 august 2001 08:07:00
    Maputo- Mozambique (PANA) -- Mozambique's Trade and Industry Minister Carlos Morgado has said that the State was undertaking studies aimed at slashing customs duties imposed in the import of raw material by the country's industialists. Full text...

  • NSE asks stockbrokers to participate in Commodity Exchange
    09 august 2001 22:55:00
    Lagos- Nigeria (PANA) -- The Director-General of Nigerian Stock Exchange (NSE), Ndi Okereke-Onyiuke, Thursday urged stockbrokers to participate in the newly-established Commodity Exchange (COMMEX). Full text...

  • Consumer prices soar Cape Verde
    09 august 2001 22:14:00
    Praia- Cape Verde (PANA) -- The retail price index soared by 2. Full text...

  • Namibia's financial system said on track
    09 august 2001 21:46:00
    Windhoek- Namibia (PANA) -- Namibia's financial system is relatively developed compared to what obtains in many countries in sub-Saharan Africa, the Bank of Namibia Chief Economist Dadhirao Anjaneyulu, said Thursday. Full text...

  • Business Confidence Index slightly up in South Africa
    09 august 2001 21:34:00
    Cape Town- South Africa (PANA) -- Despite fears to the contrary, the business confidence index (BCI) at the South African Chamber of Business (SACOB) rose to 109 index points in July, from 108 in June, it was announced Thursday. Full text...

  • Govt. resolves Lagos, Abuja bourse dispute
    09 august 2001 21:25:00
    Lagos- Nigeria (PANA) -- The Lagos-based Nigerian Stock Exchange (NSE) is to retain its name, while the Abuja Stock Exchange (ASE) becomes Abuja Commodities Exchange (ABE), following the federal government's resolution of a lingering dispute between the two capital markets. Full text...

  • Defective banknotes trigger criticism
    09 august 2001 20:03:00
    Dar es Salaam- Tanzania (PANA) -- Tanzania's Central Bank is facing a serious criticism after a German firm it had contracted to print the country's currency reportedly delivered a consignment of defective banknotes worth millions of shillings. Full text...

  • Inflation eases hold on Botswana
    09 august 2001 19:41:00
    Gaborone- Botswana (PANA) -- The national year-on-year inflation rate in Botswana moved from 7. Full text...

  • CEEAC Trade ministers to meet in September
    09 august 2001 19:20:00
    Brazzaville- Congo (PANA) -- Trade ministers of the Economic Community of Central African States (CEEAC) would meet 2-7 September in Brazzaville, authorities in the Congolese capital say. Full text...

  • State-run Company launches GSM service
    09 august 2001 18:46:00
    Lagos- Nigeria (PANA) -- Nigeria's State-run telecommunications company NITEL launched its GSM service in Lagos Thursday, in time to beat the 9 August deadline set by the regulatory body Nigerian Communications Commission (NCC). Full text...

  • Ethiopian firm produces 47 tons of tantalum
    09 august 2001 18:14:00
    Addis Ababa- Ethiopia (PANA) -- The Ethiopian Mines Development Share Company produced 47 tons of tantalum during the just ended budget year. Full text...

  • Threat circulates against Mugabe, Muluzi
    09 august 2001 18:04:00
    Blantyre- Malawi (PANA) -- Authorities in Blantyre have tightened security in Malawi's commercial capital following the circulation of anonymous letters threatening the lives of Zimbabwean President Robert Mugabe and Bakili Muluzi of Malawi. Full text...

  • Future of Kalahari transport corridor looks bright
    09 august 2001 17:58:00
    Windhoek- Namibia (PANA -- The future of the Kalahari corridor that links Namibia, Botswana and South Africa, is billed to be brighter if member states implement the clause of a draft memorandum of understanding completed at the Namibian coastal town of Walvis bay last week. ) Full text...

  • Chinese Aircraft Firm Plans to Open Centre In Kenya
    09 august 2001 16:50:00
    Nairobi- Kenya (PANA) -- A Chinese aircraft firm, China National Aero Technology Import and Export Corporation (CATIC), says it plans to set up a centre in Kenya to maintain close links with its customers. Full text...

  • Nairobi Bourse Key Index Dips to Eight-Year Low
    09 august 2001 16:42:00
    Nairobi- Kenya (PANA) -- The benchmark 20-Share Index of the Nairobi Stock Exchange fell below the 1600 points mark Tuesday, the lowest recorded by the bourse since 1993. Full text...

