Premeditated
MANDE KANG
Angola: Textile Industry luanda
Essential The Africa the Media Doesn't Tell You About
- Thread starter TommyHilltrigga
- Start date
Premeditated
MANDE KANG
A major industrial hub to be constructed in Angola
low key Nigeria and Angola have been going hard in the industrial sector just like i predicted last year. Fukk it, this oil crisis was a blessing in disguise for them. Hope they don't become complacent again when the prices rise.
Algeria to Purchase 14 Russian-Made Sukhoi Fighter Jets | Business
Algeria to Purchase 14 Russian-Made Sukhoi Fighter Jets
- The Moscow Times
- Sep. 11 2015 19:01
- Last edited 19:02
Sergei Porter / Vedomosti
Russia and Algeria have signed a contract for the sale of 14 Russian-made Sukhoi fighter jets, Sergei Chemezov, the head of Russian defense technology holding Rostec, said Friday at a Russian arms trade fair, RIA Novosti news agency reported.
Algeria is one of Russia's biggest defense customers and already has 44 of Russia's heavy multi-role Su-30MKI fighter jets in service. A total of 28 of the planes were delivered under a 2006 contract, and 16 more were delivered under a 2010 contract.
According to Chemezov, the latest Algerian Su-30 contract was signed in the spring of 2015, but he did not explain why the deal has only been announced now. No price for the contract was given, but the reported cost of an Su-30MKI fighter stands at 2 billion rubles ($30 million) per unit.
Chemezov, speaking at the 2015 Russian Arms Expo in Nizhny Tagil, said the Algerians should receive their fighters in 2016 and 2017.
The deal is the second contract announced this week for new Su-30 fighters, which are manufactured by the Irkut aircraft company, a subsidiary of the larger state-owned United Aircraft Corporation.
On Tuesday, Deputy Defense Minister Yury Borisov announced that the Russian military had signed an agreement with Irkut for eight of the newer variants of the fighter jet, known as the Su-30SM.
Borisov, head of procurements for the Russian military, said the two sides were preparing to sign a 75-fighter contract by the end of the year. Irkut is expected to complete deliveries under a 2011 contract for 60 of the Su-30SM fighters.
With orders flooding in, Chemezov said the Irkut will produce over 60 aircraft this year, setting a record for the company's post-World War II production rate, the Lenta.ru news site reported Friday.
a real mind flip .... uncle jb returns to the village from the states, is spitting bars, and getting brehs signed. and callin everybody nikka 
the chicks be fine-o
it's on utube ... five episodes but entertaining.....
the chicks be fine-o
it's on utube ... five episodes but entertaining.....
Angola's central bank further devaluates kwanza
LUANDA, SEPT 14
Angola further devalued its currency to 135.374 to the dollar on Monday from the previous 130.442, the central bank said in a statement.
Angola, Africa's second largest crude producer, has been hit hard by a sharp fall in oil prices. Currencies across the continent have been hammered by a broad-based slump in commodity prices.
The black market rate for the Angolan kwanza is much lower at around 240 to the dollar.
(Reporting by Herculano Coroado; Writing by Peroshni Govender; Editing by James Macharia)
Angola's central bank further devaluates kwanza
LUANDA, SEPT 14
Angola further devalued its currency to 135.374 to the dollar on Monday from the previous 130.442, the central bank said in a statement.
Angola, Africa's second largest crude producer, has been hit hard by a sharp fall in oil prices. Currencies across the continent have been hammered by a broad-based slump in commodity prices.
The black market rate for the Angolan kwanza is much lower at around 240 to the dollar.
(Reporting by Herculano Coroado; Writing by Peroshni Govender; Editing by James Macharia)
Angola's central bank further devaluates kwanza
Buhari to reduce ministries from 42 to 19
By Sylvester Ugwuanyi on September 13, 2015
Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, has hinted of President Muhammadu Buhari’s plan to prune down the number of federal ministries from the current 42 to 19.
The reduction of federal ministries was part of the recommendation of the Alhaji Ahmed Joda transition committee.
Shehu, who made the intention of his principal known to Daily Trust, stated that the President believes the reduction would save cost of governance and ensure proper coordination of duties and better service delivery.
The presidential spokesman however, assured that there would be no job losses in the process of pruning the ministries, departments and parastatals, explaining that the process would be a very “painstaking thing” that would be done very carefully.
He told workers not to fear as the Buhari administration would not create unemployment, assuring that the president remained committed to his promise to create jobs.
