Category: Africa
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Europe to re-examine ties with Congo
France’s foreign ministry called for the European Union to re-examine its relations with Democratic Republic of Congo after President Joseph Kabila failed to step down when his mandate expired on Monday. “After the constitutional mandate of President Kabila ended, France is concerned by reports of arrests as well as violence in Kinshasa and Lubumbashi,” spokesman…
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Nigeria Fin.Min attempts to eliminate naira black market
Nigeria’s central bank will try to eliminate the currency black market, where the naira trades about 40 percent below the official rate against the dollar, Nigeria’s finance minister said on Tuesday. Africa’s largest economy, dependent on oil exports, is in its first recession in 25 years as low global crude prices take their toll. The…
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IMF chief Christine Lagarde convicted over payout
A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment. As French finance minister in 2008, she approved an award of €404m ($429m; £340m) to businessman Bernard Tapie for the disputed sale of a firm. Lagarde, who always denied wrongdoing, was not present in…
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Standard Bank seeks court protection from political interference
Standard Bank has asked a court to block the South African government from intervening in its decision to cut ties with the Gupta family which is at the centre of allegations of influence-peddling with the government. Standard Bank is one of four banks in South Africa to have closed bank accounts of companies controlled by…
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Algeria, Saudi Arabia Sign MoU On Trade Cooperation
Algeria and Saudi Arabia signed Tuesday, in Riyadh, a memorandum of understanding in trade cooperation as part of the official visit paid by Prime Minister Abdelmalek Sellal to Saudi Arabia. This agreement was signed, on the Algerian side, by Minister of Maghreb Affairs, African Union and Arab League Abdelkader Messahel and Minister of Commerce and…
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US charges Nigerian with role in cyber scam targeting thousands
A Nigerian man is facing U.S. charges that he participated in scams targeting thousands of victims globally in which company executives or vendors were impersonated in emails directing employees to make large wire transfers. David Chukwuneke Adindu, 29, pleaded not guilty in Manhattan federal court on Wednesday to charges including wire fraud, prosecutors said, more…
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Mozambique bails out major bank to save banking system
Mozambique’s central bank has bailed out the country’s fourth largest commercial lender in a move it said was needed to prevent the failure of its banking system. The African country has been grappling with a liquidity crunch, exacerbated by the International Monetary Fund and foreign donors cutting off support over loans that were not approved…
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UK’s RPC Group to acquire S.A’s Astrapak for $98mln
RPC Group Plc, an international design and engineering company of plastic products for both packaging and non-packaging markets plans to acquire Astrapak for R 1,370 million (£79 million)1 on a cash-free, debt-free basis, is equivalent to an enterprise value to underlying EBITDA FY16A multiple of approximately 6.3 times . Listed on the Johannesburg Stock Exchange, Astrapak…
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South Africa:Fed hikes rates, warns of 3 more to come in 2017, rand dives
Federal Reserve officials, amid signs that the U.S. economy soon could shed its long period of stagnation, approved the first interest rate hike in a year Wednesday and said it foresees three more increases next year. The stock market reacted calmly, while bond yields and the dollar rose. The yield on 2-year Treasurys hit its highest level…
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Sudan: Investment Minister Welcomes Tunisian Traiki Investment Group
The Minister of Investment Dr. Mudathir Abdul-Ghani Abdul-Rahman reviewed, when he met with the Tunisian Traiki Investment Group’s delegation Tuesday, investment opportunities in the country The minister pointed to the advantages and incentives granted to investors including exemptions from customs, simplification of procedures and the guarantees offered by the Investment Law, adding that the investment…