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Tanzanian President Jakaya Kikwete Calls for Joint Action on Economic Crisis

Tanzanian President Jakaya Kikwete has called on Africa to send a "clear message" to next month's crucial meeting of the G20, the world's major economic powers, to help mitigate the effects of the global financial crisis on the continent. Speaking at a conference in Dar es Salaam organized jointly by the Tanzanian government and the International...

Nigerian Oil Workers Plan Strike Over Privatization of Refineries

Oil workers under the aegis of the National Union of Petroleum and Natural Gas (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday gave the Federal Govern-ment a 21-day notice to reverse its decision on deregulation and the planned privatisation of refineries or face industrial action. The threat of...

Nigerian Govt Considers Radical Banking Reforms

In a move aimed at restoring confidence in the banking industry and the financial services sector of the economy, the Presidential Steering Committee on the Global Financial Crisis proposed some far reaching measures, which were approved by President Umaru Musa Yar'Adua last week. Chief among the reforms is the immediate establishment of a...

Trovan - FG Gives Pfizer Terms to End Charges

The Federal Government has offered Pfizer Inc. its final terms to end civil and criminal charges against the company over the 1996 drugs trial, the prosecutor in charge of the case said yesterday, according to agency reports. The sources added that Pfizer and families of the victims of the drug trial have reached an out-of-court settlement in...

Investors Jittery Over Oil Sector Reform Bill In Nigeria

The delay in the passage of the Oil and Gas Sector Reforms Bill by the National Assembly is slowing investments as potential foreign investors are said to be jittery over the shape the reforms will take when the bill is finally passed into law. Investors also are said to be concerned about the spate of revocation of oil contracts signed during the...

Global Economy to Recover in 2010, Says IMF

The Growth of the global economy, which is now being bedevilled by crisis will rebound in 2010, the International Monetary Fund (IMF) has said in its latest estimates of the Economic Out-look for sub-Saharan Africa. The Fund, however, cautioned that global outlook and prospects for Africa remained "highly uncertain." IMF's Director of...

Unprofitable South African Airways (SAA) Needs Big Bail-Out, Finance Chief Tells MPs

Unprofitable South African Airways (SAA) could not keep going without a big state capital injection, the national airline's executives warned yesterday. SAA is expected to post a significant loss for the year to March for the third year running because of interest payments well in excess of R300m and losses from hedging against the volatility in...

Uganda's Economy Defies Global Decline

Uganda's economy looks set to continue as one of Africa's fastest growing despite less demand for its products abroad and tighter global credit conditions, according to the International Monetary Fund (IMF) data released on Tuesday. In its annual review of Uganda's economy, the IMF forecast economic growth is likely to stay in the 7% range before...

Task Team Proposes to Curb 'Cheap Imports' Into South Africa

A JOINT government, business and labour task team is proposing a clampdown on "cheap imports" into SA as part of a raft of measures aimed at helping local companies retain jobs and stay afloat through the global economic slowdown. Although aiming to stay within World Trade Organisation rules on free trade, the restriction on cheap...

Global Crisis Hits Flower Industry of Tanzania

After the badly hit local tourism, now the second major revenue earner for Arusha - the horticulture industry - has its leaves burnt in the raising heat of global economy recession. As global credit crunch continues to bite, life is no longer flowering to Northern-based horticultural growers in Tanzania. Their exports are getting more expensive to...

Raila PS Name Comes in Maize Business

THE name of the Permanent Secretary in Prime Minister Raila Odinga's office has appeared in documents filed in Parliament showing that a company of which he is a director bought 10,000 bags of maize from National Cereals and Produce Board. The names of the directors were found in documents filed by MP Ababu Namwamba in Parliament last week to show...

FG of Nigeria Declines Bailout for Banks

President Umaru Yar'Adua concentrated on the 2009 budget on his return from vacation on Monday, but Minister of State for Finance, Remi Babalola, reiterated that the government is not considering a bail out for any bank, because none is distressed. Babalola told the Senate Committee on Banking, Insurance and other Financial Institutions that the...

FG Declines Bailout for Banks In Nigeria

President Umaru Yar'Adua concentrated on the 2009 budget on his return from vacation on Monday, but Minister of State for Finance, Remi Babalola, reiterated that the government is not considering a bail out for any bank, because none is distressed. Babalola told the Senate Committee on Banking, Insurance and other Financial Institutions that the...

Govt Tries to Head Off Oil Workers' Strike In Nigeria

Oil workers will not make good their threat to halt oil exports today if government fails to stop the increasing wave of kidnappings in the Niger Delta. The workers have begun negotiations with the Federal and Rivers State governments to find solutions to the increasing spate of kidnappings in the region. Petroleum and Natural Gas Senior Staff...

State Considers Help for Ailing Firms to Save Jobs

Jobs at risk from the global economic meltdown could not be saved if the companies at risk were not saved, President Kgalema Motlanthe said yesterday, giving the clearest sign yet that the government will devise a strategy to rescue businesses in trouble. In an unprecedented move, Motlanthe held a free-ranging news conference, fielding questions...