Money – In Brief

Mergers, Acquisitions and Financial Results

- Projections by global research firm, International Data Corporation (IDC) predicts that IT spending in Africa will be increased by 10 per cent to $25 billion this year. It added that South Africa had recovered well with 8.7 per cent growth last year and an expected 7.5 per cent this year. Growth in Egypt will continue to be rapid at more than 15 per cent while spending in the rest of Africa will grow 12 per cent to exceed $10 billion this year.

- State-owned telecoms operator Tunisie Telecom (TT) may not be able to go ahead with an investor roadshow for its planned listing in Paris and Tunis due to the unstable political situation in the country, according to Reuters Africa.

- The largest internet cafe chain in Zimbabwe, Quick & Easy Internet Cafes, was closed by the government for failing to repay a loan. A messenger of Court effected the closure on Friday over repayments amounting to US$10,000.

- The outgoing World Bank's Regional Director for Africa, Hatib Fitini, has announced the allocation of US$27 million towards Gambia’s fibre cable and ICT infrastructure project. Fitini announced the allocation while on a farewell visit to Banjul, during which he met with Gambian President Yahya Jammeh.