Category: INTERNATIONAL
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AfDB, Malawi Ink U.S. $1-Million Humanitarian Assistance Grant Agreement
The African Development Bank and the Government of the Republic of Malawi signed a grant agreement for a humanitarian emergency assistance to mitigate the effects of the 2015 floods and El Niño in 2016. The signing ceremony was hosted by Kapil Kapoor, AfDB Acting Vice-President, Sector Operations, during the institution’s Annual Meetings held in Lusaka,…
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Kenya- Total in Sh40bn bid to buy Indian tycoon Ambani’s petroleum firm
French oil firm Total Outre Mer has struck a multi-billion shilling deal to buy Kenya’s largest petroleum importer, Gulf Africa Corporation, marking the exit of Indian tycoon Mukesh Ambani from the local fuel market. Gulf Africa Petroleum Corporation, which trades as Gapco, has operations in Kenya, Uganda and Tanzania and is 76 per cent owned…
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Kenya: French oil giant Total to finalise takeover of Gapco ‘in months’
French oil giant Total Outre Mer has set a target to conclude the takeover of Kenya’s largest petroleum importer, Gulf Africa Corporation, in the “coming months”. Total Outre Mer, which owns 92.2 per cent of Total Kenya, Tuesday announced that minority shareholders as well as India’s Reliance Industries — which owns 76 per cent of…
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Nigeria’s Buhari to visit restive Niger Delta region this week
Nigeria’s President Muhammadu Buhari will on Thursday visit the Niger Delta region, rocked by attacks on oil and gas facilities, for the first time since taking office a year ago, an official said on Monday. The visit was announced as the Niger Delta Avengers militant group, which has claimed a string of recent attacks, issued…
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S.Africa economy is in a static position: GIBS report
The GIBS Dynamic Markets Index (DMI) has released a report that sees Africa’s most industrialised economy, South Africa, in a static position during the period of study, 2007 and 2014. The DMI is a tool that measures the performance and progressive change of the institutional structure and economic capabilities of countries. The DMI measures which…
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Egyptian Traders Keen to Invest in Tanzania
Egyptian investors have shown interest of investing into the country after being attracted with lucrative opportunities and government reforms that have significantly improved the business climate. Export Processing Zones Authority (EPZA) Manager for Investment Opportunities, Ms Grace Lemunge, told the ‘Daily News’ here yesterday that they were in discussion with some potential investors who took part…
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Palestinian Agriculture Minister Proud of Algeria’s Agricultural Achievements
Palestinian Agriculture minister Sofiane Sultane expressed Monday in Tipasa stressed that he is proud of “genuine development” achieved by the Agriculture sector in Algeria. In a statement to the press on the sidelines of his visit to a private pilot farm for dairy cattle breeding in Sidi Rached (Tipasa), the Palestinian minister stated that “he…
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Kenya: Banks launch firm to take on M-Pesa’s mobile cash dominance
Commercial banks have set in motion plans to set up a mobile money transfer platform, taking the battle for the fast-growing transaction revenues to the doorsteps of telecoms operator Safaricom’s M-pesa. The Kenya Bankers Association (KBA) yesterday unveiled Integrated Payments Service Limited (IPSL) — the company that will facilitate direct transfer of money between banks…
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Uganda: Revenue Authority Lists Tax Defaulters
Uganda Revenue Authority (URA) has named 47 businesses and their guarantors that have consistently evaded payment of their tax obligations. The tax body has given the listed firms an ultimatum of up to tomorrow (June 2) to clear the tax arrears or the authority commences what it termed as “alternative vigorous enforcement.” “Uganda Revenue Authority…
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Rand steadies as traders await rating review
The rand was steady on Tuesday, recouping the previous session’s losses against the dollar as investors held off any major moves ahead of trade data locally and a raft of crucial offshore data later in the week. Stocks were due to open slightly firmer, with the Top 40 futures index up 0.3%. Government bonds inched…