Buhari to reduce ministries from 42 to 19 - DailyPost Nigeria
By Sylvester Ugwuanyi on September 13, 2015
Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, has hinted of President Muhammadu Buhari’s plan to prune down the number of federal ministries from the current 42 to 19.The reduction of federal ministries was part of the recommendation of the Alhaji Ahmed Joda transition committee.
Shehu, who made the intention of his principal known to Daily Trust, stated that the President believes the reduction would save cost of governance and ensure proper coordination of duties and better service delivery.
The presidential spokesman however, assured that there would be no job losses in the process of pruning the ministries, departments and parastatals, explaining that the process would be a very “painstaking thing” that would be done very carefully.
He told workers not to fear as the Buhari administration would not create unemployment, assuring that the president remained committed to his promise to create jobs.
Buhari to reduce ministries from 42 to 19 - DailyPost Nigeria
General News of Mon, 14 Sep 2015268
Ghana officially classified HIPC
Finance Minister Seth Terkper with President Mahama
After months of speculations, the country is now officially classified as Highly Indebted Poor Country (HIPC), data from the Bank of Ghana indicate.
New Bank of Ghana data shows that the country’s debt is now about 71 percent of the total value of the economy.
According to World Bank parameters, if a country’s debt-to-GDP ratio crosses the 70% debt mark, the country is classified HIPC.
Ghana's public debt went up from about 89 billion Ghana cedis in May to about 95 billion as at June this year.
Sources close to the Bank of Ghana are attributing the sharp increase in the public debt to the depreciation of the cedi and not necessarily due to increased government borrowing.
HIPC status means it would be difficult for that country to settle its debts on time.
Grim economic reports by the IMF indicate that Ghana’s current debt level is even higher than the period before the country was declared HIPC around 2001.
If the current public debt is shared among the citizenry, it could mean that every Ghanaian now owes about 3, 600 Ghana cedis.
Economist Dr. Eric Osei Assibey says the situation calls for some aggressive measures to check the country’s rising debts.
According to the economic and financial data from January to about August, there wasn’t encouraging news from the banking sector.
This is because deposits, total assets of commercial banks and credit extension declined sharply.
Total assets of the banks went down to 54 billion Ghana cedis from 58 billion cedis.
The IMF in June had predicted that the country could be HIPC by December 2015.
The international lending agency had already classified Ghana as high-risk, debt distress country.
A senior research fellow at the Institute of Statistical, Social and Economic Research (ISSER), Dr. Robert Osei also warned the economy may be retrogressing into a Highly Indebted Poor Country (HIPC) status.
Former Deputy Governor of the Bank of Ghana and NPP Vice-Presidential candidate Dr. Mahamudu Bawumia last March described Ghana as Highly Indebted Middle-Income Country (HIMIC).
“In fact, Ghana is right back to the debt unsustainability that led to HIPC. However, HIPC debt relief will not be available again”, he said at a lecture on the state of the economy.
But Deputy Finance Minister, Mona Quartey in June ruled out the possibility of Ghana going back to HIPC status.
According to her, government is showing “more discipline” in managing its debts and promised that very soon the rewards of such discipline would become apparent.
“We are not going to HIPC. We are going into a three-year IMF programme. We have been there [HIPIC] once and we are not going back there”, she told Joy Business.
"We move forward not backwards” she encouraged, saying Ghanaians should “declare and decree” positive confessions.
Ghana officially classified HIPC
Ghana officially classified HIPC
Finance Minister Seth Terkper with President MahamaAfter months of speculations, the country is now officially classified as Highly Indebted Poor Country (HIPC), data from the Bank of Ghana indicate.
New Bank of Ghana data shows that the country’s debt is now about 71 percent of the total value of the economy.
According to World Bank parameters, if a country’s debt-to-GDP ratio crosses the 70% debt mark, the country is classified HIPC.
Ghana's public debt went up from about 89 billion Ghana cedis in May to about 95 billion as at June this year.
Sources close to the Bank of Ghana are attributing the sharp increase in the public debt to the depreciation of the cedi and not necessarily due to increased government borrowing.
HIPC status means it would be difficult for that country to settle its debts on time.
Grim economic reports by the IMF indicate that Ghana’s current debt level is even higher than the period before the country was declared HIPC around 2001.
If the current public debt is shared among the citizenry, it could mean that every Ghanaian now owes about 3, 600 Ghana cedis.
