Category: INTERNATIONAL
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S.Africa’s possible slide to “junk” welcomed by yield-hungry investors
While South Africa’s policymakers fear a possible downgrade of the country’s debt rating next week could derail reforms, some fund managers see it as a buying opportunity. Africa’s most industrialised nation has been edging towards losing its investment-grade status due to weak growth, large deficits and political scandals surrounding President Jacob Zuma, including changing two…
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Tanzania: WB Urges Tanzania to Use Technology in Data Collection
The World Bank (WB) has called upon Tanzania to use technology in collecting data as a way of fast-tracking the country’s development. The WB country director for Tanzania, Burundi, Malawi and Somalia, Ms Bella Bird said this when she visited the National Bureau of Statistics (NBS) offices in Dar es Salaam yesterday. WB has been…
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NBK bounces back with Sh334.6m quarter one profit
The National Bank of Kenya (NBK) has bounced back to profitability, posting Sh334.6 million net profit between January and March after closing last year with a shocking after-tax a massive jump in provisions for non-performing loans. The lender, however, reported a 32.4 per cent drop in its first quarter profit from the Sh495 million earned…
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France sends underwater probes to EgyptAir search zone
A French naval vessel was en route to the eastern Mediterranean on Thursday to join the hunt for black boxes from a crashed EgyptAir jet, equipped with three specialist probes from a French company recruited to accelerate the search. France’s BEA air crash investigation agency said French naval survey vessel Laplace had left Corsica earlier…
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Nigerian lawmakers give green light to MTN talks
Nigeria’s House of Representatives said the country’s telecommunications regulator can restart talks with wireless operator MTN Group regarding a $3.9bn fine even as lawmakers continue an investigation into the penalty. The Nigerian Communications Commission (NCC) fined Johannesburg-based MTN in October, and therefore it should lead the negotiations, Saheed Fijabi, chairman of the House of Representatives’…
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Japan ATM heist prompts call for vigilance from South Africa c.bankfr
The theft of $13 million from ATMs in Japan using counterfeit cards from South African lender Standard Bank prompted a call for vigilance from South Africa’s central bank on Wednesday. Thieves made 14,000 withdrawals in just three hours – 78 a minute – from bank machines at 7-Eleven convenience stores across Japan, according to a source…
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Algeria-Qatar Business Meeting By End of 2016
A meeting between Algerian and Qatari businessmen will be held in Algiers by the end of 2016, on the sidelines of the 6th session of Algeria-Qatar High Joint Commission, announced Wednesday in Doha Minister of Industry and Mining Abdesselam Bouchouareb. In a statement to the press at the end of his discussions with Vice Chairman…
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Nigeria: Revenue Drops Again As Federal, States, Others Share N281.5 Billion for April
Revenue allocation to federal, states and local governments dropped by 6.09 per cent as the three tiers of government shared a total of N281.5 billion for the April. Minister of Finance, Kemi Adeosun, said at the end of the federation accounts allocation committee meeting on Wednesday in Abuja that net allocation for the month was…
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Nigeria Misses Out in Revenue As Oil Hits 2016 High
Oil price went up by more than one percent yesterday, nearing $50 a barrel, but Nigeria will receive less from the 2016 boom due to the lower production in recent times. Reuters said the price of Brent crude Wednesday was up 76 cents, or 1.6 percent, at $49.39 a barrel in late afternoon trading on…
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Toyota invests $390 million to expand production at South African car plant
Japanese automaker Toyota has invested 6.1 billion rand ($390 million) to expand the production of its Hilux and Fortuner models in South Africa, its country CEO said on Wednesday. Toyota South Africa said it aims to increase output at the plant, which expects to hit full production in June, by 20,000 units a year and…