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S&P cuts Nigeria to B+ on weak oil, cites political risk ABUJA: Credit agency Standard & Poor's downgraded Nigeria's rating to B+ from BB- on Friday, saying the decline in oil prices in the past seven months had significantly affected the country's finances. Setting a stable outlook on the new rating, it also said political risk was a significant factor while the country's non-oil sector would support economic growth. Nigeria holds a presidential election on March 28 when Goodluck Jonathan will seek another term. He faces former military ruler Muhammadu Buhari in what is expected to be the tightest ballot since the start of civilian government in 1999. S&P said that while the west African country had taken numerous measures to counteract the effects of falling oil prices, such as tightening the 2015 budget and monetary policy, it believed the tense political atmosphere might undermine efforts to introduce other measures. "The tightly contested general elections and potential underperformance on oil production ...

DR Congo groups seek stronger UN presence ahead of polls KINSHASA: Nearly 180 civil society and rights groups have urged strengthened powers for the UN mission in DR Congo to ensure peaceful elections due in November and help end unrest in the country's volatile east. The appeal by the 179 groups came just ahead of the expiry of the UN mission's mandate at the end of the month, and in the wake of political unrest over fears President Joseph Kabila could seek to stay on ...
Egypt to end on-arrival visas for lone travellers: officials CAIRO: Egypt will stop issuing on-arrival visas to tourists travelling alone, officials said Tuesday, in a move aimed at bolstering border security but prompting fears that tourism revenues could be harmed.Groups travelling with tour operators will be exempted from the measure, which goes into effect on May 15, but others will have to apply at consulates abroad, tourism and foreign ministry officials said.The country is trying to woo back tourists after almost four years of ...
Egypt condemns to death Brotherhood chief, 13 others: state media CAIRO: An Egyptian court on Monday condemned to death Muslim Brotherhood leader Mohamed Badie and 13 other senior members of the banned movement, state media and lawyers said.The 14 members of the Brotherhood, which was declared a "terrorist organisation" in 2013, were found guilty of planning attacks against the state, according to the sources.Copyright AFP (Agence France-Presse), 2015 ...
South African minister killed in car crash JOHANNESBURG: South African cabinet minister Collins Chabane was killed in a car crash on Sunday, President Jacob Zuma said. Chabane was a minister in the President's office and a member of the ruling African National Congress (ANC) National Executive Committee."We are deeply shocked and saddened by this untimely death of an outstanding cadre of our liberation struggle and a competent, accomplished and dependable member of my cabinet," Zuma said in a statement.Chabane, in his capacity ...
Zambia's president recovering after surgery in South Africa LUSAKA: Zambia's new President Edgar Lungu has undergone surgery in a South African hospital to correct a narrowing of the oesophagus which caused him to fall ill a week ago, his spokesman said. Lungu underwent "a medical procedure" on Friday and he was expected to be discharged from the Pretoria hospital later on Saturday, spokesman Amos Chanda said in a statement. "Doctors have said the results of the procedure were good. The president has been ...
Egypt plans to build new capital east of Cairo SHARM EL SHEIKH: Egypt plans to build a new administrative and business capital east of Cairo that will house five million people and feature a theme park "four times bigger than Disneyland", a minister announced at a global investor conference.Housing Minister Mustafa Kamel Madbuli said the new city would relieve pressure on overcrowded Cairo, with its population of 18 million expected to double in coming decades."The idea to build the new city originated from our ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln