Economy -
  • 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...

  • Strike paralyses automobile industry
    07 august 2001 18:48:00
    Cape Town- South Africa (PANA) -- South Africa's automobile industry has virtually ground to a halt, a day after more than 21,000 union members downed tools in a wage dispute. Full text...

  • 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...

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