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Zuma appeal to business bodes well for AB InBev-SAB beer merger

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Of all the countries whose regulators need to approve Anheuser-Busch InBev NV’s purchase of SABMiller, only one is flirting with a potential junk-bond rating. It’s South Africa. The country’s troubles, from a gyrating currency to a flip-flopping government, may be good news for the maker of Budweiser as President Jacob Zuma tries to restore good relations with business. The policy ...

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Total to build pipeline from Ugandan oil fields to port off Tanzania

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TOTAL has funds to build a pipeline linking oil fields in landlocked Uganda with a port on Tanzania’s Indian Ocean coast, the Tanzanian government said, after its president met an official from the French company. Total’s vice-president for East Africa, Javier Rielo, “assured President John Magufuli that the company will begin construction of the crude-oil pipeline project from Uganda to ...

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Eurobonds hit after Ivory Coast attacks

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ABIDJAN — Ivory Coast’s Eurobonds fell on Monday after a terrorist attack on three hotels left 18 people dead added to the risks of investing in the world’s biggest cocoa producer. Militants linked to al-Qaeda gunned down 15 civilians and three soldiers in tourist hub Grand Bassam, Interior Minister Hamed Bakayoko said in Abidjan on Monday. The government had previously ...

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Enterprise Mauritius team in SA

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MAURITIAN business representatives descended on Durban on Monday, and will be in Johannesburg later this week, to promote the country’s trade opportunities in textile manufacturing, accessories, jewellery, and agricultural products. The Enterprise Mauritius team said it was already talking to big chains, such as Mr Price, Ackermans and Reebok about manufacturing in the Indian Ocean country. The same group was ...

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Angola’s crude output tied up to pay for big loans

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Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil-sector development to healthcare in one of Africa’s largest oil-exporting nations. Following a trend also seen in Iraq, Kazakhstan, Russia and Venezuela, Angola has tied up more of its output in ...

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Four-million Zimbabweans need food aid resulting from drought

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HARARE — The number of Zimbabweans requiring food aid has risen to four million, up from three million initially, a state-owned newspaper said on Tuesday, as the country grapples with its worst drought in more than two decades. An El Nino-induced drought has hit Zimbabwe hard and last month it appealed for $1.6bn in aid to help pay for grain ...

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Kenya secures Sh152bn IMF loan

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The executive board of the International Monetary Fund (IMF) has approved a new Sh151 billion ($1.5bn) precautionary loan for Kenya for a period of two years to help the country mitigate shocks. This follows conclusion of talks between IMF officials and government on replacing a similar stand-by credit arrangement whose tenure ended early this year. “Kenya’s recent growth performance remains ...

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Postbank eyes credit market in last quarter of 2016

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Postbank is now eyeing the last quarter of 2016 to start issuing loans. Postbank acting managing director Anne Karanja said Tuesday the institution is in the process of preparing its human capital to back its lending operations planned for the last quarter of this year. “We anticipate to start giving loans before end year. We have significantly prepared to go ...

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Atlas changes name after raising Sh500m in UK

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Atlas Development shareholders have approved a change of name for the NSE-listed firm and the issuance of 600 million shares sold in a private placement in London last month. Atlas raised $5 million (Sh501 million) in the private placement done on February 16, with the funds earmarked to finance the feasibility study and initial construction work for a glass manufacturing ...

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KenGen woos financiers to its mega power investments

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Kenya Electricity Generating Company (KenGen) has received several commitments for the financing of its various projects as it seeks to spend a total of Sh140 billion ($1.4 billion) in the period to 2019 to meet the surging power demand. Some international development and donor agencies are proposing to finance some of the projects with KenGen co-financing through its reserves, besides ...

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