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Oil slides from nine-week highs as market looks to OPEC

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Oil prices edged lower on Monday, sliding away from nine-week highs, as worries lingered over high production from OPEC and the United States. Global benchmark Brent crude futures LCOc1 were down 65 cents, or 1.24 percent, at $51.77 a barrel at 0926 GMT. U.S. crude futures CLc1 were down 59 cents, or 1.19 percent, at $48.99 per barrel. Both contracts ...

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South Africa: Alleged Uber Hijackers Could Be Linked to Other Robberies

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Two suspects arrested after a failed Uber hijacking, may be linked to other cases in which Uber drivers were either hijacked or robbed. On Sunday morning the two suspects requested an Uber from Roodepoort to take them to Pretoria. While on route to Pretoria, the suspects requested that the Uber driver pick up a third person at the Flora clinic. ...

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Sugar millers allowed to import 150,000 tonnes

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The Sugar Directorate has issued permits to nearly all private millers to import 150,000 tonnes of the commodity ahead of the expiry of the Common Market for Eastern and Central Africa (Comesa) duty-free window. Agriculture and Food Authority (AFA) director-general Alfred Busolo said the millers will be operating below their installed capacity in the next 12 months and need to ...

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NSE share rally boosts pension fund returns

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Pension subscribers have begun reaping the benefits of a recovering equities market that has now boosted average returns for schemes above the rate of inflation. An industry survey by Actuarial Services East Africa (Actserv) for the quarter ending June shows that the average return for schemes rose to 8.1 per cent from 2.5 per cent in the first quarter, buoyed ...

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Nigeria’s Forte Oil in talks on refinery deal to boost capacity

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Nigeria’s Forte Oil said on Friday it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter, its chief executive said. Nigeria has been pushing to refurbish its decrepit refineries, as the country is still mainly dependent on exporting crude oil for imports of refined products. It ...

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Uganda, Tanzania start work on construction of $3.5BN oil pipeline

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The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. The 1,445 km-project – set for completion by 2020 – will stretch from landlocked Uganda’s western region, where crude reserves were discovered in 2006, to Tanzania’s Indian Ocean seaport of Tanga. ...

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South African business must own up to its part in the corruption scandals

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South Africa is reeling from a string of scandals involving state owned enterprises and the Guptas, a family with close ties to President Jacob Zuma. A trove of recently leaked Gupta emails exposed the involvement of prominent businesses in the extensive corruption networks. Sibonelo Radebe asked Mills Soko to explain the implications of the scandals. What do you make of the situation? ...

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Nigeria to legalize mini refineries, supply them with crude

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Nigeria will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. On Monday, Niger Delta leaders threatened to pull out of peace talks with the government unless their demands were met by Nov. ...

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Nigerian economy to grow 0.8% this year, but risk remains: IMF

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Nigeria is expected to emerge from recession this year, but threats to recovery remained elevated and the economy will not grow enough to reduce unemployment and poverty, the International Monetary Fund said on Wednesday. Nigeria slipped into a recession last year as low crude prices and oil production slashed government revenues, caused dollar shortages and crippled its economy. The Fund ...

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