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News Feed: 09/02/2017

Ghana to get airline soon – Aviation Minister-designate assures

Aviation Minister-designate, Cecelia Abena Dapaah has assured Ghana will get a national airline within two years.

According to her, some 60 percent of all travels are done by air so the country should be able to cash in and make gains.

 

Removal of illegal miners at Obuasi mine near completion — AngloGold

Illegal miners have “largely been cleared” from AngloGold Ashanti’s Obuasi mine and the company can now explore a number of options for the asset including its possible sale or redevelopment, Chief Executive Srinivasan Venkatakrishnan has said. The invasion of the loss-making, mothballed operation by thousands of illegal miners made the asset a toxic one that underscored the social and political risks of mining in West Africa.

“The military have done it without any injury or loss of life,” Mr. Venkatakrishnan told Reuters on the sidelines of an African mining conference in Cape Town, South Africa.

 

New Biz Dev’t Ministry to create 20 big companies in 4 years

The Minister Nominee for Business Development, Ibrahim Mohammed Awal, has announced an ambitious plan to create twenty big companies within the next four years.

The companies are among other things expected to increase Ghana’s competitiveness in the global manufacturing space and create jobs for the teeming unemployed youth.

According to Mr. Awal, Ghana’s underdeveloped value chain system has made it difficult for indigenous businesses to expand and break into other markets.

BEIGE acquires U-Life

The BEIGE Group (TBG), a financial services provider, has announced the completion of its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan including a growth in U-Life’s capital base. TBG has already invested a significant majority stake in U-Life and has also paid over GHS1.3million in claims to ensure that commitments to customers are met on time.

Businesses still reel under high cost of utility, taxes – AGI report

High cost of utility still remains one of the major challenges confronting businesses in Ghana.

This is according to the Association of Ghana Industries (AGI)’s 2016 fourth quarter business barometer report.

According to the report, high cost of credit, multiplicity of taxes and cedi depreciation followed closely as top challenges for businesses.

Comparing the third and fourth quarters of 2016, 70% of businesses surveyed expected business confidence to improve.

CPC leads gainers on Stock Market

The Cocoa Processing Company (CPC) led the gainers for the first week of February trading on the Ghana Stock Exchange (GSE) as it appreciated by half its value +50 percent to close at GHS0.03 per share.

The Standard Chartered Bank climbed by 15.2 percent to close the week at GHS15.00 per share, which according to Nordea Capital Investment Stock Market Experts is the highest price since May 2016.

Nordea Capital Investment Stock Market analysis made available to the Ghana News Agency in Accra, on Monday indicated that the stock market remained largely on a bullish trajectory despite Ghana’s economic challenges.

Bank warns ‘lax financial rules’ are a route to failure

The man responsible for financial stability at the Bank of England has warned against relaxing banking regulation, saying that such a move could damage the global economy.

Sir Jon Cunliffe told the BBC that “lax controls” risked undoing progress that had been made since the financial crisis.

“We’ve made very substantial progress since the financial crisis, increasing the resilience of the financial sector and increasing its ability to support the economy in times of stress both nationally and in Europe and globally, including the US,” Sir Jon told me.

Goldman moves London hedge fund to US

A Goldman Sachs hedge fund is closing its London operations and moving staff to New York, the firm has confirmed.

About eight staff members who were part of the Goldman Sachs Investment Partners (GSIP) Team in London have been told to move.

The decision follows the departure of the team’s managing director, Nick Advani.

Goldman Sachs said that the move had nothing to do with the UK’s exit from the European Union.

Apple boss Tim Cook criticises Trump travel ban

Apple chief executive Tim Cook has repeated his opposition to US President Donald Trump’s travel ban.

He was speaking after he collected an honorary doctorate at the University of Glasgow.

Earlier Mr Cook visited an Apple store in Glasgow, where staff gave him a tartan scarf and a drawing.

His comments on the presidential decree targeting seven predominantly Muslim countries came in a Q&A session at the university.

Netflix wants to get into the toy business

Netflix, which has found critical and business success with original shows such as “House of Cards” and “Orange Is the New Black,” wants to sell licensed merchandise and toys.

The company has posted a job opening for a “senior manager, licensing, merchandising and promotion” and signaled it wants to plunge into fan swag. It said it is looking to sell books, comics, gaming toys, collectibles, soundtracks and apparel tied to its shows.

“We are pursuing consumer products and associated promotion because we believe it will drive meaningful show awareness/buzz,” said the posting. “We want licensed merchandise to help promote our titles so they become part of the zeitgeist for longer periods of time.”

 

 

GLOBAL MARKETS

Asian shares climbed to their highest in more than 18 months on Thursday, as investors grew more confident about the world’s second-largest economy while the dollar slightly firmed in the wake of growing concerns over political instability in Europe.

WORLD OIL PRICES

Oil prices stabilised on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remained under pressure.

 

EMERGING MARKETS

GLOBAL MARKETS

Asian shares climbed to their highest in more than 18 months on Thursday, as investors grew more confident about the world’s second-largest economy while the dollar slightly firmed in the wake of growing concerns over political instability in Europe.

WORLD OIL PRICES

Oil prices stabilised on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remained under pressure.

 

KENYA MARKETS

Kenya’s shilling       was steady on Wednesday and it was expected to remain in a narrow range due to subdued demand for the dollar, traders said.

 

IVORY COAST POLITICS

Ivory Coast’s government said on Wednesday it will negotiate with elite Special Forces soldiers as a revolt, which saw them storm out of their barracks and seize a town in the coastal southeast, entered its second day.

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