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Barclays Bank starts scheme to merge seven of its branches


Barclays Bank of Kenya (BBK) has started closing some of its branches in Nairobi in line with an earlier announced plan to merge seven of its units countrywide starting October 1. The bank on Thursday sent alerts to customers explaining the closures while giving them alternative branches that will offer them services. Haile Selassie branch operations will, for instance, be ...

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Kenya: Paunranas lose Sh17bn ARM wealth in 3 years


The value of Paunrana family’s wealth in cement maker ARM dropped by Sh17.8 billion in three years as the company battled the challenges of debt-fueled growth and a persistent pricing war arising from the entry of multiple players in the market. ARM’s stock yesterday touched a new low of Sh12.7 at the Nairobi Securities Exchange (NSE), taking the market value ...

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“Africa will become the food basket of the world” – Dangote


Nigerian business leader Aliko Dangote told investors “Agriculture, agriculture, agriculture. Africa will become the food basket of the world.” In a packed room at the headquarters of global law firm Shearman and Sterling LLC  high level business leaders and international diplomats invited by the Corporate Council for Africa to hear Africa’s richest man, Aliko Dangote, and Rwandan president Paul Kagame ...

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S.African defies expectations by keeping rates at 6.75%


South Africa’s central bank kept its benchmark repo rate at 6.75 percent on Thursday, defying expectations of a cut based on easing inflation pressures and a sluggish recovery from a recession in the first half of the year. Of 26 economists polled by Reuters, 17 had predicted a 25 basis point cut and one a 50 basis point reduction. The ...

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Zimbabwe to pay $1.8BN in foreign arrears only when economy is stronger: finance minister


Zimbabwe’s Finance Minister on Wednesday said the southern African nation would not be able pay $1.8 billion in arrears to the World Bank and African Development Bank (AfDB) until economic fundamentals improve. Patrick Chinamasa said in a radio interview that a payment plan agreed with foreign lenders in 2015 in Lima, Peru, could only proceed once Zimbabwe has reduced its ...

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Kenya Power signs on IFC plan to curb electricity leakages


Kenya Power has tapped the International Finance Corporation (IFC), the World Bank’s private arm, in a two-year project aimed at sealing electricity leakages that eat into the power distributor’s profit margins. The Sh80 million initiative, half financed by the IFC, will focus on reducing power losses on the utility firm’s network. The electricity losses have remained above target levels, costing ...

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Kenya to spend Sh2bn on cooking gas cylinder plan


Kenya will spend Sh2.2 billion on acquiring 720,000 cooking gas cylinders and several refill plant machinery through a State-owned fuels dealer as it rolls out a programme to entrench use of the commodity among low income households. The State Department of Petroleum Principal Secretary Engineer Andrew Kamau said the move would help the government avail affordable cooking gas to low and middle ...

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SA’s state-owned companies had been “captured”: Ramaphosa


South African Deputy President Cyril Ramaphosa, a leading contender to become head of the ruling ANC in December, stepped up his criticism of the government on Sunday, saying state-owned companies had been “captured” and funds looted from them. Ramaphosa’s remarks during a speech to an African National Congress meeting in the old diamond-mining town of Kimberley were tougher than others ...

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Zambia GDP growth seen rising to 6.1% by 2020


Zambia’s economy will grow by 5.0 percent in 2018, 5.1 percent in 2019 and 6.1 percent in 2020, up from 4.3 percent in 2017, the ministry of finance said in a statement on Sunday. The country’s fiscal deficit is expected to be 7.0 percent in 2017, 6.3 percent in 2018 and 4.3 percent in 2019, then drop to 2.6 percent ...

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Tanzania to nationalise diamonds of London-listed miner

Mirny, Sakha Republic, Russia, November 14, 2013.

Tanzania said on Saturday it planned to nationalise diamonds whose value it put at $29.5 million belonging to a mine majority owned by London-listed Petra Diamonds after it accused the miner of under-declaring its mineral exports. The diamonds were seized at the main airport in Tanzania’s commercial capital Dar es Salaam on Aug. 31 as they were being exported by ...

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