Business and economy: Top news headlines from across Africa on November 14, 2016
Nigeria’s Consumer Price Index (CPI)increased to 18.3 per cent (year-on-year) in October from 17.9 per cent recorded in September.
Kenya: Businesses cut back on borrowing from banks by Sh. 103 billion following uncertainty after the Central Bank of Kenya instituted a cap on interest rates. Credit to the productive sector expanded by only 5.4 per cent in August compared to 21 per cent in a similar month last year.
Guinea: Rio Tinto called a board meeting on Monday to discuss payments of $10.5 million made to a consultant on its project to develop the world’s largest untapped iron ore reserves in Guinea, industry sources said.
Ghana: Access bank extends its Initial Public offering (IPO) to November 25 following regulatory approval. The bank on October 19 begun its IPO to raise GHC104 million to support the bank’s growth and expansion strategies.
Algeria has signed transport-related MoUs for the development of an Algerian-Spanish company, to produce track switches and rail expansion switches in Algeria, and another for the creation of a logistics base at Djendjen port.
