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Political tension subdues trading at Nairobi bourse


Trading at the Nairobi bourse on Wednesday plummeted to rock bottom as tension gripped the country in the wake of a contested outcome of Tuesday’s election, bringing economic activity across all sectors to a standstill. Turnover slumped to Sh166.6 million as investors largely kept away from the market hoping for a speedy resolution of the election impasse, cutting trading volumes ...

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Nigeria: 57 Streets Write Ikeja Electric – No Pre-Paid Metres, No Bill Payment


“No Light No Bill,” “Total Darkness, Crazy Bills, Why?” “Don’t We Have the Right to Express Our Rights?” “We Want Prepaid Metres,” were some of the inscriptions displayed by protesting residents of Onipanu, Odi-Olowo/Ojuwoye LCDA of Lagos State at the headquarters of Ikeja Electricity Plc, weekend. The residents of about 57 streets in the area, on the platform of Concerned ...

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U.S. cable firms embrace former foe Netflix as TV viewing shifts


A growing number of U.S. cable operators are forming alliances with Netflix Inc NFLX.O, a shift that is helping the streaming pioneer add customers as its largest single market matures. No. 3 distributor Charter Communications Inc CHTR.O is expected to make Netflix available through its set-top boxes, joining more than a dozen top U.S. pay television operators adopting a model ...

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Samsung scion Lee fights back tears as prosecutors seek 12 years’ jail


Samsung Electronics Vice Chairman Jay Y. Lee fought back tears and denied wrongdoing on Monday as prosecutors sought a 12-year jail term on charges that include bribing the former president to help cement control of the South Korean tech giant. Lee, the de facto leader of one of Asia’s largest conglomerates, has been in detention since February on trial for ...

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


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


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


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


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


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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