Author: citibusinessnews
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CPC workers return to work after maintenance at factory site
Almost all staff of the Cocoa Processing Company at Tema who were asked to proceed on leave, have resumed work following completion of maintenance at the company’s factory site. This is according to the company’s Public Relations Officer and Human Resource Manager, Ekow Rhule. About eighty workers of the CPC were asked by management to…
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Nigeria: China Wants More of Nigeria’s Oil
China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said this in an interview with the News Agency of Nigeria in Abuja. The total amount of export to China was only about…
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Mozambique “tuna bond” heads toward default waters
Debt issued by Mozambique’s state-run tuna-fishing company Ematum may net a ratings downgrade after the agency Fitch said the state’s offer to exchange outstanding liabilities for a fixed rate sovereign note could represent a default. Dubbed the tuna bond, the original $850 million bond was issued in 2013 and presented as funding for “tuna fishing…
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S.Africa fin min to hold post investor road show briefing on Monday
South African Finance Minister Pravin Gordhan will hold a news briefing on Monday where he will be joined by business and labour leaders who accompanied him on an investor roadshow to London and the United States, the Treasury said on Saturday. Gordhan’s trip last week took place against the backdrop of mounting concerns that Africa’s…
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Rand slides as appetite for emerging assets wanes, stocks rise
JOHANNESBURG – South Africa’s rand fell against the dollar as appetite for emerging assets was dented by a firming dollar in cautious trade ahead of the interest rate decision on Thursday. By 0925 GMT the rand had slipped 0.82% to 15.3475 per dollar, reversing a run that took the currency towards 15.00, a level it has…
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Kenyan Airways to clip wings
NAIROBI — Kenya Airways, sub-Saharan Africa’s third-largest airline, is planning a 70-billion shilling ($690m) restructuring that includes reducing its fleet and cutting the number of staff, CEO Mbuvi Ngunze has said. The carrier, based in the capital Nairobi, has been working on a turnaround plan after reporting the largest loss in Kenyan corporate history last…
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Ethiopian business and slower branch rollout to lift KCB
KCB Group is set to reap huge from new business after it opened an Ethiopian representative office amidst a planned slowdown in branch roll-out, investment bankers at New York-based Citi say. With the savings and new business, the price of each share of the banking group is likely to rise further from the current levels…
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NBK board chair entangled in Sh100 billion fraud claims
The National Bank chairman, Mohammed Hassan, has been accused of aiding a Sh100 billion money laundering scheme at one of Kenya’s largest chartered flight operators. The allegations made in court by a founding shareholder of the Wilson Airport-based carrier have sucked Mr Hassan, a former top executive of Dyer & Blair Investment Bank, into what…
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BoG governor to resign ?
Governor of the Bank of Ghana (BoG) Dr Henry Kofi Wampah is likely to exit from the bank soon as pressure mounts on him to do so. Dr Henry Kofi Wampah for some time now has been criticized over his approach in managing a number of issues in the sector he regulates. Top among them…
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Nigeria: FG to Stabilise Price of Rice By April
The Federal Government said on Saturday that it would stabilise the price of rice from April to make it affordable to everybody in the country. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, made this known while declaring open the 2016 National wheat farmers field day in Alkamawa village in Bunkure Local Government…