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Moody’s set to downgrade 3 top banks

atm

Global ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating debt situation. The agency said it had placed on review for downgrade the B1 global scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank), Equity Bank Kenya ...

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Nigeria’s 2017 capex to hit 440.9BN naira next week: Finance Minister

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Nigeria plans to release 100 billion naira for capital projects, taking its total spending in the 2017 budget for infrastructure to 440.9 billion naira ($1.44 bln) by next week, its finance minister said on Tuesday. Kemi Adeosun said the government had spent 1.5 trillion naira on recurrent expenditure so far. “We concluded our Sukuk last week, the money will be ...

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Scandal-hit KPMG South Africa vows reforms, loses another client

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South African waste management company Interwaste (IWEJ.J) fired KPMG as its auditor on Thursday, dealing another blow to the accounting firm ensnared in a scandal involving business friends of President Jacob Zuma. Interwaste joins at least seven other clients including fund manager Sygnia (SYGJ.J) and broker Sasfin (SFNJ.J) to break ties with KPMG. It comes after KPMG’s own investigation found ...

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South Africa’s central bank says has not instructed banks on ties with KPMG

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South Africa’s central bank said on Friday it has not instructed banks on how to deal with KPMG after the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma. “The South African Reserve Bank would like to state categorically that it has not instructed banks on what steps they should, or should not take, with ...

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South Africa’s Eskom asks McKinsey, Trillian to return $117MN

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South Africa’s Eskom has asked consultancy firms McKinsey and Trillian to pay it back 1.6 billion rand ($117 million), saying that an internal inquiry had found that the state power utility’s decisions to make the payments were unlawful. “The interim findings from Eskom investigations into the circumstances surrounding payments made to both the companies point to certain decisions by Eskom, ...

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Egypt: PM Meets Tourism Investors

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Prime Minister Sherif Ismail on Monday 2/10/2017 received a group of tourist investors to review problems facing the sector and proposals to solve them. The ministers of tourism and civil aviation took part in the meeting. The participants discussed files related to the tourism investment field, including the procedures for granting visas to Egypt, the removal of some bureaucratic procedures ...

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Japan transport ministry raids two Nissan plants over improper checks

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Japan’s transport ministry said on Wednesday it had carried out spot inspections at two plants producing Nissan Motor Co Ltd (7201.T) vehicles as part of a probe into final checks, days after irregularities forced the automaker to recall 1.2 million cars sold in Japan. The two inspections on Tuesday followed inspections at four more factories last week, the ministry said. ...

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Spanish tensions bar Europe from global stocks party

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Global stock markets hit a record high on Wednesday with investors in exuberant mood in the United States overnight and in Asia later, but sentiment in Europe was soured by a political crisis gathering steam in Spain. Tensions between Madrid and Catalonia have risen since the wealthy region held an independence referendum on Sunday that was tarnished by police violence. ...

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Warren Buffett, Larry Fink criticize Trump tax plan

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President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate. With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class ...

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EU takes Ireland to court for not claiming Apple tax windfall

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The European Commission said on Wednesday it was taking Ireland to the European Court of Justice for its failure to recover up to 13 billion euros ($15.3 billion) of tax due from Apple Inc (AAPL.O), a move labeled as “regrettable” by Dublin. The Commission ordered the U.S. tech giant in August 2016 to pay the unpaid taxes as it ruled ...

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