Category: INTERNATIONAL
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U.S Avails 1.21billion dollar fund to Tanzania
The government of the United States has announced that it will pump 1.21 billion US dollars to Tanzania, just two months after its foreign aid agency – Millennium Challenge Corporation (MCC), pulled 472 million USD of funding in protest over alleged suppression of democratic rights. US ambassador to Tanzania Mark Childress told President John Magufuli…
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Algeria: Tripartite meeting transition to be marked by revitalization of economic governance
The government will begin, through the new growth economic model, a transition marked by an adaptation of the public and sectoral policies and a revitalization of the economic governance, said the final communiqué of the tripartite meeting, held Sunday in Algiers. “The government will begin a transition in which there will be an adaptation of…
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Nigeria Loses Another N1.3 Billion Daily to Attacks By Niger Delta Avengers
Two oil firms operating in Nigeria say they lose 140,000 barrels of crude daily due to recent attacks on their facilities by militants. The attacks by a militant group, believed to be the Niger Delta Avengers, caused the loss, according to Eni and Aiteo from their oilfields in Bayelsa. At about $48 per barrel, an…
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Nigeria: Buhari Lacks Capacity to Revamp Ailing Nigeria’s Economy – Fayose
Ekiti State Governor, Mr. Ayodele Fayose, has said the parlous state of the nation’s economy will continue throughout the tenure of President Muhammadu Buhari, causing the All Progressives Congress (APC)-led government to fail woefully. Fayose gave this assertion yesterday in his address during the thanksgiving service marking the first anniversary of the fifth assembly of…
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South Africa’s investment grade rating still vulnerable after S&P reprieve
Standard & Poor’s decision to maintain South Africa’s investment grade credit rating has taken some pressure off President Jacob Zuma ahead of elections in August, although analysts said the country is still vulnerable to a downgrade to “junk” status. S&P kept its negative outlook on South Africa’s BBB- rating after a review on Friday, warning…
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Tanzania: Pension Funds Set to Invest in Industrial Sector
As the temperature to industrialise in the country heats up, social security funds are seeing themselves in a position to invest in development of industries as their risks have been mitigated by existing guidelines. The Social Security Regulatory Authority (SSRA) Director General, Ms Irene Isaka, said in a statement that with the existing investment guidelines,…
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KENYA:Kerosene tax increase looms as MPs fight petrol dilution
Parliament has recommended a steep increase in kerosene taxes to eliminate its use in the adulteration of petroleum. The move is bound to hurt poor households that rely on kerosene to cook food and light up their homes. The punitive move was taken after the National Assembly’s Energy committee learnt that Kenya has lost 100…
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MOZAMBIQUE-Russia’s VTB says shared bulk of Mozambique loan with other investors
Russia’s VTB has shared the bulk of its $535 million loan to Mozambique state firm MAM with investors active in that region, the bank said on Sunday. Mozambique Asset Management (MAM) borrowed $535 million from VTB to build shipyards in capital, Maputo, and the northern town of Pemba on hopes of a rapid takeoff in…
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Egypt Receives 4.7 Million Tonnes of Wheat Since Start of Harvest Season – Ministry
Egypt’s government received about 4.7 million tonnes of wheat from local farmers since the beginning of the harvest season in mid-April, the agriculture ministry said on Saturday. Citing the Agriculture Minister Essam Fayed, state-run MENA reported that the supply operations are still ongoing, adding that there is no accumulation of supply in wheat reserve centers.…
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Kenya: Rotich moves to create single collateral register for banks
The Treasury has published a Bill creating a single electronic registry for motor vehicle logbooks and other movable assets used as security for bank loans – aiming to make it easier for borrowers to maximise the use of such collateral. A centralised registry is the government’s answer to the difficulties facing borrowers seeking to realise…