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December, 10, 2016

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Business > Africa
Investors pledge billions in support for Tunisia's ailing economy
Tunisia won pledges of billions of dollars in support on Tuesday at an investment conference aimed at reviving the country's economy following its Arab Spring revolution.
 
Unease as Zimbabwe rolls out 'surrogate' dollars
Zimbabwe on Monday started issuing "bond notes," its own currency equivalent to the U.S. dollar, in a bid to ease critical cash shortages, but the move sparked fears of a return to hyperinflation.
 
Zimbabwe to roll out derided 'bond notes' on Monday
Zimbabwe will issue "bond notes" equivalent to the US dollar from next week to ease critical cash shortages, the central bank announced Saturday, despite widespread public fear of a return to hyperinflation.
 
South Africa braced for a potentially damaging credit rating review Friday as Moody's releases its latest assessment amid political tension, reform blockages and weak economic data.
 
Bangladesh said Friday the Uber ride-sharing service was operating "illegally," just days after it launched in the capital.
 
Nigeria's economy contracted in the third quarter as businesses struggled to access foreign exchange and rebels continued to bomb oil pipelines in the restive south, official data showed Monday.
 
The head of the International Monetary Fund praised Egypt's recent austerity measures on Tuesday and called on the world lender's Executive Board to finalize a US$12 billion loan package to help rebuild the economy of the Arab world's most populous country.
 
As Zimbabwe tries new dollar, skeptics reach for the old banknotes
Zimbabwe's 100-trillion-dollar bill, a relic of economic ruin, has been an international joke and an online collector's item for years. But this banknote (14 zeros, if anyone is counting) is getting a warmer embrace from Zimbabweans than a new local currency the government is introducing this month.
 
Fuel prices were to rise dramatically in Egypt on Friday after the central bank floated the currency to address a dollar crunch that has threatened to cause some imports to grind to a halt.
 
Stopping the killing of elephants for their tusks could add some $25 million (23 million euros) to Africa's annual tourism income, more than offsetting the anti-poaching spend, a study said Tuesday.
 
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