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Kenya: Rotich rules open NSE for trading of loan stocks

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Treasury Secretary Henry Rotich has gazetted regulations allowing investors to borrow and sell shares at a profit, opening a new frontier for Nairobi Securities Exchange (NSE) traders. The regulations will see traders borrow shares from stock market investors betting that a future price drop will enable them to buy back the same stock cheaply and repay their debt at a ...

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Kenya Airways bets on route deal in US flights

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Kenya Airways is eyeing ticket sales to US government-funded travellers once it signs a code-sharing agreement with American airline, Delta Airways. The national carrier last week started booking passengers on its inaugural direct flight to the United States, which is expected to take off on October 28 this year. The code-sharing agreement with Delta is expected to be in place ...

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Zimbabwe state diamond company to lift output 65% in 2018: minister

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Zimbabwe’s state diamond company is expected to produce at least 3 million carats this year, up 65 percent from 1.8 million in 2017, the mines minister told parliament on Monday. Winston Chitando said the Zimbabwe Consolidated Diamond Company, which was formed in 2016 when the government banned private companies from operating in the Marange diamond fields, will start selling gems ...

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South African regulator reviewing volatile share trading

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A South African market regulator said on Friday it was reviewing volatile share trading sparked by market speculation that a research group would release a negative report on a listed firm. The regulator confirmed in an emailed response to questions it was reviewing unusual activity in shares of Aspen Pharmacare, which plunged 10 percent on Tuesday, prompting the company to ...

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Tanzania’s central bank revokes licences of five banks

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Tanzania’s central bank on Thursday revoked the licenses of five “critically undercapitalised” community banks to protect financial stability in East Africa’s No. 3 economy. There are about 40 commercial banks and a dozen community banks, which target savings from specific communities or sectors such as farming, but the financial sector is largely dominated by just a handful of big banks. ...

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Zambia shuts three of Shoprite’s Hungry Lion restaurants

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Zambia has shut three of South African retailer Shoprite’s Hungry Lion fast-food restaurants after their food tested positive for the bacterium that causes cholera, a government minister said on Thursday. Zambia is struggling to contain an outbreak of the disease, which has killed 51 people and made more than 2,000 others sick in the capital Lusaka. The outbreak was initially ...

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Gas supply to Nigeria’s Escravos-Lagos Pipeline System restored

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Nigeria has fully restored the supply of gas on a pipeline affected by a fire last week, a spokesman for the state oil company said on Monday. Gas supply to several power stations was cut off because of the fire on the Escravos-Lagos Pipeline System near Okada in the southern state of Edo on Wednesday last week. The Nigerian National ...

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East Africa: Chase Bank sale frees billions for companies

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Companies that have deposits running into billions of shillings locked in the troubled Chase Bank are set for a major cash boost with the sale of the lender releasing up to 75 per cent of their money. Betting firm SportPesa, investment company Centum , State-owned Kenya Ports Authority (KPA), the Kenya Tea Development Agency (KTDA), United Nations Sacco, and South ...

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Kenya: Exotix says cement stocks overpriced

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Kenyan cement stocks remain overpriced in comparison to African peers, with projected lower earnings for the 2017 financial year expected to put downside pressure on the stocks this year. A new cement sector report by UK-based investment bank Exotix partners says local producers are facing cost-side pressure on higher clinker cost due to rising coal prices in the global markets. ...

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