News feed – 2nd February 2017
Some of the headlines are hyperlinks so you can click to read more
Ghana budget hole
Ghana’s new government has inherited a budget deficit of around 10 percent of economic output, Finance Minister Ken Ofori-Atta told Reuters on Wednesday, double the 2016 target set by the previous government.
Yoofi Grant Appointed CEO of GIPC
Investment banker Yoofi Grant has been appointed acting Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) by President Akufo-Addo.
Mr. Grant who has over 30 years’ experience in banking would serve in an acting capacity until a substantive governing board of the GIPC is put in place.
Standard Chartered has announced the appointment of Mansa Nettey as the new Chief Executive Officer for its business in Ghana.
Her appointment is effective 1 March, 2017, subject to regulatory approval. Mansa will report directly to Bola Adesola, CEO, Nigeria and West Africa.
Banks could ride on the back of the Instant Pay service to reduce the threat posed by mobile money services. The value of mobile money transactions was about GH¢5.85billion shy of the total deposit liabilities of 29 banks as at the end of 2015, a figure that is likely to be surpassed by the mobile operators when last year’s figures come out.
Offenders of corruption will be charged for felony and not misdemeanor as government seeks to amend sections of the existing Criminal Offences Act to that effect.
A US court has ordered Facebook and other defendants to pay $500m (£395m) after finding they unlawfully used a firm’s virtual reality technology.
The jury found Oculus, which Facebook bought in 2014, used computer code belonging to video game developer Zenimax to launch its own VR headset
German prosecutors said on Thursday their investigation of Deutsche Boerse Chief Executive Carsten Kengeter for suspected insider trading related to talks held between the group’s management and the London Stock Exchange between July/August and December 2015.
Samsung Electronics Co Ltd may build a U.S. plant for its home appliances business, a person familiar with the matter said, the latest global firm to consider a response to criticism about imports from new U.S. President Donald Trump.
Toyota Motor Corp President Akio Toyoda said on Thursday his company had increased its U.S. production in the past three decades, and that the Japanese brand should also be considered as a U.S. manufacturer.
Japanese Prime Minister Shinzo Abe is considering increasing energy imports from the United States, two sources familiar with the plan told Reuters, as he prepares to meet President Donald Trump, who has complained about Japan’s trade surplus.
Japan is putting together a package of plans for Japanese companies to invest in infrastructure and job-creation projects in the United States for Abe to take to the Feb. 10 meeting with Trump in Washington.
Asian shares inched up to four-month highs while the dollar was finding its feet on Thursday after the U.S. Federal Reserve stuck to its mildly upbeat economic view but gave no hint of accelerating rate hikes.
WORLD OIL PRICES
Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices.
SOUTH AFRICA MARKETS
South Africa’s rand strengthened on Wednesday, stretching gains into a second session as upbeat manufacturing data from China helped lift demand for emerging currencies.
Nigeria’s central bank has sold $660 million in three- and five- month currency forwards at an auction aimed at clearing a backlog of dollar demand, traders said on Wednesday.
Nigeria is likely to launch a $1 billion Eurobond sale this week, its finance minister said on Wednesday, and will apply for a World Bank loan to support its public finances after parliament approves the 2017 budget.
Nigeria’s capital imports slumped to a nine-year low in 2016 as Africa’s biggest economy battled a weaker currency and its first recession in 25 years.