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Bank Of Baroda to exit South Africa central bank

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South Africa’s Reserve Bank said on Monday, the Bank of Baroda has notified the office of the registrar of banks of its intention to exit from South Africa. “The Registrar, which is part of the South African Reserve Bank (SARB), is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor ...

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Angola’s central bank says only commercial banks can sell forex to public

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Angola’s central bank said on Monday it was the sole responsibility of commercial banks to sell foreign currency to the public and that it would sell forex only to large importers of essential goods. The southern African nation in January abandoned the kwanza’s peg to the U.S. dollar, devaluing it by about 10 percent, in a bid to attract capital ...

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South Africa’s power utility Eskom would have defaulted without PIC loan

A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under "extreme" pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country's sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA        (Photo credit should read GIANLUIGI GUERCIA/AFP/Getty Images)

South Africa’s Public Investment Corporation (PIC), Africa’s biggest investment fund, said on Tuesday that without a 5 billion rand ($420 million) loan it advanced to cash-strapped utility Eskom, the utility would have defaulted on its existing debts with lenders. The PIC, which holds a large chunk of government bonds and stakes in leading South African companies, said last week it ...

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South Africa’s unemployment rate falls to 26.7% in Q4 2017

Work welder.

South Africa’s unemployment rate fell to 26.7 percent of the labour force in the fourth quarter of last year from 27.7 percent in the third quarter, the statistics office said on Tuesday. In its quarterly labour force survey, which polls households, Statistics South Africa said this amounted to 5.9 million people without jobs in the three months to end December, ...

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Britain to add Nigeria’s naira to list of accepted trade currencies

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Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said. Britain voted ...

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Botswana’s economy is projected to expand at a faster pace

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Botswana’s economy is projected to expand at a faster pace this year compared to last year as the mining sector benefits from a recovery in the global economy, Finance Minister Kenneth Matambo said on Monday. Presenting the 2018 budget to parliament, Matambo said GDP growth was projected at 5.3 percent in 2018 from an estimated 4.7 percent expansion in 2017. ...

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S.A: Aveng unit says to lay off 120 workers

Crane Lowering Girders to Two Builders

A unit of South African construction firm Aveng Ltd said on Friday it would cut 120 jobs mostly due to projects coming to an end and rebuffed a union’s claim that more than 2,000 workers would be affected. The National Union of Mineworkers (NUM) said on Thursday it had received a section 189 notice that 2,863 workers would be laid ...

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South Africa’s net foreign reserves rise to $43.6BN in January

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South Africa’s net foreign reserves rose to $43.588 billion in January from $42.927 billion in December, the Reserve Bank said on Wednesday. Gross reserves, however, fell to $50.501 billion from $50.722 billion, the central bank data showed. The forward position, which represents the central bank’s unsettled or swap transactions, increased to $2.024 billion from $1.196 billion. – Credit: CNBC Africa

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US stocks suffer worst fall in six years

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US stocks suffered their worst falls in more than six years yesterday in a sell-off sparked by concerns of higher interest rates. The Dow Jones Industrial Average index tumbled by 4.6%. The White House moved to reassure investors saying it was focused on “long-term economic fundamentals, which remain exceptionally strong”. Signs of improvement in the economy had driven US markets ...

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Nigeria sues JP Morgan for $875 mln over Malabu oilfield deal

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Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and ...

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