$2.9bn tax hole looms over South Africa’s finance minister as revenue gap likely to reach 40bn rand, survey reveals
Businessam Staff
October 23, 2017
Malusi Gigaba, South African finance minister faces a gaping budget hole and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further rating downgrades. According to the report by Bloomberg, the economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for […]
Nigeria’s central bank says it is not funding government beyond threshold
Businessam StaffSeptember 26, 2017
In reacting to concerns shown by a member of the monetary policy committee of Nigeria’s central bank that the apex bank was acting like a ‘piggy bank’ with its funding of government, Godwin Emefiele, the CBN governor said that the apex bank was neither over-funding the Federal government or was it operationally strained in anyway. […]
India considers $7.7bn spending to halt economic slowdown, says government sources
Businessam StaffSeptember 21, 2017
India’s government is considering a plan to loosen its fiscal deficit target to enable it to spend up to 500 billion rupees ($7.7 billion) more to halt an economic slowdown, two government officials with direct knowledge of the plan said Thursday. According to Reuters report, Growth in Asia’s third-largest economy slowed to a three-year low […]
European tax on digital giants faces resistance led by Ireland
Businessam StaffSeptember 17, 2017
France’s campaign to institute a new levy for digital companies such as Amazon.com Inc. and Facebook Inc. ran into early difficulties as the European Union seeks to align its tax policy with more modern and technologically focused businesses. French Finance Minister Bruno Le Maire told colleagues at a meeting in Tallinn, Estonia, that the bloc […]
US consumer inflation in 7-month high at 0.4% in August as Harvey pushes up gas prices
Businessam StaffSeptember 14, 2017
US consumer prices are reported to have risen more than expected in August as a result of Hurricane Harvey, which shut down refineries along the Gulf coast and sent petrol prices sharply higher. According to data from the Labour Department on Thursday and reports gleaned from Financial Times, the headline consumer price index rose 0.4 […]
U.A.E. excise tax starts in October to boost nations revenue
Businessam StaffAugust 22, 2017
The United Arab Emirates will start imposing a tax on selected goods starting October 1 as Gulf Arab nations seek to deepen government revenue to counter the drop in oil prices. A levy on designated goods; tobacco, energy drinks, and soft drinks, will include those sold at airports and free zones, Younis Al Khoori, Undersecretary […]
FG to auction N135bn bonds August 23 – DMO
Businessam StaffAugust 15, 2017
The Federal Government has offered for subscription by auction, N135 billion bonds in its Aug. 23 auction, according to the Debt Management Office (DMO). The offering circular obtained from the DMO’s website on Tuesday in Abuja indicated that it would sell N35 billion of a bond, to mature in July 2021, at 14.50 per cent. […]
Lagos government closes N85.14bn Series 2 Bond issuance programme
Aderemi OjekunleAugust 14, 2017
Governor Akinwunmi Ambode-led Lagos state government has announced the closure of the N85, 140,000,000 Series 2 Bond Issuance geared towards improving the physical and social infrastructure in the state. The series II bonds were issued Friday, August 12, with varying maturities. Akinyemi Ashade, the commissioner for finance, Monday, said the bond, under the N500bn third […]
Nigeria central government seeks to broaden funding as it offers 2, 3-year savings bonds
Oluwafemi OgunjobiAugust 7, 2017
Nigeria central government, through the Debt Management Office (DMO), Monday offered for subscription two-year and three-year savings bonds to investors at 13.54 percent and 14.54 percent interest, respectively. The subscriptions, which opened from August 7, would close on August 11, 2017. The DMO said the two-year bond would be due on August 16, 2019, while […]
FGN Savings Bond August offer opens on Monday August 7th 2017
Businessam StaffAugust 4, 2017
CBP Research We write to inform you about the Federal Government of Nigeria Savings Bond which will open next week the 7th of August 2017. The bond subscription period will run from 8.00am on Monday the 7th of August 2017 till 12.00 noon Friday, the 11th of August 2017. The Savings Bond will have almost […]