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    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

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    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

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    Banks seek shorter maturities in local debt-swap deal

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Chinese stocks tumble for a second day after global fall

bycitibusinessnews
August 25, 2015
in Banking And Finance, Business, Top Stories
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Chinese stocks have plunged for a second day after worries over China’s slowing growth triggered a global sell-off.

[contextly_sidebar id=”8uJzjSKPjUsRgN2JyNvtCGpuwp0bffm6″]The Shanghai Composite, China’s main stock exchange, fell 7.6% on Tuesday – after losing 8.5% on what state media have called China’s “Black Monday”.

It was the worst fall since 2007 and caused sharp drops in markets in the US and Europe

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Tokyo’s Nikkei index had a volatile day, closing 4% lower.

The Shanghai index ended the day 245 points lower at 2,964.97.

After decades of rapid growth, China is slowing down, and investors globally are worried that firms and countries which rely on high demand from China – the world’s second largest economy and the second largest importer of both goods and commercial services – will be affected.

Some investors had hoped that the Chinese government might make a dramatic intervention to help.

But after two months of attempting and failing to shore up the markets at a cost of hundreds of billions of dollars in state funds, even Beijing now seems to be thinking hard about what stock prices are sustainable in the long term.

For a government whose legitimacy rests on economic competence, and which had hoped that a rising stock market would help ease the problems of a wider economic slowdown, this financial crisis still carries real political dangers.

Chinese shares had experienced a year-long rally – mainly fuelled by investors borrowing money to buy shares – which came to an end in June.

The Chinese government then intervened in financial markets, to try to maintain momentum in the economy.

Two weeks ago the central bank devalued the currency, the yuan – this raised fresh concerns that China’s economy could be in worse shape than previously thought.

A cheaper currency lowers the price of China’s exports, making them more attractive to global firms.

Elsewhere in Asia and Australia on Tuesday, markets beat expectations, opening lower but then returning back to positive territory:

  • Korea’s KOSPI gained almost 1%
  • Australia’s S&P ASX/200 ended the day 2.7% higher

The dollar remained weak at 119.15 yen, up from a seven month low of 118.51 yen in New York on Monday.

Commodity prices also recovered after Monday’s falls, although oil remains under pressure because of a global oversupply.

Overnight, the Europe and the US saw dramatic falls, but are expected to show some signs of recovery when they open on Tuesday.

  • Wall Street’s Dow Jones fell 6%, then almost recovered its losses before closing 3.6% lower.
  • London’s FTSE 100 index closed down 4.6%.
  • Major markets in France and Germany down by 5.5% and 4.96% respectively.

–

Source:  BBC

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