Category: INTERNATIONAL
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Kenya detains AU diplomat over Sh3.6 million hotel debt
Kenyan authorities have detained an African Union (AU) diplomat for non-settlement of Sh3.6 million incurred during a 2012 conference he organised at Nairobi’s Laico Regency Hotel. Omar Faruk Osman, a Somali national, was arrested last week at Nairobi’s Jomo Kenyatta International Airport while travelling to Morocco, following complaints by local tours and travel firm Pinnacle…
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Kenya-Equity Bank’s first quarter net profit up 20pc to Sh5.1 billion
Equity Bank Group has reported a 20 per cent growth in profits for the first quarter of the year driven by rise in interest income. The bank announced an after-tax profit of Sh5.1 billion in the three months to March 2016 compared to Sh4.2 billion posted in a similar period last year. “The Group profit…
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Angola needs $29 bln for energy, water projects: minister
Cash-strapped Angola, which is in talks for International Monetary Fund assistance as it grapples with low global prices for crude said on Monday it needed $29 billion for energy and water projects to meet development targets by 2025. “If we don’t build this infrastructure, nothing will be developed,” water and energy minister Joao Baptista Borges…
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Nigerian oil output falls towards 22-year low as violence spreads
A series of attacks on Nigeria’s oil infrastructure has pushed its output of crude close to a 22-year low, Reuters data shows, putting intense pressure on the country’s finances. Shell workers at Nigeria’s Bonga oilfield in the southern Niger Delta were evacuated following a militant threat, a senior labour union official said on Monday, while…
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South Africa targets 80 percent mobile broadband coverage by 2019
South Africa aims to double its mobile broadband coverage to 80 percent of the population by 2019, the telecoms minister said on Tuesday, adding that the government wanted to reduce the high cost of communications. According to a World Bank report released in February, South Africans paid around $14.10 for one gigabyte of data, the…
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Guinea: IMF Staff Completes 2016 Article IV Mission to Guinea
document Press Release No. 16/198 May 5, 2016 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary…
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SA gold mines get stable outlook from S&P’s
Standard & Poor’s on Monday revised their outlook from negative to stable for miners AngloGold Ashanti and Gold Fields. In two seperate statements, the ratings agency affirmed the miners’ ‘BB+’ long-term and ‘B’ short-term corporate credit ratings and the ‘zaA’ long-term and ‘zaA-2’ short-term national scale ratings. “In addition, we affirmed our issue ratings on…
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Tanzania: Business, Leadership Bill Mooted
The government, through the Ethics Secretariat that administers ethical conduct of public leaders, plans to table a Bill in parliament that seeks to separate Business and Public Leadership, the National Assembly Speaker, Mr Job Ndugai, has said. Mr Ndugai also pointed out that the strain on the public to contribute to various events, including paying…
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Nigeria: Power Firms Begin Nationwide Disconnections
The 11 electricity distribution companies (Discos) have announced plans to begin a nationwide disconnection of historical debtors made up mainly of government ministries, departments and agencies (MDAs) whose collective debts now stand in excess of N78 billion by the end of April, this year. This was disclosed at the weekend in Abuja by the executive…
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Egypt, Russia Discuss Boosting Economic Cooperation
International Cooperation Minister Sahar Nasr met with Russian Ambassador to Egypt Sergei Kerbachenko on Thursday 5 May 2016 to discuss economic cooperation between the two countries. Present at the meeting was Egyptian Trade Minister Tarek Qabil. During the meeting, Nasr reviewed the latest developments concerning the agreements to establish Dabaa nuclear power plant as well…