Category: INTERNATIONAL
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Zimbabwe: Retailers Lobby for Imported Clothes Ban
LOCAL clothing retailers are lobbying Government to impose a ban on finished clothes, saying the influx of imports, mainly from Asian countries were hurting their operations. Industry players told The Herald Business they were facing unfair competition from imported products mainly from China and Dubai. Retailers such as Edgars and Power Sales are also importing…
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Mali reduces forecast for 2016/17 cotton harvest
Mali has cut its cotton production forecast for the 2016/17 season to 650,000 tonnes from a previous estimate of 750,000 to 800,000 tonnes, the Malian Company for the Development of Textiles said on Monday, without giving a reason for the reduction. The cotton season opened last month in West Africa’s biggest cotton producer, where last…
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Nigeria’s vice president says $15 bln stolen in arms procurement fraud
Around $15 billion – equal to about half the country’s foreign currency reserves – was stolen from Nigeria’s public purse under the previous government through fraudulent arms procurement deals, the vice president said on Monday. Africa’s top oil exporter is going through its worst economic crisis in decades due to the drop in global crude…
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Starbucks to pump R130m in South Africa
Starbucks Corp. will invest R130m ($9.13m) in South Africa over the next two years as the company starts its expansion in the continent’s most developed economy. The world’s largest coffee-shop chain has been focused on adding locations in emerging markets, including China and India. The moves come as same-store sales gains shrink in Starbucks’ Americas…
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SA’s mines dispute takes a twist
South Africa’s state-owned financier of black ownership deals wants to take part in a legal dispute between the government and a group representing mining companies over a law on black holdings in the industry. The request by the National Empowerment Fund comes after the Chamber of Mines asked the North Gauteng High Court in Pretoria…
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Kenya Airways says cancels all but two flights due to pilots’ strike
Kenya Airways said on Thursday it was cancelling all but two of its evening flights operating until 2300 GMT after a pilots’ strike that led to 10 cancellations earlier in the day. “We are still consulting and negotiating with our pilot fraternity that is a vital part of our business and we hope to have…
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Kenya’s oil pipeline dreams set for 2021
Kenya will start a search this week for companies to design a crude oil export pipeline costing some $2.1 billion and which should be completed by 2021, Energy and Petroleum Minister Charles Keter said on Friday. Tullow Oil and partner Africa Oil first struck oil in Lokichar in northwest Kenya in 2012 and Keter said…
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StanChart Kenya lays off 167 as parent firm orders cost-cutting
The Standard Chartered Bank Kenya let go about 167 employees last year in a restructuring plan that was initiated by its London-based parent company. The Nairobi Securities Exchange (NSE)-listed firm disclosed the job cuts in its latest annual report, noting that its staff count has fallen to 1,881 from the previous 2,048. Those who left…
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Egypt: Electricity Minister Meets Czech Trade Minister On Cooperation
Electricity Minister Mohamed Shaker met on Sunday 24/4/2016 with Czech Trade and Industry Minister Jan Mladek during a Cairo visit. The meeting, attended by Czech Ambassador in Cairo and a number of representatives of Czech companies operating in the field of energy and manufacturing, tackled promoting cooperation between the two countries. During the meeting, Shaker…
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Nigeria: Govt Accumulates N2 Trillion Through Treasury Single Account
The federal government has accumulated over N2 trillion through the Treasury Single Account (TSA) since the commencement of the policy on September 15, 2015. The minister of Information and Culture, Lai Mohammed, said this at a town hall meeting held on Monday in Lagos. The policy is meant to consolidate all inflows from Ministries, Departments…