Category: Africa
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Kenya:Japan promises aid to fund development, power generation
Japan will give Kenya 1 billion yen ($9.78 million) in aid to spur economic and social development, and will extend an as yet unspecified amount for a geothermal power project, the leaders of the two countries said. Resource-poor Japan has long been keen on tapping Africa’s vast natural resources, even more so since dependence on…
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![South African Airlines marks one year of Accra-Washington flights [photos]](https://citibusinessnews.com/wp-content/uploads/2016/08/IMG-20160829-WA0010-1.jpg)
South African Airlines marks one year of Accra-Washington flights [photos]
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The South African Airlines (SAA) has celebrated one year of its non- stop travel between Ghana and the United States. The SAA, launched the Accra Washington route on August 2, to among other things strengthen SAA’s presence in West Africa. The event was attended by the South African High Commissioner to Ghana, H.E Lulu Xingwana, …
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Egypt: UAE Deposit to Egypt ‘Timely’, Contributes to Pound Stability – Cbe Governor
The latest Emirati deposit of one billion dollars to Egypt is “timely” and contributes to the stability of the pound, the governor of the Central Bank of Egypt (CBE) said on Wednesday. In his statements to the Emirati state-owned news agency, WAM, Tarek Amer said that the deposit will support Egypt’s foreign reserves enough to…
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Kenya:Fasten your belt, cheaper loans will come at high cost
Before President Uhuru Kenyatta took his chair at State House Nairobi to sign the controversial Bill capping interest rates on Wednesday, he took time to explain to the public why he had taken the unorthodox step of taking Kenya’s financial services sector back to a price controls regime. Commercial banks had only waged propaganda war…
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Egypt: Turkish Airlines to Resume Flights to Sharm El-Sheikh in Sept.
Turkish Airlines has decided to resume its flights to Egypt’s resort city of Sharm el-Sheikh starting September 10, the Turkish embassy in Cairo said on Wednesday. Turkey’s national flag carrier suspended its flights to the Red Sea resort of Sharm el-Sheikh in the wake of the downing of a Russian airliner in the Sinai Peninsula…
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S.A’s Nersa to appeal High Court decision on electricity tariffs
The National Energy Regulator (NERSA) today announced that it will be appealing the North Gauteng High Court judgement delivered on 16 August 2016 regarding NERSA’s earlier decision on the approval of Eskom’s Multi-Year Price Determination (MYPD 3) Regulatory Clearing Account (RCA) for the 2013/14 financial year. The decision under review concerns NERSA’s approval of the…
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Nigerian bank execs meet central bank over FX market suspension – sources
Nigerian bank executives met with central bank officials, banking sources told Reuters on Wednesday, a day after the monetary authority suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government. The suspensions from the interbank market were imposed after the banks failed to remit $2.1 billion, the government’s share…
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Egypt’s Minister of Supplies Resigns
Egypt’s Minister of Supplies Khaled Hanafi officially announced his resignation on Thursday, amidst probes into domestic wheat corruption. “The experience has proven that accepting any position is no longer an asset or a picnic, especially as some of the issues raised were personal ones,” Hanafi said in a press conference after submitting his resignation to…
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South African presidency defends new team to oversee state-owned companies
South Africa’s presidency on Thursday defended plans to give President Jacob Zuma supervision over state-owned companies after allies of under-fire Finance Minister Pravin Gordhan said it was a tool to limit his control. Cabinet announced on Monday that a new committee on state-owned enterprises (SOEs) would be set-up to “provide Zuma line of sight on…
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Kenya:Bank stocks lose Sh47bn on first day of trading after loan caps
Banking stocks Thursday came under a heavy battering at the Nairobi bourse as investors reassessed their positions in the sector following Wednesday’s signing into law of a new Bill capping interest rates. The Nairobi Securities Exchange (NSE) slid further down the bearish slope that wiped out a total of Sh106 billion in investor wealth, nearly…