Category: INTERNATIONAL
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Nigerian Senate bemoans delay in passage of 2016 Budget
A former President of the Senate, Ken Nnamani, on Monday frowned at the delay in the passage of the 2016 Budget by the National Assembly and assent by the executive arm of government, asking the latter to be conscientious in resolving the impasse. Mr. Nnamani, who was answering questions from State House correspondents in Abuja,…
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Uganda: Transporting Oil to Tanzania to Cost Shs40,000 Per Barrel
Tanzania will charge Uganda a tariff/transit fee of Shs40,321 ($12.2) for each barrel of oil going through the crude oil pipeline to Tanga port at the Indian Ocean for exportation to the international market. The tariff, charged by Tanzania, in the final technical report presented to the heads of states, was described as the “lowest”…
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KENYA-NBK on the spot over failure to reveal sacking of CEO
Troubled lender National Bank is once again on the spot for belatedly reporting the exit of its chief executive and two other senior managers without notifying the capital markets regulator and the investing public within 24 hours as required by law. Munir Sheikh Ahmed, the bank’s suspended chief executive, last week revealed that he left…
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KENYA-Treasury backs CA board’s bid to have Airtel pay licence fee
The battle for control of Kenya’s telecoms sector regulator yesterday took a new turn after the agency’s embattled board members made public correspondence showing that the Treasury supported their position requiring Airtel to pay the Sh2.1 billion licence renewal fee. The revelation was made in response to claims by the Communications Authority of Kenya (CA)…
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IMF says Mozambique admits to over $1bn of hidden debt
The International Monetary Fund said on Saturday that Mozambique has admitted to having over one billion dollars of undisclosed debt and the two sides were now evaluating the implications of this disclosure. The IMF learned of the undisclosed borrowing last week but Mozambique’s Finance Minister Adriano Meleiane initially dismissed the suggestion, speaking only of “some…
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SA gets win-some-lose-some feeling in bond-market lure
As the country’s growth outlook worsens, foreign investors are piling into government bonds to profit from junk-level returns on debt that’s rated investment grade. Yet all of that money is flowing out again as investors dump stocks at the fastest pace in at least ten years. Foreigners have bought a net R35.7 billion ($2.46 billion) of…
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MTN ex-CEO paid R23.7m to leave after record Nigeria fine
MTN Group former chief executive officer Sifiso Dabengwa was paid R23.7 million ($1.6 million) for loss of office after he resigned from Africa’s biggest wireless operator following a record $5.2 billion fine levied by Nigerian regulators. The payout equates to almost three years basic salary and took Dabengwa’s total 2015 remuneration to R40.6 million, Johannesburg-based MTN…
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Uganda: How Oil Pipeline Deal Slipped Out of Kenya’s Hands
Kenya’s President Uhuru Kenyatta is usually a very jolly man. But at the 13th Northern Corridor Infrastructure Summit held at the weekend in Munyonyo, Kampala, he appeared to be the opposite of his usual self. Days to the summit, it had been concluded, and perhaps he had even been briefed early enough, that Uganda had…
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Spain’s Valencia Chamber of Commerce visits Angola
Spain’s Valencia Chamber of Commerce’s chairman, José Vicente Morata, is currently in Angola to promote and attract private investment while encouraging exports between the two countries, according to media reports. Agência Angola Press (ANGOP) reported that Morata arrived in Angola on April 24 and will promote the internationalisation of Angolan and Spanish companies. Among other…
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Is S.A’s cabinet overreaching in the banks and Guptas’ saga?
The South African government assigned Finance Minister Pravin Gordhan, Labour Minister Mildred Oliphant and Mineral Resources Minister, Mosebenzi Zwane, to “engage” with the big-four banks that have cut ties with the Guptas. The Gupta family has been at the centre of controversy in South Africa with allegations including state capture and having a corrupt relationship…