Category: Africa
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Egypt’s Unemployment Rate Eases Slightly to 12.4 Per Cent – Capmas
Egypt’s unemployment rate eased slightly in the fourth quarter of 2016 to 12.4 per cent from 12.6 per cent in the third quarter, state statistics agency said on Wednesday. The unemployment rate also declined from the 12.8 per cent recorded in the same period of 2015. According to a statement by the Central Agency for…
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Nigeria: Diezani Loses N34 Billion to Govt
A federal judge in Lagos yesterday ruled the sum of $153 million (N34 billion) linked to a former Petroleum Minister Mrs Diezani Allison-Madueke be forfeited to the Federal Government. Justice Muslim Sule Hassan of Federal High Court ruled in favour of the anti-graft agency, the EFCC, which last month filed a forfeiture request. It alleged…
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Kenya:Factory price of sugar drops, still high in shops
The factory price of sugar has dropped by Sh600 per 50kg bag in the last one month on lower demand but the decline is yet to reflect on prices in shops, which remain high at Sh145 per kilo. Kenya was hit by a shortage of sugarcane mid last year, pushing the price of a kilo…
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Nigeria: Governors Slam Forex Policy As Naira Falls – Demand Urgent Review
Worried by the continued widening gap between the inter-bank foreign exchange and parallel market rates, the National Economic Council, NEC, on Thursday demanded the immediate review of the current foreign exchange policy by the Central Bank of Nigeria. Nasarawa State Governor, Tanko Al Makura, who briefed journalists at the end of the meeting in Abuja…
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Nigeria yet to decide how much it wants to borrow from the World Bank
Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this…
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Kenya:CA sparks storm with plan to spy on users of mobile telephones
The acquisition of a snooping device by the telecoms sector regulator, the CA, has sparked an industry storm that is expected to persist in coming months as the country goes to the polls. The device, which can collect text, voice and identity data from devices is facing strong opposition from consumer rights protection groups and…
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S.A:Is a 2% VAT increase necessary in South Africa?
While higher taxes on corporates and the super-rich may be popular ideas, they could in fact be detrimental to the economy. Consumers may still be treasury’s best hope. It is no secret that Treasury is under substantial pressure to find a way of bringing in the necessary funds. Tax Consultant for Mazars, Tertius Troost says…
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Ethiopian is 11th best airline in the world that keeps to time
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Africa’s largest airline group, Ethiopian Airlines, has been ranked the 11th airline company in the world to have been on time for its flights in the month of January 2017. This is according to FlightStats, the leading provider of real-time global flight data to companies and individuals across the travel ecosystem. Of the almost 8,000…
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Egypt’s Finance Minister Says Inflation Yet to Reach Its Peak
Egypt’s finance minister Amr al-Garhy said inflation is expected to continue rising, reaching its peak sometime in the first quarter of the year, as a result of supply shocks following the pound flotation and the increase in fuel prices. Egypt’s official statistics agency said on Saturday that the annual urban consumer price inflation jumped to…
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S.A’s Budget 2017: Greater than the sum of its parts
Finance Minister, Pravin Gordhan and the National Treasury, have their work cut out for them in the 2017/18 financial year. The economic stewards of our country will be working to reduce the budget deficit, and promote stronger gross domestic product (GDP) growth, while simultaneously providing the resources for a far-reaching social grant and service delivery…