The Bank of Namibia has issued a six month provisional authorization to Banco Internacional de Credito (BIC) Namibia, a subsidiary of Banco BIC Angola controlled by Africa’s youngest female billionaire, Isabelle Dos Santos. The license will allow Bank BIC Namibia conduct its business as a banking institution in Namibia, spokesman of Namibia Central Bank, Ndangi Katoma said.
Updated 6 Years ago

The World Bank has revealed that the regional impact of West Africa’s Ebola epidemic could reach $32.6 billion by the end of 2015 if it spreads significantly beyond the worst-hit countries of Guinea, Liberia and Sierra Leone. With the death toll from the dreaded Ebola Virus Disease (EVD) currently nearing 4000 amidst a massive economic devatattion of the most-hit countries, World Bank President Jim Yong Kim lamented that the enormous economic cost of the current outbreak to the affected countries and the world could have been avoided by prudent ongoing investment in health systems-strengthening.
Updated 6 Years ago

Nigerian top-tier lender Access Bank Thursday reported a profit before tax of N42.15 billion ($256.54 million) in the first nine months of 2014, a 20 percent rise from the corresponding period of Last year. The bank’s gross earnings also climbed a little over 4 percent to N161.79 billion ($984.42 million) from N155.02 billion ($943.23 million)in the same period last year.
Updated 6 Years ago

Property firm Nakheel has awarded a Dhs35 million contract to build a community mall in its new Badrah development in Dubai. Dubai-based Convrgnt Value Engineering was awarded the contract to build the new facility, the developer said.
Updated 6 Years ago

Dubai Parks and Resorts, a Meraas holding company which is developing the company’s mega theme park development, announced on Thursday that its Hollywood-inspired theme park will have a dedicated DreamWorks Animation zone. Featuring DreamWorks Animation franchises, the zone will include 12 attractions and rides, and themed dining and retail outlets, Meraas said in a statement.
Updated 6 Years ago

The United Kingdom's first new nuclear plant in two decades got the final go-ahead from theEuropean Union after a year of twists and turns, a move that will help Chinese investors tap theUK nuclear market. Experts said the Hinkley Point C project, in which two Chinese nuclear giants hold a minor stake,will pave the way for Chinese companies' eventually owning a nuclear project in the UK.
Updated 6 Years ago

Peak Reinsurance, a reinsurance company founded in Hong Kong in December 2012, isgrowing fast in Chinese mainland and internationally to fill the gap in the large volume ofuninsured risk in the Asia Pacific. As a testimony to Peak Re's well-structured debut and goodgrowth, the company was nominated for the Launch of theYear award by Insurance Insider publication this year.
Updated 6 Years ago

China's economic growth slows but stays healthy, said Olivier Blanchard, chiefeconomist of the International Monetary Fund (IMF). China is expected to grow between 7 percent and 8 percent at current stage. But as it shifts todomestic consumption and services for growth, it could sustain 6 percent growth rate in thelonger term, Blanchard told Xinhua as the IMF-World Bank annual meeting is slated to open onFriday.
Updated 6 Years ago

Brazilian telecom firms claim the per-minute price of a cell phone call and broadband plan tariffs in the country are among the cheapest worldwide. They challenge an International Telecommunications Union (ITU) study which states prices for the services are among the highest.
Updated 6 Years ago

Brazil's civil aviation authority SAC has approved the construction of a new airport to serve Rio Grande do Sul state capital Porto Alegre and budgeted at some 1.2bn reais (US$505mn). The new airport, to be some 50km north of the state capital and near the town of Portão, was authorized due to congestion at Porto Alegre's Salgado Filho airport, according to a federal government release.
Updated 6 Years ago