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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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Guinea says economic growth to dip to 5.8% in 2018

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Guinea’s economy will grow 5.8 percent in 2018, down from an expected 6.7 percent in 2017, the budget minister said on Tuesday, as it struggles with low commodity prices and unrest that has interrupted bauxite mining. The forecast is lower than the 7 percent growth target authorities had been hoping to exceed in 2018, Budget Minister Mohamed Lamine Doumbouya told ...

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Sibanye to boost PGM production as U.S. project comes online

The sun sets behind a shaft outside the mining town of Carletonville, west of Johannesburg, July 7 2015.   REUTERS/Siphiwe Sibeko

South African mining company Sibanye-Stillwater said on Monday production has started three months ahead of schedule at its Montana-based Blitz project, boosting its platinum group metals (PGM) production in the United States. The project is expected to produce approximately 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s U.S. operations by more than 50 percent to ...

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Drought cuts 14pc in tea production

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Tea production in the first eight months of the year dropped 14 per cent due to a severe drought in the first quarter. Monthly data from the Tea Directorate indicate the volumes of the crop dropped from 309 million kilos last year between January and August to 265 million kilos in the corresponding period this year. “The decline is attributed ...

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Kenya: Safaricom’s share of calls market hits 5-year high

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Safaricom’s share of the voice calls market rose to a five-year high in the year ended June 2017, underscoring the company’s continued dominance of Kenya’s telecommunication market. Newly-released data from the Communications Authority of Kenya (CA) shows that Safaricom had 80.4 per cent share of voice traffic, up from 75.7 per cent the previous year. Safaricom’s dominance of the voice ...

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