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Kenya’s Equity eyes Barclays Africa ‘spoils’

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NAIROBI — Equity Bank, Kenya’s biggest bank by deposits, might be interested in buying parts of Barclays’s Africa business, its CEO said on Tuesday. James Mwangi said he saw potential acquisition opportunities following Barclays’s decision to reduce its stake in its Barclays Africa Group, which has businesses across Africa. “If there is anybody who is well-positioned in the region to ...

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Nigeria lifts suspension of MTN services

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MTN Group said Nigerian regulators had lifted a suspension on services to the cellphone firm, in an indication relations between the two sides are thawing, as they negotiate the payment of a record $3.9bn fine. The Nigerian Communications Commission “has lifted the suspension on regulatory services to MTN Nigeria”, the company said on Tuesday. The move allowed it to seek ...

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Ethiopia: Textile Factory Completes 86m Br Expansion

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Almeda Textile Factory has finalized its 86 million Br expansion that took place over the past six months in a bid to increase its fabric production capacity by 100pc. The expansion is the first of three stages and focused mainly on replacing machinery with the latest products. The company has imported Rieter brand C-70 carding machines, a New Draw Frame ...

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Kenya: Bill Passed By Senate Expected to Create Jobs

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Thousands of jobs are expected be created in counties if a Bill passed by the Senate is enacted. The County Industrial Development Bill is seeking to ease the setting up of small industries to add value to products. County governments will be at the forefront in providing financial and material support to individuals or groups interested in establishing manufacturing plants. ...

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Nigeria: Abacha Loot – Switzerland Returns U.S.$723 Million to Nigeria in 10 Years

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The Swiss government has confirmed that it has so far returned $723 million (about N142.43 billion) of stolen funds ceased from the family of the late former head of state, Sani Abacha, to the Nigerian government over the last 10 years. The amount excludes $321million (about N63.24 billion) which the Swiss authorities recently said recently it was planning to repatriate ...

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Nigeria Targets 2030 to End Gas Flaring

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Abuja — The Federal Government will soon sign a global agreement on zero routine gas flaring that is targeted at ending flaring in 2030. Speaking at the opening of the African Petroleum Congress and Exhibition (CAPE VI) organized by the African Petroleum Producers Association (APPA) yesterday in Abuja, President Muhammadu Buhari, hinted that there were efforts at reducing gas flare ...

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Mozambique: Central Bank Holds Interest Rates Steady

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Maputo — The Bank of Mozambique has opted to keep its key interest rates unchanged for at least the next month. A statement from the Bank’s Monetary Policy Committee, which met in Maputo on Monday, declared that “in light of the projections for inflation in the short and medium term, which continue to reflect the prevalence of factors of pressure, ...

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Rand tumbles as police challenge finance minister

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South Africa’s rand plunged to its weakest in two weeks and bond yields jumped on Tuesday after police said they would exercise “constitutional powers” to push Finance Minister Pravin Gordhan to answer questions about a spy unit in the revenue service. By 23:30 the rand had tumbled 2.5% to 15.924 per dollar, just shy of the crucial 16.00 mark it hit ...

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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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