Category: INTERNATIONAL
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Nigeria: ‘Economy Earned 97% of Its Tourism Revenue From Domestic Travel’
Nigeria generated 97% of its tourism revenue from domestic travel in 2016 while foreign travel accounted for 3% during the year in view, the Nigerian hospitality report 2017 launched by Jumia Travel, has said. Kushal Dutta, MD of Jumia Travel Nigeria ,who stated this while assessing the content of this year’s report at a press…
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Nigeria: Govt Seeks Senate’s Nod to Obtain U.S.$6.1 Billion Loan for Rail Projects
The Minister of Transportation, Rotimi Amaechi has urged the Senate to approve $6.1billion loan from China Exim Bank for the construction of Calabar-Port Harcourt, Lagos-Ibadan, Lagos-Kano rail and Lagos to Kaduna railway. The credit facility forms part of the $30billion loan the Presidency was seeking the National Assembly approval to fund critical infrastructure. Amaechi, who…
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South Africa’s Mondi names Peter Oswald as CEO
South Africa’s Mondi picked insider Peter Oswald as its next chief executive on Wednesday, giving him the challenge of growing its packaging business to offset slowing growth demand for paper. Oswald, a 26-year Mondi veteran who heads its European and international unit, will replace David Hathorn, who is retiring after nearly three decades with the…
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Kenya:Bankers link slower rise in house prices to interest rate caps
House prices rose at a slower rate in the final quarter of 2016 compared to the preceding period due to an economic slowdown and a decline in sales in the wake of poor credit uptake. The Kenya Bankers Association (KBA) housing price index shows house prices rose by 1.58 percent compared to the third quarter’s…
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Kenya:CBK issues banks April deadline to hand in fresh business plans
Central Bank of Kenya (CBK) has directed lenders to provide comprehensive reports of their revised business models by April as it sets in motion a risk-based approach to banking regulation. The CBK had issued a circular back in November informing lenders that they would be required to hold capital consistent with their risk profiles and…
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India’s business confidence dips to one-year low on demonetization drive
Business confidence in India has slipped to a one-year low due to the demonetization drive introduced by Prime Minister Narendra Modi in November, according to a survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI). The survey, conducted between December 2016 and January 2017, showed the country’s Overall Business Confidence Index…
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Liberia: Monrovia Shuts Down – Mass Protest Over Economy Begins
Central Monrovia, Paynesville and their environs are unusually empty this Tuesday Morning. Marketers and local business owners have decided to close their stores and refrain from selling in a show to bring government’s attention to rising inflation and increment in tariffs and taxes which they say is killing their businesses and making life difficult. “Enough…
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Nigeria: Global Oil Output Falls By 1.07 Million Bpd in January
Following the supply cut deal by the Organisation of Petroleum Exporting Countries, OPEC, oil output of member-states is set to fall by more than 1 million barrels per day (bpd) in January. According to the report of a Reuters survey released Tuesday, the fall points to a strong start by the group in implementing its…
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Uchumi share price falls as it sinks Sh2bn deeper in the red
Retail chain Uchumi sank Sh2 billion deeper into the negative equity position, according to the belated 2016 financial results that were released late Monday, even as its auditors warned that the insolvency could be worse because the values of some assets are doubtful. The erosion of Uchumi’s balance sheet and core retail business means the…
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Kenya:Comesa plans regulatory agency for take off into shared airspace
Member states of the Common Market for Eastern and Southern Africa (Comesa) have agreed to set up a regulatory agency for the aviation industry, inching closer to forming a seamless airspace. Eastern and Southern Africa Aviation Agency, which has to be approved by the Comesa Secretariat, will co-ordinate the implementation of a seamless airspace within…