Category: Africa
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Kenya to clear more hurdles before direct flights to US can begin
Kenya must still clear several regulatory hurdles before direct or nonstop flights to the United States can begin, officials in Washington have indicated. The Category 1 designation awarded last month by the US Federal Aviation Administration (FAA) was the result of an assessment of Kenya itself, not any particular airlines or airports, FAA spokeswoman Alison…
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Botswana seeks to attract investors to mining town with tax cut
Botswana will cut corporate tax by up to 77 percent for investors in a mining town southeast of the capital, the trade and industry minister said on Tuesday, part of a package to attract them to a region hit by the collapse of BCL Mine. BCL Mine was put under provisional liquidation in October last…
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Kenya:Markets regulator gets nod to probe auditors of Uchumi
The High Court has allowed the Capital Markets Authority (CMA) to proceed with investigations of Ernst & Young, which has been accused of helping to cook Uchumi Supermarkets’ books together with the retailer’s former managers. A forensic audit report by KPMG showed that Uchumi’s accounts for financial years 2010 to 2014 and an information memorandum…
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Botswana retailer raids Nakumatt for chief executive
Botswana retailer Choppies has head-hunted a senior Nakumatt Supermarkets manager to serve as chief executive of the struggling Kenyan unit. The Gaborone-based retail giant – which owns 75 per cent of loss-making Ukwala Supermarkets – has hired Vijay Kumar to run the Kenyan business. Mr Vijay previously served as chief financial officer at Nakumatt, a…
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MTN S.A’s CEO to head up Altron
JSE listed Allied Electronics Corporation (Altron) has appointed MTN South Africa’s CEO Mteto Nyati, a respected ICT executive and business leader, as its new Group Chief Executive. Nyati was previously the Chief Executive Officer for MTN South Africa and brings a wealth of experience to the Group. He joined MTN as Group Chief Enterprise Officer in…
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Somalia: Trump Signs New Muslim Travel Ban Excluding Iraq
Donald Trump has signed a revised travel ban that will temporarily halt entry to the US for people from six Muslim-majority nations. Under the Republican president’s order announced on Monday, a 90-day ban on travel to the US will be imposed on citizens of Iran, Libya, Syria, Somalia, Sudan and Yemen. Travellers holding pre-existing visas…
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South Africa’s economy contracts in fourth quarter as mining & manufacturing slip
South Africa’s economy contracted 0.3 percent quarter-on-quarter in the final three months of last year as mining and manufacturing output shrank, the statistics agency said on Tuesday, putting credit ratings at risk. Africa’s most industrialised economy faces the risk of being downgraded to junk status owing to weak economic growth after it got a reprieve…
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Nigeria:Shell shuts Bonga oil field for at least a month
Shell Nigeria Exploration and Production Company (SNEPCo) halted production at Nigeria’s Bonga oil field on March 4 for maintenance that will last at least a month. SNEPCo said in a statement that Bonga, which has the capacity to produce 225,000 barrels per day (bpd) of oil and 150 million standard cubic feet (scf) of gas,…
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Kenya:KenGen sets stage for higher power bills with plea to ERC
Consumers are set to pay more for electricity after power producer KenGen sought the energy regulator’s greenlight to recover costs of maintenance of power plants through higher bills. The State-owned company wants the nod from the Energy Regulatory Commission (ERC) to pass on the tariffs for its hydropower stations following recent upgrades. Maintenance costs refund…
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Nigeria: NNPC, Marketers Under Fire Over N10 Trillion Subsidy Fraud
The Senate has invited officials of the Nigerian National Petroleum Corporation (NNPC), independent marketers, license inspection agency and the Nigeria Ports Authority (NPA) over the alleged N10trillion fuel subsidy fraud. Chairman of the Senate Committee on Petroleum (Downstream) Senator Kabiru Marafa who stated this in press statement said out of the N10trillion, NNPC is to…