  • Malawi calls for free movement of labour in SADC
    09 august 2001 15:07:00
    Blantyre- Malawi (PANA) -- Malawi's Vice President Justin Malewezi has called for free movement of labour within the 14-member Southern African Development Community (SADC) by loosening immigration regulations. Full text...

  • Banker Predicts Negative Economic Growth for Zimbabwe
    09 august 2001 13:56:00
    Harare- Zimbabwe (PANA) -- Zimbabwe's central bank governor Leonard Tsumba said Thursday the country's economy would contract by 3 percent this year, the second consecutive year it had registered negative growth. Full text...

  • Mozambican rail workers continue strike
    09 august 2001 00:15:00
    Maputo- Mozambique (PANA) -- There were skeletal services at the Mozambican Ports and Railway Company (CFM) as a wildcat strike by its workers entered the third day Wednesday. Full text...

  • Bill on Congolese oil policy in the pipeline
    08 august 2001 23:46:00
    Brazzaville- Congo (PANA) -- The Congolese government has said it plans to table before the National Transitional Council (CNT) - provisional Parliament - a bill reorienting the country's oil policy. Full text...

  • Central African Trade Ministers meet in Brazzaville
    08 august 2001 23:43:00
    Brazzaville- Congo (PANA) -- Trade Ministers of the Economic Community of Central African States (CEEAC), meet 2-7 September in Brazzaville, the Congolese Trade Minister Damien Boussoukou Boumba, has announced. Full text...

  • Junior Chamber International meets Burkinabe officials
    08 august 2001 20:19:00
    Ouagadougou- Burkina Faso (PANA) -- The President of Junior Chamber International (JCI), Georges Bouverat, Wednesday began a two-day working visit to Burkina Faso aimed at strengthening cooperation with the business community there. Full text...

  • WAEMU sets up quality control organ
    08 august 2001 19:31:00
    Abidjan- Côte d'Ivoire (PANA) -- A system for certifying, standardising and promoting products from countries of the West African Economic and Monetary Union (WAEMU) has been set up in the Ivorian capital, Abidjan. Full text...

  • Nigeria bans tobacco, alcohol adverts
    08 august 2001 19:21:00
    Abuja- Nigeria (PANA) -- Advertisement of tobacco and alcoholic beverages will be banned in Nigeria with effect from 1 January 2002, according to an official of the regulatory body. Full text...

  • Troubled commercial bank gets interim head
    08 august 2001 18:08:00
    Kigali- Rwanda (PANA) -- The Central Bank of Rwanda - the National Bank of Rwanda - has appointed an interim administrator for the African Continental Bank of Rwanda (BACAR) after its owners and top management were accused of stealing huge sums of money belonging to customers, official bank sources said Wednesday in Kigali. Full text...

  • Police arrest four over multi-million kwacha fraud
    08 august 2001 17:24:00
    Blantyre- Malawi (PANA) -- Police Wednesday announced the arrest of four suspects in connection with fraudulent transactions that caused Commercial Bank of Malawi (CBM) to lose millions of Kwacha. Full text...

  • Government conducts public expenditure tracking survey
    08 august 2001 16:52:00
    Freetown- Sierra Leone (PANA) -- Authorities in Freetown have established a medium Term Expenditure Framework Technical Committee to survey and track public expenditures during the first half of this year in Sierra Leone. Full text...

  • Coffee farmers upbeat as vital funds are released
    08 august 2001 16:34:00
    Nairobi- Kenya (PANA) -- Kenya's coffee sector has received a major boost following the release of the stabilisation of export earnings (Stabex) funds withheld by donors since the mid 1990s. Full text...

  • All share index plummets on Lusaka stock exchange
    08 august 2001 16:33:00
    Lusaka- Zambia (PANA) -- The all share index on the Lusaka Stock Exchange plummeted by 1. Full text...

  • Ethiopia certified to join AGOA family
    08 august 2001 16:10:00
    Addis Ababa- Ethiopia (PANA) -- Ethiopia has been certified to join the US African Growth and Opportunity Act, or AGOA, the country's trade and industry minister Kasahun Ayele told journalists in Addis Ababa on Wednesday. Full text...

  • Brussels earmarks 32 million euros in aid for Praia
    08 august 2001 15:33:00
    Praia- Cape Verde (PANA) -- The European Union (EU) has announced plans to grant Cape Verde 32 million euros over the next five years as contribution to the country's development programmes. Full text...

  • Burundi set for 17 million dollars BADEA aid
    08 august 2001 15:12:00
    Bujumbura- Burundi (PANA) -- The Arab Bank for the Development of Africa (BADEA) will likely grant Burundi nearly 17 million US dollars to fund several socio-economic projects provided Bujumbura pays 60,000 dollars in debt arrears owed the bank. Full text...

