Malawian Bank Staff Complain Over Racist Boss At First Merchant Bank
First Merchant Bank (FMB) staff members are bitterly complaining over racist attacks on fellow members of staff especially from credit department by one of the top managers at the bank, Kobus Louw. Nyasa Times can reveal that Louw, an expatriate from South Africa has been abusing staff members from the credit department by calling them […]
Can’t Afford School fees in Zimbabwe? We’ll Take Your Goats, Thanks
Zimbabwe, currently facing its worst cash shortage since the adoption of the multi-currency regime in 2009, now has a new medium of exchange, which is too big to be added to a basket of currencies in use. Parents have been told to settle school fees for their children using livestock in lieu of payment. No […]
Uganda Defaults On AfDB Payments, Reduces Stake
Uganda’s stake in the African Development bank has been reduced by 1,347 shares after the country failed to meet its subscription obligations. According to the auditor general’s report for 2015/16, the country owed AfDB subscription fees amounting to $1.3m (Shs 4.6bn). After Uganda failed to pay, the country paid the price by relinquishing some of […]
Africa Finance Corporation issues US$500 million 7 Year Eurobond
Africa Finance Corporation (‘AFC’), a leading pan-African multilateral development finance institution and project developer, has issued a US$500 million 7 year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875% was priced to yield 4.000% and matures in April 2024. The Eurobond received strong global interest, with an order book of US$2.4 billion, […]
Tanzanian Govt Asks for Extradition of Former Stanbic Bank CEO Bashir Awale
Tanzania has asked Kenya to extradite former Stanbic Bank CEO Bashir Awale to face charges in the $600 million government bond bribery scandal, it has emerged. Attorney General George Masaju has reportedly sought help from his Kenyan counterpart, Mr Githu Muigai, to bring back Mr Awale for questioning over the bribery scandal that rocked the […]
Malawian First Merchant Bank bank eyes Barclays Bank Zimbabwe
Malawian banking group First Merchant Bank (FMB) is in talks with Barclays PLC to buy its Zimbabwean unit. Last year, Barclays PLC downgraded Barclays Zimbabwe to its non-core division with an intention to dispose it in the future. Barclays PLC owns 68% shareholding in Barclays Zimbabwe. In a cautionary statement yesterday, FMB said it was […]
World Bank President Jets in to Kickoff Ubungo Intersection Construction
THE World Bank (WB) Group President, Dr Jim Yong Kim, is expected to arrive in the country today for a three-day official visit, in which he will hold talks with President John Magufuli on robust development projects that are expected to be funded by WB. During his visit, Dr Kim will meet Dr Magufuli to […]
“USD stocks continues to decline”
USD stocks are dwindling at what I would call “running out at Boltspeed”. It is observable that the worst is likely to continue worsening. In my view, the situation we are in is a testament to the validity of two theories: 1. Force of demand and supply- if the wider market prefers USD to bond […]
Seychelles to Issue Blue Bonds Worth U.S.$15 Million to Benefit Fisheries Industry
The government of Seychelles plans to issue a blue bond valued at $15 million over 10 years with guarantees from the World Bank and the Global Environment Facility to support the transition to sustainable fisheries. The Seychelles blue bond project, which was one of three projects selected to be presented at The Economist World Ocean […]
U.S.$ Disappears From Zimbabwe’s Banking System
Transactional activity in Zimbabwe in recent weeks indicates a slow disappearance of the United States dollar, which is being replaced by bond notes. The bond notes were introduced last year under the $200 million export incentive to supplement dwindling dollar supplies due to weak exports. A survey by Standardbusiness in the central business district last […]
