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SA’s credit rating, investing in Egypt, Morocco-Nigeria economic relations and more

Business, economy, finance news roundup

The business community in South Africa has welcomed the decision by Standard & Poor’s to retain South Africa’s sovereign credit rating at its current level.

Nigeria’s National Petroleum Corporation intends to explore for crude oil in the Gulf of Guinea in a bid to increase the country’s reserves. Meanwhile the country’s steel manufacturers are calling on the Nigerian government to protect the steel sub-sector terming it as strategic.

A draft of a long-awaited Egyptian investment law aimed at reviving the country’s economy and attracting foreign investors will be sent to the cabinet on Dec. 14, state news agency MENA reported on Sunday.

Kenya’s Central Bank Governor faces a complaint to the ethics and anti-corruption agency last week, calling for his investigation over alleged abuse of office.

Corporate news

Egyptian billionaire Naguib Sawiris has resigned as chief executive officer of Orascom and his deputy Tamer El Mahdi has been nominated as his successor, the company said on Sunday, without explaining his decision.

Kenya Airways said on Monday it was experiencing some disruptions to its flight schedules after an undisclosed number of technicians failed to show up for work, the latest in a series of labour-related hiccups to face the airline.