This is 6% over the previous year’s results, said the agency in a statement. According to the statistics, non-oil industries expanded 8.6%, while oil and gas contracted 1.2%.
Crude oil production, accounting for 80% of national revenue, dropped due to various attacks by militants, cutting Nigeria’s output by more than 28%
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Tuesday, March 16, 2010
Thursday, January 22, 2009
Malawi's inflation climbed to 9.9 percent
Malawi's inflation climbed to 9.9 percent year-on-year in December from 9.6 percent in November, largely due to higher non-food prices.
Malawi's second consecutive surplus harvest of the maize staple helped to reduce inflation from 15 percent in June 2006 to single digits in early 2007.
According to the Finance Minister Goodall Gondwe, he said the southern African nation would not able to meet some of its economic targets because of the global financial crisis, which may hurt exports.
Malawi's second consecutive surplus harvest of the maize staple helped to reduce inflation from 15 percent in June 2006 to single digits in early 2007.
According to the Finance Minister Goodall Gondwe, he said the southern African nation would not able to meet some of its economic targets because of the global financial crisis, which may hurt exports.
Malawi relies on agriculture, primarily tobacco, for its foreign earnings and is dependent on imported oil and gas.
Reuters Poll: Kenya Economy
Analysts expect Kenya's economy to grow by 4.1% in 2009, partly due to falling prices for commodity imports. The risks in 2009 are that prolonged dry weather and a global slowdown may hurt key agricultural export sectors and tourism.
Last year’s spike in the price of crude and commodities such as fertiliser drove up Kenya’s import bill — a factor blamed for the shilling’s weakness in the second half of 2008.
Like neighbours Tanzania and Uganda, the financial crisis forced Kenya to shelve plans to issue a debut $500 million Eurobond. It is now planning to raise 18 billion shillings locally through infrastructure bonds.
Last year’s spike in the price of crude and commodities such as fertiliser drove up Kenya’s import bill — a factor blamed for the shilling’s weakness in the second half of 2008.
Like neighbours Tanzania and Uganda, the financial crisis forced Kenya to shelve plans to issue a debut $500 million Eurobond. It is now planning to raise 18 billion shillings locally through infrastructure bonds.
Friday, October 3, 2008
CONGRESS PASSES BAILOUT BILL
Treasury’s $700 billion rescue plan for financial markets passes 263-171, winning approval from the same House which rejected it four days ago.
Going forward now, Treasury will have immediate authority to invest $250 billion and little trouble getting a second installment of $100 billion. But Paulson will be subjected to much greater oversight than he first proposed, and a future Congress could potentially deny any funding beyond the first $350 billion authorized in the legislation.
Taxpayers are promised a greater chance to gain some equity interest in the companies benefiting from the government aid. And new restrictions are imposed on executive pay and severance packages for those firms that sell more than $300 million in securities to the government.
Treasury official admit that it will take several weeks to begin to put the program into effect. And together with Federal Reserve Chairman Ben Bernanke, Paulson is exploring how best to use new auction mechanisms to not only guide the government’s investments but also shed new light on the real value of assets suppressed to “fire sale" prices after the collapse of the U.S. housing bubble.
Treasury will also have to sell bonds to raise the money, meaning Paulson’s early investments may be limited to just $50 billion a month. And for this reason, the real future of the initiative could rest on whomever succeeds President Bush in January.
Going forward now, Treasury will have immediate authority to invest $250 billion and little trouble getting a second installment of $100 billion. But Paulson will be subjected to much greater oversight than he first proposed, and a future Congress could potentially deny any funding beyond the first $350 billion authorized in the legislation.
Taxpayers are promised a greater chance to gain some equity interest in the companies benefiting from the government aid. And new restrictions are imposed on executive pay and severance packages for those firms that sell more than $300 million in securities to the government.
Treasury official admit that it will take several weeks to begin to put the program into effect. And together with Federal Reserve Chairman Ben Bernanke, Paulson is exploring how best to use new auction mechanisms to not only guide the government’s investments but also shed new light on the real value of assets suppressed to “fire sale" prices after the collapse of the U.S. housing bubble.
Treasury will also have to sell bonds to raise the money, meaning Paulson’s early investments may be limited to just $50 billion a month. And for this reason, the real future of the initiative could rest on whomever succeeds President Bush in January.
Monday, September 29, 2008
$700 Billion Bailout Bill has failed in the House
Treasury’s $700 billion Wall Street bail out plan collapsed in the House, sending a upset through financial markets.
Republican defections proved critical to the massive government intervention, which was rejected 228-205. In spite of bipartisan appeals from the leadership, anti-Wall Street sentiment and the huge scale of the proposed government intervention proved too much for Treasury to prevail.
Democrats more than delivered a majority of their caucus, and House Speaker Nancy Pelosi (D-Calif.) held the vote open to bring her numbers up to 140 votes for the package. But Republicans never topped 70, and the final GOP split was 133 against the bill and only 65 for the measure.
After the vote, Republicans claimed that the Democratic leadership had been warned that fewer than 60 Republicans would vote for the bill. Democrats denied the claim, saying they never would have brought the bill to the floor if they had been told there was so little Republican support.
Republican defections proved critical to the massive government intervention, which was rejected 228-205. In spite of bipartisan appeals from the leadership, anti-Wall Street sentiment and the huge scale of the proposed government intervention proved too much for Treasury to prevail.
Democrats more than delivered a majority of their caucus, and House Speaker Nancy Pelosi (D-Calif.) held the vote open to bring her numbers up to 140 votes for the package. But Republicans never topped 70, and the final GOP split was 133 against the bill and only 65 for the measure.
After the vote, Republicans claimed that the Democratic leadership had been warned that fewer than 60 Republicans would vote for the bill. Democrats denied the claim, saying they never would have brought the bill to the floor if they had been told there was so little Republican support.
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