Business

China Bank Chief Says ' The Fall of Yuan Was Caused By 'speculators

Chinese central bank governor Zhou Xiaochuan has accused "speculative forces" of targeting the country's currency, the yuan.

He said there was no reason for the yuan to keep depreciating in value and that China would not let international speculators dominate market sentiment.

Mr Zhou's remarks come as Chinese markets prepare to reopen on Monday after a week-long New Year holiday.

Efforts to defend the yuan have eroded China's foreign currency reserves.

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Royal Bank Foundation Supports 5 Communities With Boreholes

• Alhaji Adamu Iddrisu (middle) being assisted by Mr Samuel Attuquaye Quaye (left) and Dr Kofi Kodua Sarpong, Chairman of the Royal Bank Board of Directors to cut the tape to inaugurate the new borehole

The Royal Bank (TRB) Foundation has inaugurated five boreholes at Oduntia, Akramaman, Obeyeyie, Trekukope and Horkupe in the Ga South and West Municipal municipalities in the Greater Accra Region.
The Chairman of the Board of Trustees of the foundation, Mr Faustell Kwashie Asogba Cofie, indicated that the communities were selected on the basis of a demonstrable need for potable drinking water.
“These are the first five of 60 communities around the country which will benefit from the foundation’s water project,” he said.

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Finance Minister, Concern About The Revenue Collection

Mr Seth Terkper

The Finance Minister, Mr Seth Terkper, has expressed concern about the lack of capacity of the revenue collecting agencies to monitor tax players in the extractive industry appropriately.
At the launch of the Ghana Extractive Industry Transparency Initiative reports (GHEITI) on the mining, oil and gas sector for 2012 and 2013 in Accra, Mr Terkper said, “Transfer pricing in the extractive sector is one major challenge that revenue institutions must overcome because of its negative effect on revenue collection.”

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40 Per cent Growth For HFC

HFC Investment Services Limited has posted a growth of 40 per cent in three investment funds managed by the institution.
 

The investment funds are: HFC Future Plan Trust, Unit Trust and Equity Trust Fund.

As of December 2012, the value of the Unit Trust Fund, which stood at GH¢35.53 million, increased to GH¢44.90 million. The HFC Future Plan also shot up from GH¢1.87 million to GH¢3.28 million the same year.

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Gov't Oversubscribed 3-Year Bonds Heavily , But At A High Cost

Seth Terkper

Three bonds sold by government on Thursday, May 29, 2014 to finance some maturing debts has been heavily oversubscribed.

It however came at a high cost as government would be paying investors who participated in the bond an interest of 24.5 percent.

The bond issue which was open to offshore investors, will be the third this year.

A similar issue in April attracted a yield of 25.48 percent, the highest in three years.

Government was looking at raising GH¢300 million through the bond auction, but it had GH¢626 million worth of bids from investors.

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The Need For Govt To Fix Macroeconomic Imbalances- Mr Gilbert Hie

Management of Societe Generale Ghana and the Ghana Stock Exchange after the bank took its turn on the ‘facts-behind-the-figures’ programme. - See more at: http://graphic.com.gh/business/business-news/23661-govt-urged-to-restore-macroeconomic-imbalances.html#sthash.c9NICqfP.dpuf

The Managing Director of Societe Generale Ghana, Mr Gilbert Hie, has stressed the need for the government to initiate moves to fix the economic imbalances in order to restore confidence in the Ghanaian economy.
 

With particular emphasis on rising inflation and the decline of the local currency, cedi, against major foreign currencies, in an interview on May 21, 2014, he said “we need to be realistic because as long as those macroeconomic parameters will not be rebalanced properly, it will be difficult to attract investors.”

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TUC Cautions Gov’t On Retrenchment Of Public Sector Workers

~The Trade Union Congress is asking government to address all the inefficiencies in the public pay roll before going ahead to retrench some workers.

Government would from next year start laying off some public sector workers as part of efforts to enhance productivity and reduce the rising wage bill.

This was contained in government's home grown policy submitted to the International Monetary Fund (IMF).

According to the 2013 provisional fiscal data, the country spent about 7.1 billion Ghana cedis on wages and compensation.

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New Managing Director For Accra Brewery

Mr Anthony Grendon

Accra Brewery Limited (ABL), producers of Club Premium Lager and other beverages, has appointed Mr Anthony Grendon as Managing Director with effect from June 1, 2014. 
 

A release issued by ABL said Mr Grendon would take over from Mr Gregory Metcalf who served as managing director for five years and is moving to head ABL’s sister company, Nile Breweries, in Uganda.

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Alibaba Files For Public Share Sale

Founded in an apartment in 2005 Alibaba has grown to become one of world's the biggest internet firms

Chinese internet giant Alibaba has filed documents for a public share sale in the US, which is widely expected to be one of the biggest in history.

In its filing, the company said it was seeking to raise $1bn (£589m). But that figure is seen just as an estimate to calculate various fees.

Analysts expect it to raise more than $15bn and top Facebook's share sale.

Alibaba did not disclose details of the number of shares it intends to sell or their price range.

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Stable Cedi in 2nd Half-Henry Kofi of Bank of Ghana Predicts

Bank of Ghana Governor Dr.Henry Kofi

Bank of Ghana Governor Henry Kofi Wampah has predicted the cedi and the economy will stabilise in the second half of the year, when proceeds from Cocobod’s 2014/15 dollar syndicated loan for cocoa purchases are received by the central bank.

This year’s loan deal, which is estimated to be US$1.8billion and the highest Cocobod has raised in two crop seasons, will be used to purchase beans during the 2014/2015 cocoa harvest.

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