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South African recession puts fiscal targets at risk: Treasury

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South Africa’s negative economic growth is a risk to fiscal targets and puts pressure on the government to intensify growth programmes as a matter of urgency, the Treasury said on Tuesday. South Africa entered recession for the first time in eight years, led by weak manufacturing and trade, data from Statistics South Africa showed. “This worse-than-expected GDP outcome introduces significant ...

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Kenya to export crude three times in a year

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Kenya will ship out crude from Turkana oilfields three times in a year as vessels require more than 10 times the daily output. The country is this month expected to evacuate 2,000 barrels per day from Turkana via road to storage tanks in Mombasa. Petroleum principal secretary Andrew Kamau said the oil will be stored at Mariakani refinery tanks for ...

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South Africa’s private-sector activity little changed in May, PMI shows

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Private-sector activity in South Africa was little changed in May from April, remaining in positive territory, as new orders and output failed to register significant gains. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, was at 50.2 in May compared with 50.3 in April, still above the 50 mark that separates growth from contraction. “PMI remained above 50 ...

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South Africa’s Telkom profit jumps on growth in mobile, enterprise

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Telkom SA, South Africa’s biggest landline provider, reported a rise in full-year earnings and revenue on Monday, buoyed by a strong performance by its mobile business and its Business Connexion enterprise division. With the completion of a turnaround plan, which aimed to bring down costs, including job cuts, and better compete with wireless operators, the company’s focus on growth under ...

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S.A: China says 31 nationals detained in Zambia for illegal mining

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Zambia has detained 31 Chinese nationals for illegal mining in the African country’s copper belt but has failed to provide strong proof of their crimes, a senior Chinese diplomat said as he lodged a complaint. Lin Songtian, the Chinese Foreign Ministry’s director-general for African affairs, told a Zambian diplomat in Beijing that China understands and supports actions to crack down ...

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Botswana power utility invites bids to build 100 MW solar plant

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Botswana’s state-owned power utility has invited bids to build a 100 megawatt (MW) solar power plant to boost energy security in the diamond-rich southern African country. In a document published on its website, Botswana Power Corporation (BPC) said it expects energy demand to more than double to 1,359 MW by 2035 from around 600 MW. “BPC would, therefore, like to ...

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Nigeria: Banks Lost N2.19 Billion to Fraudsters ‎through Electronic Platforms in 2016

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Nigerian Deposit Money Banks, DMBs, lost N2.19 billion to fraudsters through electronic channels in 2016 fiscal period, an official has said. The Deputy Governor, Operations, Central Bank of Nigeria, CBN, Adebayo Adelabu, said this while unveiling a report on electronic frauds by the CBN on Tuesday. Speaking at the first stakeholders’ workshop on cybercrime organised by the Nigeria Electronic Fraud ...

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Tunisia: New Frontier for African Startups

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Tunisia is emerging as the next eHealth hub and may just give Kenya and South Africa a run for its mone It’s the age of the startup and the business savvy are identifying local solutions to global problems. The next big thing may be lurking in a small Kenyan back office or a Tunisian coffee shop – ready to join ...

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Kenya: HF Group profit drops 73pc as bad debts rise

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Mortgage financier HF Group recorded a 73 per cent net profit drop in the first quarter ended March in the wake of surging defaults. The lender’s net earnings in the period stood at Sh88.3 million compared to Sh327.4 million in the year before. HF’s interest income declined 19.5 per cent to Sh1.8 billion as it recorded significant defaults on its ...

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Kenya:Central bank says drop in SME loans risks jobs, growth

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The Central Bank of Kenya (CBK) has warned that the decline in lending to small enterprises since the introduction of the legal cap on loan rates threatens jobs and economic growth. Latest CBK data shows bank lending to micro, small and medium size enterprises (MSMEs) fell by 5.7 per cent between August and April, even as lending to big business ...

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