Category: INTERNATIONAL
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South Africa inflation drops below target first time in 15 years
South Africa’s inflation rate dropped below the central bank’s target range for the first time in 15 year in May due to lower fuel prices Consumer prices rose 2.1% from a year earlier compared with 3% in April, the Pretoria-based Statistics South Africa said Wednesday in a statement on its website. That’s the lowest since…
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Why refined products standard is critical to Africa
A move by the African Refiners & Distributors Association (ARA), and the African Union (AU), to ensure common standard for the importation and refining of petroleum products on the continent remains critical to trade, environment and the economy of the region, stakeholders said, Wednesday. Under the plan, Africa is expected to adopt harmonized AFRI Clean…
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African leaders urged to ensure AfCFTA implementation in 2021 1st quarter
African countries that have ratified the Africa Continental Free Trade Area (AfCFTA), have been challenged to take advantage of the next commencement date for the implementation of the AfCFTA, and ensure its implementation. This follows the postponement of the commencement of the implementation from July this year to the first quarter of 2021, due to…
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Sub-Saharan Africa’s economy to shrink by 3.2% in 2020 – IMF
Data released by the International Monetary Fund, IMF, in a revised Regional Economic Outlook (REO) forecast for 2020 indicates that countries within Sub Saharan Africa will suffer a significant shrink due to depressed economic activity, a negative outcome of the novel Coronavirus pandemic. According to the IMF, earlier anticipated impact could worsen in Sub Saharan…
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Pizza Hut and Wendy’s Operator NPC file for bankruptcy
NPC International Inc., the largest franchisee of Pizza Hut restaurants in the U.S., filed for bankruptcy after coronavirus-related shutdowns added to competitive pressures in the restaurant industry. According to Bloomberg, the closely held company sought Chapter 11 protection in the Southern District of Texas court on Wednesday. NPC opened its first Pizza Hut restaurant in…
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Largest aircraft manufacturer Airbus, cuts 15,000 jobs as COVID hits aviation hard
Airbus is to cut 15,000 jobs as it faces “the gravest crisis this sector has ever experienced”. The world’s largest manufacturer of aircraft is just one of a many companies to announce drastic cuts as the airline industry attempts to survive amid the coronavirus crisis, which brought much of the world’s air travel to a…
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Netflix hires Bozoma Saint John as 1st black C-Suite executive Marketing Chief
Netflix Inc. has named Bozoma Saint John as its new chief marketing officer, making her the first Black woman to join the online TV giant’s group of top executives. Saint John joins Netflix from entertainment and sports company Endeavor, and has previously worked at Apple Inc. and Uber Technologies Inc. She will report to Ted…
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Zuckerberg loses $7 billion as firms boycott facebook ads
Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network. Shares of the social media company fell 8.3% on Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network. Unilever said it would…
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Tanzanian miner becomes overnight millionaire
A small-scale miner in Tanzania has become an overnight millionaire after selling two rough Tanzanite stones – the biggest ever find in the country. This is according to the BBC. Saniniu Laizer earned £2.4m ($3.4m) from the country’s mining ministry for the gemstones, which had a combined weight of 15kg (33 lb). “There will be…
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China to exempt some African countries from repaying specific loans – Prez. Xi Jingping hints
China’s President, Xi Jingping has announced that China will exempt some African countries from repaying zero-interest rate loans due at the end of 2020, according to Reuters News agency. Speaking at the China-Africa Summit, President Xi Jingping stated that, under the framework of the China-Africa cooperation forum, China will further extend loan payment forbearance for…