Category: INTERNATIONAL
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South Africa- Rising food prices undermine economic growth in southern Africa
A severe drought in southern Africa has triggered a surge in food prices preventing central banks from loosening monetary policy to spur economic growth. Central banks in South Africa, Zambia and Mozambique have been forced to raise interest rates to rein in inflation after the El Nino-induced drought crippled the production of the staple maize…
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Tanzania: Most of Treasury Budget to Service National Debt
Dodoma — Finance and Planning Minister Philip Mpango tabled in the National Assembly yesterday budget estimates for his ministry, asking the House to approve a total of 8.716 trillion/- for the fiscal year 2016/2017, a large chunk of which will be used to service the national debt. Available data indicate that the national debt, comprising domestic…
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In rare compromise, Nigerian emerges as frontrunner for OPEC boss
A Nigerian oil technocrat has emerged as front runner to take the top job at OPEC, with members seeing Mohammed Barkindo as what would be a rare compromise candidate to lead the group amid rising tensions between Saudi Arabia and Iran. Barkindo has been a key face of the Nigerian oil industry for the past…
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Nigeria to hold investor roadshow next week
LAGOS, June 1 (Reuters) – Nigeria will hold a non-deal roadshow in London next week, government sources said on Wednesday, as Africa’s biggest economy explores fund-raising options to finance a record budget deficit widened by the fall in vital oil revenues. Finance Minister Kemi Adeosun and officials from the central bank and debt office will meet…
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Zimbabwe lobbies neighbours on ivory trade, will not burn stocks
Zimbabwe is seeking support from its neighbours to be allowed to engage in international trade in ivory and will not burn its 70 tonnes of ivory stocks as Kenya did last month, the environment minister said on Wednesday. Zimbabwe and Namibia are bidding to open up international trade in elephant ivory, against initiatives led by…
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South African rand firms, Nampak leads stocks lower
South Africa’s rand firmed on Wednesday as the dollar pulled back from a recent rally, but traders said the local unit was likely to tread a narrow range as investors await Friday’s credit rating review from Standard & Poor’s. Stocks were led lower by Nampak, which plummeted after scrapping its dividend to conserve cash, and…
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Egypt Receives U.S.$500 Million As First Batch of Saudi Grant
Egypt’s International Cooperation Minister Sahar Nasr said on Wednesday that the Egyptian government has received $500 million, the first batch of a $2.5 billion grant. The agreement on the grant was reached during King Salman’s visit to Cairo in April with the aim of strengthening Egypt’s economy, the cabinet announced on Thursday. The grant agreement,…
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New Dry Port Opened in Rouiba to Ease Congestion in Algiers Port
New dry port opened Tuesday in Haouch El Bey, Rouiba, in the province of Algiers, to contribute to easing congestion in the port of Algiers, including the traffic of container-carrying trucks. The dry port is part of the national plan for the creation of logistic areas, validated by the State Holdings Council, and which includes…
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Kenya: CBK sets stage for tighter mobile lending regulations
The Central Bank of Kenya (CBK) is conducting a study on the impact of its policies and regulations on lending through mobile phones and the Internet. Though accurate data is not available, the number of mobile money lenders has grown significantly in recent years to the extent the CBK is concerned that the space may…
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Cheap milk from South Africa, Europe hurts Kenyan exports
Kenya’s dairy products are being hurt by cheaper milk on sale in the region from South Africa and Europe, denying local processors a lucrative export market. Kenya Dairy Processors Association chairman Nixon Sigey said the high cost of production in Kenya is making the country’s milk uncompetitive in the export market. A recent study by…