Category: INTERNATIONAL
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Kenya:Fasten your belt, cheaper loans will come at high cost
Before President Uhuru Kenyatta took his chair at State House Nairobi to sign the controversial Bill capping interest rates on Wednesday, he took time to explain to the public why he had taken the unorthodox step of taking Kenya’s financial services sector back to a price controls regime. Commercial banks had only waged propaganda war…
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Egypt: Turkish Airlines to Resume Flights to Sharm El-Sheikh in Sept.
Turkish Airlines has decided to resume its flights to Egypt’s resort city of Sharm el-Sheikh starting September 10, the Turkish embassy in Cairo said on Wednesday. Turkey’s national flag carrier suspended its flights to the Red Sea resort of Sharm el-Sheikh in the wake of the downing of a Russian airliner in the Sinai Peninsula…
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S.A’s Nersa to appeal High Court decision on electricity tariffs
The National Energy Regulator (NERSA) today announced that it will be appealing the North Gauteng High Court judgement delivered on 16 August 2016 regarding NERSA’s earlier decision on the approval of Eskom’s Multi-Year Price Determination (MYPD 3) Regulatory Clearing Account (RCA) for the 2013/14 financial year. The decision under review concerns NERSA’s approval of the…
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China, U.S. still in talks on trade pact despite challenges: Chinese commerce official
China and the United States are still in frequent discussion about a bilateral trade pact, despite a challenging global trade environment, a Chinese commerce official said on Thursday. China is keen to maintain open markets for its goods as its economy grows at its slowest pace in 25 years, but it faces rising trade tensions…
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Nigerian bank execs meet central bank over FX market suspension – sources
Nigerian bank executives met with central bank officials, banking sources told Reuters on Wednesday, a day after the monetary authority suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government. The suspensions from the interbank market were imposed after the banks failed to remit $2.1 billion, the government’s share…
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U.S:Self-driving taxi trial kicks off in Singapore
Self-driving cars and taxis are the buzz of the industry. Everyone seems to be doing it, trying grab headlines with every step forward or new trial phase. But the real deal always seemed to be still years in the future. Now, here in Singapore, you can in fact hop into a driverless taxi and go…
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Middle East:Oil prices fall as Saudi Arabia dampens prospects of output freeze
Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets. International benchmark Brent crude oil prices LCOc1 were trading at $49.46 per barrel at 0658 GMT, down 21 cents…
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U.S:Schooled in the short run, central banks struggle with a long-term role
Schooled in economic thinking that confines monetary policy to the short run, central bankers gathering in Jackson Hole, Wyoming, are grappling with a singular change: whether they can take over as guardians of long-term growth with programs that may stay in place and influence markets for decades to come. The debate, being carried out in…
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Asia stocks wary, dollar slips before Fed Chair Yellen’s speech
Asian stocks were largely steady on Friday, with modest losses in some markets and gains in others reflecting nervousness before a keenly anticipated speech by U.S. Federal Reserve Chair Janet Yellen. European markets are also heading for a flat start, with financial spreadbetter CMC Markets expecting Britain’s FTSE 100 .FTSE and Germany’s DAX .GDAXI to…
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Egypt’s Minister of Supplies Resigns
Egypt’s Minister of Supplies Khaled Hanafi officially announced his resignation on Thursday, amidst probes into domestic wheat corruption. “The experience has proven that accepting any position is no longer an asset or a picnic, especially as some of the issues raised were personal ones,” Hanafi said in a press conference after submitting his resignation to…