Category: INTERNATIONAL
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S.A’s Capitec Bank says media sensationalising Summit court case
The CEO of South Africa’s Capitec Bank, Gerrie Fourie, has spoken out on the ongoing court case that Summit Financial Partners has filed against the bank, saying the media is sensationalising the matter with incorrect facts. Speaking at Capitec’s annual general meeting on Friday, Fourie said the bank was adhering to bank rating methodology by…
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S.Africa’s Tongaat Hulett posts fall in FY profit on low sugar output
South Africa’s Tongaat Hulett Ltd said on Monday its full-year profit fell 18 percent, in line with its estimate, on weak sugar prices and low production as a result of severe drought. The sugar producer said headline earnings per share – which strips off certain one-off items – was 678 cents compared with 826 cents…
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Higher power bills loom as KenGen seeks to raise tariffs
Power producer KenGen is seeking to increase the prices at which it sells hydropower to Kenya Power, setting the stage for higher electricity bills for homes and businesses. KenGen has sought approval from the Energy Regulatory Commission (ERC) to raise the tariffs for its major hydropower plants with an installed capacity of 765 Megawatts (MW)…
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Tanzania Faces 900,000-Tonne Wheat Demand-Harvest Deficit
A senior Seeds Researcher and Country Coordinator of Strengthening Agriculture Research and Development (SARD) project, Dr Rose Mongi, has affirmed that despite the sizeable arable land for growing wheat in the country, yet farmers harvest 100,000 tonnes of wheat while actual demand stands at 1,000,000 tonnes yearly. Dr Mongi further said that due to poor…
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South African wheat prices hit record high on import tariffs
South African wheat prices hit an all time high on Thursday as the market reacted to an expected 30 percent hike in import tariffs due to a weak rand and falling global prices. Africa’s most industrialised economy is set to increase the tariff to 1,591.40 rand ($102.58) from 1,224.30 rand currently, according to a notice…
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Tunisia: China, Tunisia Pledge to Boost Cooperation in Trade, Infrastructure
Chinese Foreign Minister Wang Yi said Friday China is ready to strengthen cooperation with Tunisia in such areas as infrastructure and industrial capacity, as well as expand two-way trade and investment. Wang said this during his official visit to Tunisia, which comes after the 7th ministerial conference of the China-Arab States Cooperation Forum (CASCF) held…
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Nigeria: Oil Companies Owe Govt U.S.$2 Billion – Reps
The House of Representatives has stated that oil companies granted mining and oil prospecting lease in the country are indebted to the federal government to the tune of $2billion. This was disclosed yesterday by the ad hoc committee investigating all oil prospecting licences (OPLs) and Oil Mining Leases (OMLs) granted by the federal government. Chairman…
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Zimbabwe: Botswana Says Zimbabwe Failing to Pay P1.4 Million (U.S.$90,000) Debt
ZIMBABWE has failed to pay a P1.4million (about) US$90,000 debt owed to Botswana since 2011, Parliamentarians in the neighbouring country heard this week. Struggling with a crippled economy and a mountain of foreign debt said to be more than US$10billion, the Botswana obligation looks like small beans but some parliamentarians in the neighbouring country begged…
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Nigerian leaders warn against crackdown in Delta as Chevron attacked
Chevron’s onshore operations in Nigeria’s Niger Delta have been shut by a militant attack at its Escravos terminal, sources said on Thursday, and local leaders said military confrontation would not end the violence. A militant group called the Niger Delta Avengers, which has told oil firms to leave the Delta before the end of May,…
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Top firms weather 2015 storm to pay Sh87bn dividends
Top Nairobi Securities Exchange (NSE)-listed firms defied last year’s harsh economic environment to grow their total dividend payout by a tenth to Sh83.7 billion — keeping company ownership on the list of the most rewarding investment options in Kenya. Market data show that the 20 biggest public listed firms, by market capitalisation, increased their dividend…