Business

  • There could be a problem with adding new items to the zero-rated VAT basket

    There could be a problem with adding new items to the zero-rated VAT basket



    The recommendations put forward by the review panel on the zero-rating of certain items for Value-Added Tax (VAT), may be challenging for Treasury to enforce.

    Click here to read the full text by Staff Writer

  • Government denies it has plans to retrench 30,000 public servants

    Government denies it has plans to retrench 30,000 public servants



    Public Service and Administration Minister Ayanda Dlodlo has refuted media reports that government plans to retrench 30,000 public servants to cut costs.

    Click here to read the full text by Staff Writer

  • These are the biggest schools in every province in South Africa

    These are the biggest schools in every province in South Africa



    While the average South African school has 470 learners attending, some 27 institutions in the country have in excess of 2,000 pupils – predominantly in the country’s most populated provinces of Gauteng and KwaZulu Natal. These are some of the stats made available by the Department of Basic Education in its Ordinary Schools Masterlist. According … Continue reading “These are the biggest schools in every province in South Africa”

    Click here to read the full text by Staff Writer

  • Finance: US investors are betting on Ghana’s appetite for dairy products

    Finance: US investors are betting on Ghana’s appetite for dairy products



    According to a report  by the Global Agriculture Information Network (GAIN), Ghana’s Ministry of Food and Agriculture (MOFA) accepted a USDA-proposed Veterinary Health Certificate for the export of cattle from the United States to Ghana in June 2018.

    Ranchers from the US are readying to commit 4,400 heads of cattle to the Ghana dairy market due to their expressed interest.

    Investors from both local and international markets are looking forward to establishing a commercially productive domestic herd in the West African country.

    According to a report  by the Global Agriculture Information Network (GAIN), Ghana’s Ministry of Food and Agriculture (MOFA) accepted a USDA-proposed Veterinary Health Certificate for the export of cattle from the United States to Ghana in June 2018.

    Local media say the Chief Veterinary Officer of MOFA, Dr Kingsley Micky Aryee, confirmed that the process is currently at the proposal stage

    This bilateral protocol paves the way for suppliers and investors, who are keen to develop domestic cattle and dairy industries in Ghana.

    In 2017, Ghana imported an estimated $90 million in dairy and dairy products, of which the United States held a 1.5 percent market share.

    Most imports from the European Union (EU), the largest supplier with a 67 percent market share in 2017, consisted of Ultra High-Temperature (UHT) pasteurised milk.

    Click here to read the full text by Desmond Frimpong

  • Joburg has opened a new factory which it says will help it fix potholes quicker

    Joburg has opened a new factory which it says will help it fix potholes quicker



    The JRA added that R1.2 billion had been allocated to the capital budget to improve the state of roads within the city.

    Click here to read the full text by Staff Writer

  • Highly skilled South Africans are leaving in record numbers – here’s what can be done about it

    Highly skilled South Africans are leaving in record numbers – here’s what can be done about it



    The accumulation of private wealth is increasing significantly in numerous parts of the world, and there is a noticeable shift in where this growth is currently taking place.

    Click here to read the full text by Staff Writer

  • Higher food prices and harder times may be on the way for SA – thanks to El Niño

    Higher food prices and harder times may be on the way for SA – thanks to El Niño



    Weather forecasts indicate more than a 50% chance of another El Nino event.

    Click here to read the full text by Staff Writer

  • Finance: CBN injects 69.70 million Chinese Yuan into Nigerian foreign exchange market

    Finance: CBN injects 69.70 million Chinese Yuan into Nigerian foreign exchange market



    CBN injects 69.70 million Chinese Yuan into Nigerian foreign exchange market

    CBN said the exercise was in tune with the Apex Bank’s guidelines for the payment of Renminbi-denominated letters of credit.

     

    • The Central Bank of Nigeria (CBN) injected CNY 69.70 million to ease pressure on the foreign exchange market.

    • The sales in the Chinese Yuan were through a combination of spot and short-tenor forwards, arising from bids received from authorized dealers.

    • A Chinese Yuan currently exchanges for N53.35.


    Nigeria's Central Bank (CBN) has injected CNY 69.70 million (Chinese Yuan) in the spot and short-tenor forwards for agricultural raw materials to ease pressure on the Nigerian foreign exchange market.

    The monetary authority also injected $327.4 million into the inter-bank retail secondary market intervention sales on Friday.

    In a statement, CBN said the US dollar-denominated interventions were only for concerns in the agricultural and raw materials sectors.

    Isaac Okorafor, the CBN spokesperson, said the exercise was in tune with the Apex Bank’s guidelines for the payment of Renminbi-denominated letters of credit for agriculture as well as raw materials.

    He said the sales in the Chinese Yuan were through a combination of spot and short-tenor forwards, arising from bids received from authorized dealers.

    He said the availability of Renminbi was sure to ease pressure on the Nigerian foreign exchange market.

    ALSO READ: Naira exchanges at N49-N51 per yuan at first auction of Chinese currency in Nigeria

    What is Renminbi?

    The Renminbi is the official currency of the People's Republic of China. The Yuan is the basic unit of the Renminbi. In international contexts, "Chinese yuan" is widely used to refer to the Renminbi.

    The term is similar to that between sterling and pound, which respectively refer to the British currency and its primary unit.

     

    CBN persistence intervention at the forex market

    Okoroafor noted that the relative stability in the foreign exchange market was as a result of the intervention of the CBN as well as the sustained increase in crude oil prices in the international market.

    He assured that the Bank will remain committed to ensuring all the sectors of the economy continue to enjoy access to the needed foreign exchange by Nigerians.

    Naira rates against dollar, renminbi at forex market

    Over the weekend, the Nigerian naira depreciated to N359 to a dollar at the parallel market, it maintained gain at N361 to the dollar at Importers and Exporters Window and closed flat at the official CBN rate at N306.

    In the last week of July 2018, the CBN made the yuan available at the forex market and injected the CNY 69.85 million in the spot and short-tenor forwards market.

    A Chinese Yuan currently exchanges for N53.35.

    Also from Business Insider Sub-Sahara Africa:

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    Click here to read the full text by Aderemi Ojekunle

  • The provinces and municipalities in South Africa where corruption is most reported: study

    The provinces and municipalities in South Africa where corruption is most reported: study



    Civil society group Corruption Watch has released its latest corruption trends report for 2018.

    Click here to read the full text by Staff Writer

  • Capetonians are already booking out their homes for the holiday season – here’s how much they are charging

    Capetonians are already booking out their homes for the holiday season – here’s how much they are charging



    Short-term rental agents across the Cape are expecting a busy summer season.

    Click here to read the full text by Staff Writer

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