Category: INTERNATIONAL
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Mozambique heads for default after missing loan repayment deadline
Mozambique was heading toward a default on Monday after the government failed to honour a sovereign guarantee behind a $535 million loan taken out by a state-run company to build shipyards that have not materialised, a Finance Ministry source said. The repayment crisis in what was once one of the continent’s brightest economic prospects is…
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Tanzania: Bank M, Rotary Club to Raise 1 Billion- for Teaching Hospital
BANK M has partnered with Rotary Dar Marathon in a bid to raise over 1.0bn- for construction of a teaching hospital in the city. The marathon, organised by seven Rotary Clubs in Dar es Salaam, staged to take off in the last quarter of this year–during Nyerere Day, expects to draw 15,000 marathoners. The marathoners…
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Tanzania: CRDB Sits On 7 Billion – Shareholders Money
CRDB Bank is sitting on 7.0bn/- worth of uncollected dividends of its shareholders which accumulated in the last 20 years. The bank has called its shareholders to collect their dividends especially those using cheques payment system, where a number of unclaimed reached 60 per cent or change mode of payments. The largest bank in the…
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South Africa’s rand gains after police say have no plans to arrest finmin
South Africa’s rand strengthened early on Monday after the police said they had no plans to arrest Finance Minister Pravin Gordhan over his role in the formation of a surveillance unit within the revenue service. At 0700 GMT the rand had edged 0.2 percent firmer to 15.6050 per dollar. Bonds were also firmer in early…
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Malawi: Tanzanian Boat Sinks On Lake Malawi, 12 Passengers Feared Dead
At least 12 people are feared dead after a Tanzanian boat that was sailing from Mbamba Bay in Tanzania to Nkhata Bay in Malawi sunk on Lake Malawi in the dawn hours of Saturday. Confirming the sad news to Malawi News Agency (MANA), outgoing Assistant Surveyor of Vessels responsible for Likoma Island and Nkhata Bay,…
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South Africa: NPA to Appeal the Spy Tapes Ruling
Speaking to a full auditorium on Monday at the NPA’s Pretoria headquarters, Abrahams said the recent judgment from the North Gauteng High Court, which overturned former NPA boss Moketedi Mpshe’s decision to drop charges of fraud, racketeering and corruption, must be tested on appeal as it has far-reaching implications for the prosecuting authority. He claimed…
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Nigeria: Account for N30 Trillion 2011-2014 Revenue, Court Tells Okonjo-Iweala
A Federal High Court sitting in Lagos has ordered former Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Federal Government to give account of how N30 trillion that accrued to government during the last four years of the former President Goodluck Jonathan’s administration was managed. In his ruling, the presiding judge, Justice Ibrahim Buba said…
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Nigeria: State Uncovers Fresh N2.23 Trillion Fraud in NNPC
The Nigeria oil and gas as well as the solid minerals sectors Nigerian Extractive Industries Transparency Initiative NEITI audit report for 2013 has been published. The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows…
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Nigeria: ‘Govt Will Reset Economy to Tackle Negative GDP Growth Rate’
As the latest statistics indicated that the nation’s real Gross Domestic Product (GDP) growth rate from 2.11 per cent in the fourth quarter (Q4) of 2015 to -0.36 per cent in the first quarter (Q1 2016), the federal government is to review and analyse the latest growth data for underlying issues it may not have…
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Tanzania to begin building $3 bln fertiliser plant this year
Tanzania said on Friday it plans to start building a $3 billion fertiliser factory in partnership with a consortium of investors from Germany, Denmark and Pakistan this year. “The factory will use natural gas to manufacture fertiliser and will be built in joint venture with a group of investors,” the president’s office said in a…