Category: INTERNATIONAL
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Zimbabwe’s tobacco revenue up in smoke due to El Nino
Shouting, sweating and stamping their feet, dozens of farm labourers fill Tinago Chisvo’s makeshift office to demand their money, as the tobacco farmer desperately tries to explain the crisis that has hit his farm. Nobody listens. “We don’t want to hear stories,” bellows one angry labourer. “You must just pay us for the job we…
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Nigeria top remittance receiver in Sub-Saharan Africa
In a press release published last week on 13 April regarding its latest edition of the ‘Migration and Development Brief’, the World Bank said it found that remittances to developing countries grew only marginally in 2015, as weak oil prices and other factors strained the earnings of international migrants and their ability to send money…
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National Bank of Kenya confirms sacking of former CEO
The National Bank of Kenya (NBK) has officially confirmed the exit of its former chief executive Munir Ahmed. Mr Ahmed had earlier been sent on compulsory leave alongside five other senior executives pending investigations. “In accordance with the continuing listing obligations under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002, the Board…
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South Africa’s central bank worried by weaker bonds, ratings decisions
South Africa’s central bank is worried that a sharp weakening of bonds and pending ratings decisions could badly affect investor sentiment towards the country while increasing the cost of funding government debt. South African Reserve Bank’s Deputy Governor Daniel Mminele said Standard & Poor’s decision to revise the ratings outlook in Africa’s most industrialised economy…
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Zambia, IMF agree on steps towards aid programme by fourth quarter
Zambia’s government has agreed targets with the International Monetary Fund, preparing the way for a support programme by the fourth quarter of the year, Zambian Treasury Secretary Fredson Yamba said on Friday. Proposals for a sliding scale to ensure mineral royalty taxes can respond to changes in metal export prices will be put before parliament…
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Algeria: Investment Prospects in Algeria Presented in London
Investment prospects in Algeria were presented to British businessmen in a meeting organized, Monday evening in London, by the Algerian-British Business Council “ABBC.” The Algerian ambassador to the United Kingdom Amar Abba made a presentation on prospects of the Algerian economy and bilateral economic cooperation in a round table organized by the head of ABBC…
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AfDB and GEF Boost Renewable Energy Projects Across Africa and Urban Planning in Cameroon
The Global Environment Facility (GEF) announced on April 15, 2016, the approval of USD 18 million in funding for two projects co-financed with the African Development Bank (AfDB). µThe first project aims at supporting African countries to shift toward renewable energy (RE) infrastructure through the preparation of RE projects, while the second seeks to help…
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Nigeria: Shell Officials to Appear in Court Thursday Over Alleged Building Code Violation
Abuja — Barring any hitches, five senior officials of Shell Petroleum Company of Nigeria Limited are expected to appear before the High Court of Bayelsa State in Yenagoa for allegedly violating the state’s building regulations. They were earlier this month served with copies of criminal summons/complaint through the company’s head office at 21/22 Marina, Lagos…
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Nigeria: No Currency Swap Deal With China – Govt
The minister of Foreign Affairs, Geoffrey Onyeama, has disclosed that, contrary to reports, there is no currency swap agreement between Nigeria and China. He made this disclosure to State House Correspondents yesterday at the Presidential Villa, Abuja. LEADERSHIP recalls that during President Muhammadu Buhari ‘s visit to China, an agreement on a ‘Mandate Letter Between…
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Zimbabwe: USAID Mobilises U.S $20 Million for Food Aid
The United States Agency for International Development (USAID) has mobilised $20 million in additional funding to help feed people affected by the prevailing drought. The funds were channelled through the United Nations World Food Programme. The development was confirmed by USAID/Zimbabwe Mission director Stephanie Funk yesterday. This brings to $55 million the amount of money…