Category: INTERNATIONAL
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South Africa’s rand firmer ahead of interest rate decision
South Africa’s rand firmed early on Tuesday, extending gains from the previous session ahead of a central bank policy meeting where the regulator is expected to keep rates on hold over concerns of high inflation and low economic growth. * At 0650 GMT, the rand traded at 13.4350 per dollar, 0.24 percent firmer from its…
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U.S. State Dept approves possible $418 mn military aircraft sale to Kenya
The U.S. State Department has approved a possible $418 million sale to Kenya of aircraft with weapons and related support, a Pentagon agency said on Monday. The Defense Security Cooperation Agency said in a statement the approval was for the possible sale of up to 12 Air Tractor AT-802L planes and two AT-504 trainer aircraft,…
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Nigeria: MTN May Postpone Nigeria Listing to 2018
The MTN Group says it may put off plans to list its Nigerian operation until 2018 as Africa’s largest wireless carrier works to resolve a regulatory dispute and awaits an economic recovery in the continent’s most populous country. Its chairman and acting chief executive officer, Phuthuma Nhleko, gave the indication weekend at the annual meeting…
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Nigeria: Power Generation Drops to 2,662 Megawatts
The Transmission Company of Nigeria, TCN said the nation’s power generation capacity dropped from 3,959 megawatts on January 4 to 2,662 megawatts on January 22. The Nigerian Electricity System Operator, SO, website, a sub agency of TCN, disclosed the figure in its daily forecast on power generation data in Lagos on Sunday. The News Agency…
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Tanzania:Local Economy Impresses IMF
The International Monetary Fund (IMF) Resident Representative in Tanzania, Mr Bhaswar Mukhopadhyay, said yesterday that his organisation is satisfied with the speed of Tanzania’s economic growth and that the country is among the fast growing economies in Africa. Mr Mukhopadhway said IMF expects to witness economic growth in the coming years in collaboration with private…
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Samsung blames batteries for Galaxy Note 7 fires
Samsung is blaming poorly designed and manufactured batteries for the overheating problems that caused some of its Galaxy Note 7 phones to catch fire. “Our investigation, as well as the investigations completed by three independent industry organizations, concluded that batteries were found to be the cause of the Note 7 incidents,” the world’s largest smartphone…
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Japanese Government to Support Irrigation in Uganda
The Japanese Ambassador to Uganda, Mr Kazuaki Kameda, has pledged his government’s support towards promoting irrigation in the country in order to enable Uganda produce adequate food. While commissioning piped water system at Mushumba Primary School in Ryeru Sub-county last week, Mr Kameda said the Japanese government will encourage people to adopt irrigation as way…
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Xiaomi executive Barra, who drove smartphone maker’s global push, steps down
Hugo Barra, the most prominent global executive at China’s Xiaomi Inc [XTC.UL] and the face of the smartphone maker’s global expansion, has left the company citing health concerns and a new role. In a social media post on Monday, Barra, Xiaomi’s vice president in charge of global operations, said he was leaving the company after…
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Oil falls as signs of U.S. output rise overshadows OPEC-led cuts
Oil prices fell one percent on Monday as signs of a strong recovery in U.S. oil drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December. Global benchmark Brent crude prices LCOc1 were down 53 cents to $54.96 a barrel at 1026 GMT, while U.S.…
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European stocks hit three-week low as Trump reality sets in
European stocks and bond yields dropped on Monday and the dollar hit a six-week low after U.S. President Donald Trump began his term in office with a protectionist speech that pushed a nervous market into safe-haven assets. World stocks hit multi-year highs earlier this month on expectations Trump would boost growth and inflation with extraordinary…