  • Central bank retains monetary measures
    08 august 2001 14:35:00
    Lagos- Nigeria (PANA) -- Nigeria's central bank has decided to retain the tight monetary measures it introduced in June. Full text...

  • Second Company Launches GSM Operations in Nigeria
    08 august 2001 13:02:00
    Lagos- Nigeria (PANA) -- South Africa-based Mobile Telecommunications Network (MTN) Wednesday launched its digital mobile telecommunications services in Nigeria, becoming the second company to roll out its GSM network in the country in the last two days. Full text...

  • Kenya to Host African Trade Insurance Agency
    08 august 2001 12:29:00
    Nairobi- Kenya (PANA) -- Kenya has been designated to host the headquarters of the newly established African Trade Insurance (ATI), Trade and Industry Minister Nicholas Biwott has said. Full text...

  • Bank of Zambia reacts to pressure on kwacha
    08 august 2001 11:32:00
    Lusaka- Zambia (PANA) -- Responding to mounting pressure on the kwacha, the Bank of Zambia Wednesday re-opened its foreign currency auction window with a package of one million dollars for sale to importers. Full text...

  • Benin, Nigeria to set up border management committees
    08 august 2001 10:44:00
    Cotonou- Benin (PANA) -- A ministerial meeting between Benin and Nigeria has decided to set up joint committees for managing their common border posts. Full text...

  • IGAD businessmen to form union in September
    08 august 2001 09:49:00
    Khartoum- Sudan (PANA) -- Business leaders in member countries of the Inter-Governmental Authority for Development, or IGAD, will gather in Khartoum in September for their first forum to set up a Union of Businessmen of the IGAD. Full text...

  • IMF, World Bank to review poverty reduction strategy
    08 august 2001 08:49:00
    Lusaka- Zambia (PANA) -- Poverty Reduction Strategy Papers, adopted in 1999 for poor developing countries, will be critically appraised at an international conference being arranged by the International Monetary Fund and the World Bank in Washington. Full text...

  • Inflation Drops in Kenya as Food Supply Improves
    08 august 2001 07:29:00
    Nairobi- Kenya (PANA) -- Overall month-on-month inflation in Kenya dropped by nearly 2 percent in June, a positive trend that mainly reflects improved supply of foodstuffs. Full text...

  • Govt. new tax cripples Ethiopian coffee export
    07 august 2001 22:14:00
    Addis Ababa- Ethiopia (PANA) -- Angered by the Ethiopian government's new five-percent tax, coffee middlemen have stopped supplying the product to exporters since Thursday, industry sources said in Addis Ababa Tuesday. Full text...

  • Central bank begins foreign exchange infusions
    07 august 2001 21:14:00
    Monrovia- Liberia (PANA) -- Central Bank governor Elie Saleeby Tuesday announced the commencement of weekly infusions of foreign exchange into the banking system to salvage the plummeting Liberian dollar. Full text...

  • Workshop urges quick ratification of ACP-EU Cotonou accord
    07 august 2001 21:11:00
    Lagos- Nigeria (PANA) -- Participants at a recent regional workshop have called for speedy ratification of the 2000 Cotonou agreement, between the European Union and the African, Caribbean and Pacific (ACP) group, to allow the disbursement of funds under the ninth European Development Fund (EDF). Full text...

  • Firms draw battle lines over tealeaf deliveries
    07 august 2001 21:01:00
    Nairobi- Kenya (PANA) -- Kenya's tea sector is feared headed for irreparable damage following a showdown between the country's multi-national tea firms and small-scale farmers over leaf buying rights. Full text...

  • Bank under pressure to Africanise
    07 august 2001 19:50:00
    Nairobi- Kenya (PANA) -- A Nairobi bank Tuesday came under attack in Parliament for ignoring African staff and turning to India to recruit personnel for non-specialised jobs. Full text...

  • Kenya to get sinking fund for insurance sector
    07 august 2001 19:31:00
    Nairobi- Kenya (PANA) -- The government in Kenya is working towards a fund that would compensate insurance policy holders if the insuring firm fails, deputy Finance minister Charles Kirui hinted Tuesday. Full text...

  • Blackout looms on Nigerian Presidential Villa
    07 august 2001 18:50:00
    Lagos- Nigeria (PANA) -- Nigeria's State-run power monopoly NEPA, has threatened to disconnect its "big and sensitive" customers, including the Aso Rock Presidential Villa and the National Assembly, unless they paid the debts owed the Company soon, the News Agency of Nigeria reported Tuesday. Full text...

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