Category: INTERNATIONAL
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Nigeria: Why Court Cancelled Buhari Govt’s 45 Percent Electricity Tariff Hike
A Federal High Court in Lagos, Wednesday, declared illegal the upward review of electricity tariff by the National Electricity Regulation Commission. In a landmark judgment delivered by Justice Ibrahim Idris, the court ordered the reversal and restrained NERC from further increasing the tariff except in strict compliance to the provisions of the Electricity Power Sector…
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Kenya:New vehicle sales drop 29.1pc on tax rise, low demand
New vehicle sales dropped 29.1 per cent in the first half of the year in what dealers attributed to increased taxes which made them more expensive and subdued demand. Data from the Kenya Motor Industry Association (KMI) shows that sales in the period stood at 7,154 units compared to 10,009 a year earlier. The sales…
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S.A:Rand firms 1% on rising risk appetite
The rand strengthened 1% on Thursday on expectations that the Bank of England could cut interest rates, lifting demand for higher yielding assets. “Risk sentiment remains positive and the expectation that the Bank of England will introduce some form of monetary easing later today could see the rand strengthening even further,” ETM market analyst Ricardo…
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Cameroon: Moves to Curb Forest Loss Linked to Chinese Investment
A new association set up for Chinese firms exploiting Cameroon’s forests aims to help them work within the law A rise in Chinese companies operating in Cameroon’s timber sector, combined with weak law enforcement, have fuelled a surge in illegal logging that is fast depleting the nation’s forests, experts warn. But the government is hoping…
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Egypt: Industrial Production Value Drops By 2.9 Per Cent – State Statistics Agency
Egypt’s industrial production value dropped by 2.9 per cent to reach EGP 144.1 billion in the 2014/15 fiscal year, compared to EGP 148.4 billion in the previous year, the official statistics agency said. The drop is due to a decline in the value of industrial production of some economic activities as food production industry and…
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Kenya:IMF warns of Treasury’s Sh313bn undisclosed Power debt risk
The Treasury is carrying a heavy load of undisclosed debt in the form of power sector guarantees made in the past 10 years, the International Monetary Fund (IMF) has warned in its latest assessment of the shape of Kenya’s public finance. The guarantees totalling Sh313 billion, which the IMF has flagged in its latest report…
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South Africa probes possible insider trading at Discovery
South African regulators are investigating possible insider trading at Discovery after shares fell sharply the day before a downbeat trading update in February, the insurer said on Wednesday. Discovery shares fell 5.5 percent on Feb. 16, a day before South Africa’s biggest health insurer said it expected a fall of as much as 55 percent…
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Kenyan cargo firms stop South Sudan operations over security concerns
The military clash in South Sudan has hit a number of Kenya-based cargo firms, forcing them to suspend their operations to the world’s youngest nation. A day after the national carrier Kenya Airways announced cancellation of its flights to Juba, Astral Aviation and Siginon have both suspended their operations to South Sudan citing concerns over…
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Rwanda: Construction Sector, Hotels Top Tax Evaders, Says RRA
Construction and hospitality sectors have been ranked worst performers in Rwanda Revenue Authority (RRA) tax compliance survey. Speaking at a news conference in Kigali, yesterday, RRA commissioner-general Richard Tusabe attributed the poor performance to “the prevailing culture of informal employment that leads to tax evasion through non-payment of Pay As You Earn (PAYE) tax. The…
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Egypt: China, Egypt Sign 18 Agreements for Electricity, Transport, Industry Projects
Egypt’s trade ministry said on Monday that the country has signed a cooperation agreement with China to study and implement 18 projects with Chinese financial support. The agreement was made during a joint meeting of the Chinese-Egypt Ministerial Committee, held in Beijing. Egypt’s President Abdel Fattah al-Sisi is set to participate in the G20 summit…