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News Feed

News Feed: 13/02/2017

LOCAL NEWS

Gold production to increase in 2017 – Minerals Commission

The Minerals Commission has disclosed to Citi Business News that its projection for gold production this year will be one of the best the industry has witnessed in recent times.

According to the commission, mining companies in the country have lined up a series of activities aimed at ramping up operations this year, hence will invest more funds into the industry.

Already, President Nana Akufo-Addo has announced that Randgold’s partnership with Anglogold Obuasi mine will commence this year after the agreement to invest in the mine was canceled last year.

 

Bawumia, AU Chair Condé lead panel at 5th World Gov’t Summit in Dubai

Vice President Dr Mahamudu Bawumia and African Union Chair Alpha Condé on Sunday, February 12 shared a panel as speakers at the ongoing World Government Summit in the United Arab Emirates.

Dr Bawumia spoke on the topic ‘Leapfrogging Developments: The African Story’.

Together with Alpha Condé, who is also President of Guinea, Ghana’s Vice President highlighted the measures adopted by many African nations to boost development.

He advised that “the process of leapfrogging must be homegrown and implemented in full”.

 

Ghana to foster stronger ties with China – Finance Minister

The Minister of Finance has hinted of the new government’s commitment, to develop better relationship with the Chinese, which is aimed at developing a robust economy.

In view of this, the government is expected to meet with the Chinese officials in Ghana led by their ambassador, for the second time since he assumed office to discuss issues of mutual interest and the $3 billion China Development Bank loan (CDB).

In 2011, the Attah Mills/Mahama government secured a $3 billion loan from the China Development Bank (CDB) which is state owned, for major infrastructure development projects in Ghana.

JISLAH Financial Services kick-start 2017, align strategies to propel

It was all joy and excitement when Management and Staff of JISLAH Financial Services (JISLAH) were joined by representatives of some of the key clients, shareholders, partners and other stakeholders to honour its annual Kick-Start Breakfast Meeting.

As a key event on the company’s calendar, the day is used to take stock of the company’s operations the previous year. While appreciating the mercies of God, the company acknowledged the support and loyalty of its clients. The function typically ushers in the new business year.

Welcoming guests, Mr. Clement Agyapong, General Manager Operations at JISLAH applauded the company’s clients, partners, and staff for their dedication and loyalty in the 2016 business year.

 

Cocoa Processing Company runs out of chocolate ahead of Valentine Day

The Kumasi Office of the Cocoa Processing Company (CPC), Ghana’s chocolate producers, has run out of the supply of the product ahead of the celebration of this year’s Valentine Day (Chocolate Day).

Both retailers and chocolate consumers in the metropolis are getting increasingly disappointed at the shortage and have been besieging the office as they keep asking why this should happen at this time.

February 14, every year, is the Saint Valentine’s Day and has been declared a “National Chocolate Day” by the government, to highlight the nutritional benefits of cocoa, the mainstay of the economy, and to encourage the people to consume more of cocoa products, locally.

GLOBAL NEWS

 

Samsung chief in second grilling over corruption claims

Samsung chief Lee Jae-yong has been questioned for a second time as a suspect in South Korea’s biggest political corruption scandal.

Prosecutors are expected to decide based on the hearing whether they will seek an arrest warrant for Mr Lee.

The firm is accused of giving donations to non-profit foundations run by a confidante of President Park Geun-hye in exchange for political favours.

“I will once again tell the truth,” Mr Lee told reporters before the hearing.

 

The Co-op Bank puts itself up for sale

The Co-op Bank says it is putting itself up for sale and is inviting offers to buy all of its shares.

The bank, 20% owned by the Co-operative Group, almost collapsed in 2013, and was bailed out by US hedge funds.

The bank has four million customers and is well known for its ethical standpoint, which it says makes it “a strong franchise with significant potential” when it comes to a sale.

It has not been able to strengthen its finances because of low interest rates.

 

Swiss voters reject reform to multinationals’ tax bills

Swiss voters have rejected a plan to reform the country’s corporate tax system, sending the government back to the drawing board.

Business and political circles in Switzerland had supported the plan, which was designed to prevent taxes rising sharply for foreign investors.

However 59% of voters opposed the plan in Sunday’s referendum vote.

The government will now need to find an alternative, which may involve higher tax rates for multinational companies.

 

TV from the sun: ‘Now I am connected to the whole world’

Stanley Gikonyo says his life has been transformed by satellite TV. “I am connected to the whole world,” he says.

But what’s extraordinary is that his house, where he lives with his wife and two children in Mwea, central Kenya, has no access to mains electricity.

Instead, the power for Mr Gikonyo’s new TV service comes directly from the sun. He is one of the early adopters of AzuriTV – a new solar-powered satellite TV service that gives his family access to 50 channels.

 

GLOBAL MARKETS

 

The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy.

 

WORLD OIL PRICES

Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected.

EMERGING MARKETS

 

SOUTH AFRICA MARKETS

South Africa’s rand and stocks strengthened on Friday, buoyed by higher commodity prices and shrugging off a brawl in parliament during President Jacob Zuma’s annual state of the nation address.

 

 

NIGERIA ECONOMY

Nigeria’s economy is projected to have contracted 1.54 percent in 2016, according to a budget ministry document, with Africa’s most populous country mired in its first recession in a quarter of a century.

 

GHANA ECONOMY

Ghana urgently needs to narrow its budget deficit, the International Monetary Fund said on Friday, after the 2016 gap came in at 9 percent of economic output rather than the Fund’s target of 5.25 percent.

 

KENYA ECONOMY

Kenya has raised its tax revenue forecast for the financial year ending in June 2017 by 8.7 percent as efforts to boost collection start to pay off, officials said.

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