Category: INTERNATIONAL
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Egypt: EGP 172 Billion Worth of Investments Achieved in 2015-16 FY – Minister
Planning Minister Ashraf el-Araby said on Saturday 28/5/2016 that investment projects carried out in Egypt in the first half of 2015/16 Fiscal Year (FY) hit 172 billion pounds compared to 142 billion pounds in the same period last year. Addressing a press conference, the minister said the value of investment projects carried out by the…
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Rwanda: Poultry Farmers Urged On Quality Feeds, Hygiene
Poultry farmers have been urged to ensure they give their birds quality feeds and maintain hygiene in the chicken houses to boost production. Dr Christine Kanyandekwe, the head of animal resources department at Rwanda Agriculture Board (RAB) gave the remarks yesterday while opening a three-day workshop on poultry industry in Rwanda. “Statistics show that we…
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Downgrade threat drives SA companies from bond market
As South Africa braces for a credit-rating downgrade, the nation’s companies are finding the bond market an unfriendly place. Corporate bond sales in the second quarter have slumped 15% from a year earlier to R20.8bn, compared with a 10% decline across emerging markets, data compiled by Bloomberg show, as volatility and the threat of a…
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Promoting growth, cutting recurrent spending Kenya’s best bet on budget deficit
Within the next two weeks, Treasury secretary Henry Rotich will read this year’s budget speech. A quick read through the 2016/2017 Budget Policy Statement puts budgeted expenditure for the next financial year at Sh2.05 trillion. This represents an eight per cent growth compared to the current financial year. The same budget policy report says that…
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Moody’s lowers outlook for South African banks to negative
Ratings agency Moody’s on Friday lowered its outlook for the South African banking system to negative from stable, citing deteriorating operating conditions over the next 18 months, sending shares across the sector lower. Africa’s most advanced economy is expected to grow less than 1 percent this year, hobbled by low commodity prices, drought and political…
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Reprieve for Moi era contractor as court orders banks to keep off
The High Court has temporarily stopped receiver managers appointed by the Bank of Africa (BoA), KCB and I&M Bank from interfering with the operations of the collapsed Kundan Singh International—a construction firm that grew and thrived in the Moi era. Justice Charles Kariuki issued the orders following a disputed attempt to withdraw a suit filed…
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Nigeria: One Year After, Buhari Shifts Ground On Key Economic Issues
After refusing to change his mind about some core economic issues since his inauguration a year ago, President Muhammadu Buhari has signalled a readiness to shift his ground. Buhari gave the indication last week during an interview with journalists to mark the first anniversary of his administration. The president said, though, he was still not…
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S.Africa police deny Gordhan inquiry moved to new unit
South Africa’s elite Hawks police unit denied on Sunday a report that an investigation involving Finance Minister Pravin Gordhan, which has helped to weaken the rand, has been transferred to another part of the force. Citing an unnamed source, the City Press newspaper said the police crime intelligence unit had taken over the inquiry into…
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Nigeria: Oil Production Drops to 1.1mbpd After Pipeline Attacks
Recent attacks on oil pipelines by militants in the Niger Delta region caused Nigeria’s crude oil and condensate production to drop by almost 50 per cent from the start of 2016 to around 1.1 million barrels per day (bpd), an official of the Nigerian National Petroleum Corporation (NNPC) has disclosed. Speaking on the heels of…
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South Africa-Huge hike in petrol, diesel prices
The pump price of petrol will rise by 52 cents a litre (c/l) for all grades, while diesel will increase by a whopping 76 c/l, the department of energy announced on Monday. The main reasons for the spike are the continued upward march of international petroleum prices and the weakening rand / US dollar exchange…