Economist Dr. Eric Osei Assibey says the situation calls for some aggressive measures to check the country’s rising debts.
According to the economic and financial data from January to about August, there wasn’t encouraging news from the banking sector.
This is because deposits, total assets of commercial banks and credit extension declined sharply.
Total assets of the banks went down to 54 billion Ghana cedis from 58 billion cedis.
The IMF in June had predicted that the country could be HIPC by December 2015.
The international lending agency had already classified Ghana as high-risk, debt distress country.
A senior research fellow at the Institute of Statistical, Social and Economic Research (ISSER), Dr. Robert Osei also warned the economy may be retrogressing into a Highly Indebted Poor Country (HIPC) status.
Former Deputy Governor of the Bank of Ghana and NPP Vice-Presidential candidate Dr. Mahamudu Bawumia last March described Ghana as Highly Indebted Middle-Income Country (HIMIC).
“In fact, Ghana is right back to the debt unsustainability that led to HIPC. However, HIPC debt relief will not be available again”, he said at a lecture on the state of the economy.
But Deputy Finance Minister, Mona Quartey in June ruled out the possibility of Ghana going back to HIPC status.
According to her, government is showing “more discipline” in managing its debts and promised that very soon the rewards of such discipline would become apparent.
“We are not going to HIPC. We are going into a three-year IMF programme. We have been there [HIPIC] once and we are not going back there”, she told Joy Business.
"We move forward not backwards” she encouraged, saying Ghanaians should “declare and decree” positive confessions.
Ghana officially classified HIPC
September 15, 2015 1:22 am
Nigeria anti-corruption drive set to trigger huge bank outflows
Maggie Fick in Lagos
©Reuters
A landmark reform intended to improve transparency in Nigeria’s notoriously corrupt government departments is set to worsen a funding squeeze for the country’s banks as the economic woes gripping Africa’s top oil producer deepen.
A directive from Nigeria’s President Muhammadu Buhari, to be enforced Tuesday, will require all federal revenue-generating institutions, including the opaque state-owned oil company, to begin paying their revenues into a single Treasury account instead of a web of largely untracked private bank accounts.
FT is our new essential daily email briefing of the best stories from across the web
In a significant boost to Mr Buhari’s corruption-fighting credentials, the move, aimed at addressing a decades-long lack of oversight in state revenue, is projected to see more than $6bn of public funds transferred from local banks to the country’s central bank.
But financial analysts warn that such rapid outflows will worsen a looming credit crunch facing Nigeria’s financial sector, one of the chief concerns cited by JPMorgan last week when it yanked Nigeria from its influential emerging bonds index.
“If that happens in one day clearly what you’re going to see is significant shock in the system where there is a serious lack of liquidity and interest rates which are already very high will go even higher,” said an executive at one of Nigeria’s larger commercial banks.
“There is very little lending going on in the system and in this type of interest rate environment the economy is starved of credit and this affects the ability of companies to invest.”
Nigeria’s economy, battered by falling oil prices and emerging market turmoil, is also under stress as uncertainty mounts about the country’s fiscal direction under Mr Buhari, who has yet to name a cabinet nearly four months after taking office.
Nevertheless, the president has directed all state institutions to shut down their accounts in the country’s more than 20 commercial banks. Several bankers in Lagos said the minimum amount that will have to be transferred by the banks holding government funds is more than 1.3 trillion naira, or roughly $6.5bn.
Central bank governor Godwin Emefiele concurred with that estimate, saying the amount “could be something” like 10 per cent of the 12 to 13 trillion naira in Nigeria’s banking system.
“The amount involved is very substantial and this will further tighten liquidity,” said Phillips Oduoza, chief executive of United Bank for Africa (UBA).
Mr Oduoza added that the total amount banks such as UBA would be required to transfer was not yet clear: “Initially we were told it has to do with the government agencies that actually generate revenue, but now we are hearing it will involve all the accounts maintained by various government entities with the banks — not just revenue accounts.”
JPMorgan’s decision to remove Nigeria from its GBI-EM index last week has already triggered heavy outflows from the $2bn of local bonds the index tracks as well as a broader stock market sell-off.
With implementation of the presidential order, even less money will be in circulation, adding to the upward pressure on domestic bond yields, said Mohammed Garuba, head of asset management at CardinalStone, an investment bank in Lagos.
