Category: INTERNATIONAL
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Libya protests: Oil prices rise as unrest continues
Oil costs have risen in the United Kingdom and United States after unrelenting unrest in Libya and uncertainties about the effect on the nation’s crude exports. In London Brent crude increased by more than $2 a barrel to $108.5, just before falling back to $106.42 a barrel. In New York, United States light sweet crude…
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Rwanda: Multi-Million Dollar Palm Estate Project Put Under Receivership
Receiver to manage the project, ensure financing institutions recover their money, and home owners get their houses Maisara has over two years of uncertainty over a property she bought at Palm Estate project in Kagugu, Kigali. The project has been at the centre of a court battle between the developer and funders. Maisara is one…
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Amstel Securities rates Zimbabwe Stock Exchange as most under performing market in Africa
Amstel Securities said that Zimbabwe Stock Exchange (ZSE) is the most under performing market in Africa due to the low returns that it delivers to investors, compared to other African markets. In an investment report, Amstel Securities said ZSE suffered a 7,5% drop and this compared unfavorably with other African markets such as Kenya and…
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Reopening of Egyptian stock exchange delayed
The reopening of the Egyptian stock market continues to be delayed, the state-run news agency MENA has reported. Trading had been anticipated to resume on Tues however the exchange is now due to reopen on Sunday, 6 March, MENA said. The exchange has been closed for more than a month in the wake of anti-government…
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Kenya-Britam to pay dividends in the face of Sh1 billion loss
Britam Holdings has maintained its dividend payout despite announcing a loss of Sh1 billion for the year ended December 2015 linked to lower valuations of the companies it has invested in at the Nairobi Securities Exchange. Britam, which has insurance, asset management and property development businesses, posted a profit of Sh2.4 billion a year earlier.…
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Stalled Mombasa, Nairobi pipeline set to overshoot Sh43bn budget
The construction of the new Sh43 billion Nairobi-Mombasa petroleum pipeline has run into strong headwinds, raising fears of potential losses to the taxpayer through cost inflation. Concern over the project’s health has risen in recent months as it became clear that work has fallen way behind schedule, closing January at 35.73 per cent against the…
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Nigeria calls on OPEC members to find consensus on output freeze
Nigeria called on OPEC members to find a consensus on a freeze on oil production after talks among producers collapsed in Qatar on Sunday, the oil ministry said on Monday. A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran to join in despite…
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South African coal miner Exxaro may cut up to 565 jobs: union
South African coal miner Exxaro plans to cut up to 565 office jobs as it tries to cut costs in the face of depressed prices and the loss of a major contract, the Solidarity trade union said on Tuesday. “Exxaro served a Section 189 on us on Monday indicating that they will cut jobs at…
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South Africa’s rand hits firmest in more than 4 months as commodity currencies recover
South Africa’s rand climbed on Tuesday to its strongest against the dollar in more than 4 months, reflecting a recovery in commodity currencies as the price of crude appeared to stabilise. The rand touched 14.4085 to the greenback, the firmest it has been since Dec. 7, according to Thomson Reuters data. – Credit: CNBC Africa
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S.Africa c.bank says persistent CPI target breach will require policy response
South Africa’s central bank will tolerate temporary breaches of its inflation target to smooth out short-term fluctuations in economic growth, but a persistent breach will require a policy response, deputy Governor Daniel Mminele said. In a speech delivered at an investment seminar in the United States at the weekend and posted on the bank’s website,…