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South Africa’s rate cut signals political pressure on central bank: Moody’s


The first interest rate cut in five years by South Africa’s central bank will likely boost the country’s economic growth potential, ratings firm Moody’s said, but warned that the policy decision also signalled growing political pressure on the bank. South Africa’s main anti-graft watchdog recommended last month that the central bank mandate be changed to place more focus on growth ...

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Nigeria’s new $1.5BN fertiliser plant boosts agriculture sector


Nigeria’s acting president will open a $1.5 billion fertiliser plant in the southeastern city of Port Harcourt on Thursday, highlighting efforts by Africa’s largest economy to boost its agriculture industry. Nigeria has for decades been dependent on exports of oil to support its economy, but as global crude prices have dropped and production has been hit by militant attacks the ...

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Kenya: Forex reserves hit new low as CBK shores up the shilling


Foreign exchange reserves have fallen to the lowest level since March 16 when it was at $6.973 billion (Sh724.56 billion), underlining increased activity by Central Bank of Kenya (CBK) to stabilise the shilling and debt payment. The CBK says in the latest weekly bulletin that the country’s forex reserves, largely in US dollars, dropped by 100 basis points week-on-week to ...

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Kenya: Release City Hall’s Sh1bn, KRA ordered


City Hall has been allowed to pursue punishment of the Kenya Revenue Authority (KRA) boss John Njiraini for attaching Sh1 billion to recover disputed taxes despite a court order barring the same. Justice George Odunga has allowed City Hall to file a contempt of court application against the KRA after the taxman attached the sum despite an injunction stopping it ...

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Nigeria: Govt Adopts U.S.$11 Billion Dangote Refinery Under New Petroleum Policy


The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will today, lead a strong government delegation to inspect the progress ...

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Nigeria: Half Year – Dangote Cement Records 12.6 Percent Sales Volume Increase Across Africa


Dangote Cement, Africa’s largest cement producer, has announced its unaudited results for the six months ended June 30, 2017, posting a 12.6 per cent increase in sales volume across Africa. The financials released on the floor of the Nigerian Stock Exchange (NSE) indicated that the increase in sales volume showed a growing capture of Pan-African market as Dangote Cement continues ...

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Kenya: Safaricom rallies to Sh25 on dividend deadline


Safaricom shareholders have enjoyed a Sh214 billion gain in their wealth this year after the telco’s share hit a new all-time high of Sh25 on Friday. The share price rally on the Nairobi Securities Exchange (NSE) saw the telecoms operator become the first listed company in Kenya to touch the Sh1 trillion mark in market valuation during trading. It has ...

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East Africa: IDB Capital enjoined in Imperial Bank asset row


Development financier IDB Capital has been enjoined in a suit filed by Imperial Bank’s receiver managers to recover Sh34 billion from firms linked to the lender’s scam. IDB is seeking to free assets tied down by the court case as they were used as security for loans. IDB Capital had asked Justice Fred Ochieng to enjoin Imperial in the suit ...

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Nigerian Oil Workers Threaten Strike in Abuja


The National Union of Petroleum and Natural Gas Workers has threatened to begin a strike in the Federal Capital Territory, FCT, over a dispute with Assets Management Company of Nigeria, AMCON. Addressing journalists in Abuja on Thursday after a National Executive Council meeting, Igwe Achese, NUPENG President, said the strike was inevitable because of three billion naira terminal benefits allegedly ...

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