Even before the JPMorgan decision, Mr Garuba said yields were rising because of “aggressive selling” by Nigerian banks of government securities in anticipation of this directive taking effect.
In spite of the predicted financial fallout, analysts say the move, if fully implemented, is a significant step for Mr Buhari. The 72-year-old former military ruler has pledged to root out deeply embedded corruption in a state that has failed to translate the country’s vast resource wealth into an improved quality of life for Nigeria’s 170m people.
Razia Khan, chief Africa economist at Standard Chartered, said the reform would bring longer-term benefits: “This is a reform that should have taken place ages ago and the fact that it’s finally coming into place now is very important.”
http://www.ft.com/intl/cms/s/0/10ba...06ccb37f2.html?siteedition=intl#axzz3loj1Rx5u
Nigerians have no shame
Nigeria anti-corruption drive set to trigger huge bank outflows
Maggie Fick in Lagos
A landmark reform intended to improve transparency in Nigeria’s notoriously corrupt government departments is set to worsen a funding squeeze for the country’s banks as the economic woes gripping Africa’s top oil producer deepen.
A directive from Nigeria’s President Muhammadu Buhari, to be enforced Tuesday, will require all federal revenue-generating institutions, including the opaque state-owned oil company, to begin paying their revenues into a single Treasury account instead of a web of largely untracked private bank accounts.
FT is our new essential daily email briefing of the best stories from across the web
In a significant boost to Mr Buhari’s corruption-fighting credentials, the move, aimed at addressing a decades-long lack of oversight in state revenue, is projected to see more than $6bn of public funds transferred from local banks to the country’s central bank.
But financial analysts warn that such rapid outflows will worsen a looming credit crunch facing Nigeria’s financial sector, one of the chief concerns cited by JPMorgan last week when it yanked Nigeria from its influential emerging bonds index.
“If that happens in one day clearly what you’re going to see is significant shock in the system where there is a serious lack of liquidity and interest rates which are already very high will go even higher,” said an executive at one of Nigeria’s larger commercial banks.
“There is very little lending going on in the system and in this type of interest rate environment the economy is starved of credit and this affects the ability of companies to invest.”
Nigeria’s economy, battered by falling oil prices and emerging market turmoil, is also under stress as uncertainty mounts about the country’s fiscal direction under Mr Buhari, who has yet to name a cabinet nearly four months after taking office.
Nevertheless, the president has directed all state institutions to shut down their accounts in the country’s more than 20 commercial banks. Several bankers in Lagos said the minimum amount that will have to be transferred by the banks holding government funds is more than 1.3 trillion naira, or roughly $6.5bn.
Central bank governor Godwin Emefiele concurred with that estimate, saying the amount “could be something” like 10 per cent of the 12 to 13 trillion naira in Nigeria’s banking system.
“The amount involved is very substantial and this will further tighten liquidity,” said Phillips Oduoza, chief executive of United Bank for Africa (UBA).
Mr Oduoza added that the total amount banks such as UBA would be required to transfer was not yet clear: “Initially we were told it has to do with the government agencies that actually generate revenue, but now we are hearing it will involve all the accounts maintained by various government entities with the banks — not just revenue accounts.”
JPMorgan’s decision to remove Nigeria from its GBI-EM index last week has already triggered heavy outflows from the $2bn of local bonds the index tracks as well as a broader stock market sell-off.
With implementation of the presidential order, even less money will be in circulation, adding to the upward pressure on domestic bond yields, said Mohammed Garuba, head of asset management at CardinalStone, an investment bank in Lagos.
Even before the JPMorgan decision, Mr Garuba said yields were rising because of “aggressive selling” by Nigerian banks of government securities in anticipation of this directive taking effect.
In spite of the predicted financial fallout, analysts say the move, if fully implemented, is a significant step for Mr Buhari. The 72-year-old former military ruler has pledged to root out deeply embedded corruption in a state that has failed to translate the country’s vast resource wealth into an improved quality of life for Nigeria’s 170m people.
Razia Khan, chief Africa economist at Standard Chartered, said the reform would bring longer-term benefits: “This is a reform that should have taken place ages ago and the fact that it’s finally coming into place now is very important.”
http://www.ft.com/intl/cms/s/0/10ba...06ccb37f2.html?siteedition=intl#axzz3loj1Rx5u
Nigerians have no shame
THE MACHINE
night owl
Thats not just developing countries, its the 1st world too.
They actually have to in order to fund things. Poor money allocation is the issue.