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Kenya: Safaricom, EABL rally lifts NSE Sh197bn in four weeks

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Market capitalisation at the Nairobi Securities Exchange has grown by Sh197 billion in the past four weeks, beefed up by gains by Safaricom stock that has in the past week touched an all-time trading high of Sh24. Investor wealth now stands at Sh2.222 trillion, with the market undergoing a revival in the second quarter of the year. The two largest ...

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South Africa central bank hits back against Public Protector

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South Africa’s central bank said on Tuesday a recommendation by the Public Protector to change the constitution to promote growth was unlawful and would hit the regulator’s independence by stripping it of its key aim to protect the currency. “The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector ...

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IMF approves $224.8 mln in extra credit for Ivory Coast

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The International Monetary Fund’s Executive Board approved $224.8 million in additional credit for Ivory Coast under an existing lending framework, it said in a statement on Monday. “The Board … approved an augmentation of access under the two arrangements by about US$224.8 million or 25 percent of the country’s quota,” the statement said. Ivory Coast has emerged from a 2011 civil ...

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EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence

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Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters on Monday. The investment bank also plans to boost its research team to between 12 and 15 from eight over the ...

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S.A: Eskom Chairman Ben Ngubane resigns

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Dr Ben Ngubane has resigned with immediate effect as Non-Executive Director and Chairperson of the Board of Eskom. “Dr Ngubane formally tendered his resignation, which I accepted,” Minister of Public Enterprises, Lynne Brown, said. “I would like to thank Dr Ngubane for his contribution to turning Eskom around since the load shedding days of 2014/15, and wish him well in ...

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Moody’s downgrades the five largest South African banks to Baa3; outlook negative

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Moody’s Investors Service, (“Moody’s”) has today downgraded to Baa3 (negative outlook) from Baa2 (Rating Under Review outlook), the long-term local- and foreign-currency deposit ratings of the five largest South African banks: The Standard Bank of South Africa Limited, FirstRand Bank Limited, Absa Bank Limited, Nedbank Limited, and Investec Bank Ltd.. The rating agency has also downgraded Standard Bank Group Limited’s ...

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Kenya:Bank targets SMEs with Sh1.5bn Indian credit line

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IDB Capital has unveiled a Sh1.5 billion line of credit to small and medium enterprises seeking to fund machinery imports under an India-funded scheme. Managing director Karen Kandie told the Business Daily that SMEs with healthy balance sheets seeking to meet market demand or upgrade their machinery to reduce operational costs would be considered. Ms Kandie said the facility would ...

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Kenya:City Shuttle sues bank in Sh100m bus loans row

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Nairobi-based transport firm City Star Shuttle has sued Sidian Bank to stop the auction of four mass transit buses it bought last year following a dispute over repayment of a Sh100 million loan the lender advanced to finance the purchase. City Star Shuttle claims that Sidian Bank has threatened to auction the four mass transit buses despite remitting monthly installments ...

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Egypt sees about $1bn foreign inflows since rate boost

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Egypt received about $1bn in foreign inflows since the central bank raised interest rates by 200 basis points to curb inflation. The country had $448m in “foreign investment inflows” on Thursday and $400m on Sunday, state-run news agency MENA reported, citing Central Bank Governor Tarek Amer. He didn’t specify the form for the investments, but Egypt holds weekly Treasury bill ...

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