Apple Inc., Google Inc. and other technology companies are gearing up to bring their fight over U.S. surveillance to Congress after President Barack Obama offered no specific proposals on their central request: to tell customers more about what the government is doing.
Kenya, Uganda and Tanzania are turning to financial markets to finance their budgets, including the sale of sovereign bonds, as the European debt crisis forces governments to slash spending and curtail aid to Africa.
Ghana will sell more longer-term debt to reduce borrowing costs after Fitch Ratings cut the nation’s credit rating yesterday and warned of risks from the public-sector wage bill and rising debt levels.
Kenya, Tanzania and Uganda may scale back deficit reduction plans in the next fiscal year as they ramp up investment to maintain economic growth and cut taxes to ease the impact of rising food and fuel prices.
Kenya’s central bank unexpectedly cut its benchmark interest rate by 0.75 percentage points, bringing further pressure to bear on the country’s commercial lenders to make even deeper reductions to their lending rates.