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Monday 03rd of October 2016
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Morning Africa |
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0930-1500 KENYA TIME
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May to Pull Brexit Trigger by March Law & Politics |
Prime Minister Theresa May said she’ll start pulling the U.K. out of
the European Union in the first quarter of 2017. It was the clearest
statement yet of her strategy, though it left unanswered most
questions about what Brexit will actually look like.
The premier told delegates at her Conservative Party’s annual
conference in Birmingham, central England, she’ll invoke Article 50 of
the EU’s Lisbon Treaty -- the formal trigger for two years of talks --
by the end of March. May also said she’ll introduce a bill next year
to convert all existing EU laws into U.K. legislation on the day
Brexit is completed to provide certainty for business and investors.
“We should not let things drag on too long; having voted to leave, I
know that the public will soon expect to see, on the horizon, the
point at which Britain does formally leave the European Union,” May
said on Sunday. “There will be no unnecessary delays in invoking
Article 50. We will invoke it when we are ready. And we will be ready
soon. We will invoke Article 50 no later than the end of March next
year.”
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Oromia: Stampede at Ethiopia protest leaves 52 dead Africa |
Prime Minister Hailemariam Desalegn said rioters had caused
"pre-planned mayhem" that led people to fall to their deaths in
ravines.
He denied reports that the security forces had opened fire.
An Oromo activist, Jawar Mohamed, was quoted as saying that nearly 300
people had been killed and many more injured. He said troops and a
helicopter gunship had opened fire, driving people off a cliff and
into a lake.
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South Africa foreign currency bonds oversubscribed despite low-growth Africa |
South Africa issued a pair of new dollar bonds worth $3 billion on
Friday in a surprise show of confidence by investors in an economy
that narrowly avoided recession and faces possible downgrades to junk
in coming months.
The rand erased losses after the issuance was announced, and was 0.86
percent firmer against the dollar at 13.7600 by 1440 GMT, lapping up
the positive sentiment as yield-hungry investors ignored the country's
dismal growth prospects.
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Corruption warning on Nigeria currency policy FT Africa |
The naira fell to its lowest-ever level of 490 to the dollar last week
before settling on Friday at 475, still nearly 35 per cent weaker than
the official rate. The ‘spread’ has made currency trading the easiest
way for Nigeria-watchers to make money in tough times.
The ‘fixing’ of the currency market undermines the president’s agenda
because it fosters a “corruption scam”, said the head of a Nigerian
bank who spoke on condition of anonymity.
It is now “almost unique among emerging market countries” for “making
mistake after mistake since oil prices declined,” he said.
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