Category: INTERNATIONAL
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South Africa’s net reserves rise to $40.826 billion in June
South Africa’s net gold and foreign exchange reserves rose to $40.826 billion in June from $40.48 billion in May, Reserve Bank data showed on Thursday. Gross reserves rose to $46.366 billion from $46.081 billion previously, the central bank said. The forward position, which represents the central bank’s unsettled or swap transactions, edged down to $1.616…
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Morocco: HM the King Chairs Launching Ceremony of New Investment Reform Plan, Signing of Several Agreements & Investment Contracts
HM King Mohammed VI chaired, on Monday at the Royal Palace in Casablanca, the launching ceremony of a new investment reform plan and the signing ceremony of several agreements and investment contracts. At the beginning of this ceremony, Minister of Industry, Trade, Investment and Digital Economy, Moulay Hafid Elalamy, presented before HM the King the…
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Nigerian President replaces NNPC’s Managing Director
Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC as part of a wider board overhaul. Oil accounts for about 70 percent of Nigeria’ revenue, but the OPEC member has been hit hard by a prolonged drop in crude prices that has caused the…
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Zimbabwe:Businesses shut down as protests darken Harare
Darkness hung over Harare’s central business district, which looked dark and abandoned by 19:00 on Wednesday after Pick n Pay, OK Zimbabwe, Chicken Inn and Nando’s outlets closed down at 18:00. These were the few businesses that were open on Wednesday as protests called to raise public disgruntlement over corruption, delayed salaries for civil servants…
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Tanzania: Over 1.7 Million Mobile IDs Blocked
A total of 1,713,337 invalid mobile phone identity numbers (IMEIs) were switched off on June 16 by the Tanzania Communications Regulatory Authority (TCRA). TCRA acting Director General James Kilaba told reporters yesterday that 117,389 of the IMEIs were duplicate. Preliminary estimates indicated that at least 600,000 mobile phone handsets were fake, but yesterday TCRA officials…
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Kenya:First Assurance MD out after Barclays deal
Long-serving managing director of First Assurance Stephen Githiga has left the company after Johannesburg-based Barclays Africa acquired a controlling stake in the insurer. Barclays Africa bought 63.3 per cent shares of the insurance firm last September for about Sh2.9 billion but had retained Mr Githiga as the CEO of the new subsidiary. Mr Githiga’s departure…
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Egypt’s Budget Deficit Exceeds 11 PCT Between Jul 2015 – May 2016
Egypt’s budget deficit soared to EGP 311 billion (around $25 billion) during the period between July 2015 and May 2016, constituting 11.2 per cent of the Gross Domestic Product (GDP). In its monthly report, the Ministry of Finance said on Monday the budget deficit during the same period of the fiscal year 2014/2015 amounted to…
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Nigeria: Only PDP Can Solve Nigeria’s Economic Problems – Gov Emmanuel
The Akwa Ibom State Governor, Udom Emmanuel, has said that the Peoples Democratic Party, PDP, remains the only party capable of taking Nigeria out of its present economic situation. Mr. Emmanuel said this on Tuesday, in Benin, during the official flag-off of the campaign for the Edo State PDP governorship flag bearer, Osagie Ize-Iyamu, ahead…
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Tanzania: Sh4.3 Billion for Female Engineers
The Norwegian government will provide Sh4.3 billion over the next five years to support professional development of 150 female engineers. Deputy Minister for Works Edwin Ngonyani said: “This is the second support from the Norwegian government for professional development of female graduate engineers. The last support was provided in 2010, when the Norwegian government disbursed…
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Nigeria’s oil minister replaced as state oil company boss
Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC as part of a wider board overhaul. Oil accounts for about 70 percent of Nigeria’ revenue, but the OPEC member has been hit hard by a prolonged drop in crude prices that has caused the…