Category: INTERNATIONAL
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Nigeria has not applied for an IMF loan because it is “not sick” – finance minister
Nigeria, which is going through its worst economic crisis in years, has not turned to the International Monetary Fund (IMF) for financial assistance because it is “not sick”, its finance minister said. Africa’s top oil exporter, which has the continent’s biggest economy, has been hit hard by the fall in crude prices since oil sales…
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Kenya: Chase Bank Attracts Five Suitors, CBK Keen On Quick Reopening
Chase Bank has attracted the interest of at least five suitors keen on acquiring the bank that was placed under receivership last week, said the Central Bank of Kenya Governor Dr. Patrick Njoroge, on Friday. Although the Governor did not disclose the interested parties, he said offers have come from both local and international firms.…
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Angola’s state oil firm says finds offshore reserves
Angola’s state oil company Sonangol said it has found oil and gas reserves in the Kwanza basin that could total 2.2 billion barrels of oil equivalent, including in a block it jointly owns with BP. Block 24, operated by BP, holds an estimated 280 million barrels of condensate and 8 trillion cubic feet of gas,…
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Air Peace offering direct flights to China as Nigeria’s flag carrier
Air Peace announced this week that it has been made Nigeria’s official flag carrier, chairman of Air Peace, Allen Onyema revealed at the Enugu Economic Summit and spoke to CNBC Africa about the journey he underwent to make it happen. “The government and the flying public created a yearning gap, all the agreements in this…
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Algeria: IMF Forecasts Increase of Algeria Revenues From 2017
Algeria’s revenues which declined due to falling oil prices should recover in 2017 and progressively increase until 2021, according to the latest forecasts of the International Monetary Fund (IMF), published Wednesday in Washington. For 2017, Algeria revenues are expected to increase to make up 27.2% of GDP against 26.1% of DGP in 2016, according to…
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Algeria: Minister of Finance Takes Part in G24 Meeting in Washington
Minister of Finance, Abderrahmane Benkhalfa participated Thursday, in Washington, in the G24 meeting, devoted to the review of global growth prospects and the ways to secure international financial system. During the meeting held behind closed doors, the Finance ministers who represent this inter-governmental group, made up of emerging and developing countries focused on the implementation…
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SA plan seeks to keep black mine ownership at 26%
Johannesburg – South Africa issued a draft plan that intends to compel mines to ensure that black people hold at least 26% of their shares even after those stakes were sold. In the reviewed Mining Charter published for comment on Friday, the Mineral Resources Department stated that mine-right holders must ensure their empowerment credentials are…
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Investors looking beyond Zuma load up on South African debt
Investors are disregarding political risks in South Africa as they line up to take advantage of the region’s best emerging-market bond rally. Foreigners have bought a net 26.9 billion rand ($1.86 billion) of the nation’s bonds in 2016, the best start to a year since 2010 and a turnaround from the final quarter of 2015,…
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Rwanda prepares to host its first World Economic Forum on Africa
There is anticipation and excitement in the air in Rwanda, as the country gears up to host the 26th World Economic Forum (WEF) on Africa from May 11-13. This is the first time a WEF summit is being held in Rwanda, so work is on at a feverish pace to deliver a world-class event, to…
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What’s next for the richest diamond mine
Botswana is ahead of its regional peers in diamond production and exports, figures from the Kimberley Process reveal. The Kimberley Process (KP) is a joint government, industry and civil society initiative aimed at stemming the flow of conflict diamonds – rough diamonds used by rebel movements to finance wars against legitimate governments. Some of the…