Category: INTERNATIONAL
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Kenya Airways to replace KPMG as external auditor
Deloitte & Touche is set to replace KPMG Kenya as the external auditor of Kenya Airways , which is working on a turnaround plan. The national carrier will ask shareholders to ratify the proposed appointment of Deloitte at its annual general meeting on September 22. “To resolve that Deloitte & Touche be appointed auditors of…
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North Africa: A Worsening Water Crisis in North Africa and the Middle East
The Middle East and North Africa (MENA) already the most water stressed region in the world, faces a worsening crisis in terms of its access to water in the decades to come. A country is water stressed when it cannot provide the minimum water supply to satisfy the essential needs of its population. This is…
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Nigeria’s Buhari delighted that economy is improving
Nigerian President Muhammadu Buhari, back at the helm after prolonged sick-leave, said he was delighted by the way Africa’s biggest economy was improving after briefings from ministers and the central bank, his office said on Monday. Nigeria, the continent’s most populous country, is in its second year of recession and has been contending with a…
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Bodies of last missing miners recovered from Harmony mine in South Africa
The bodies of the last two miners unaccounted for at a mine operated by South Africa’s Harmony Gold were recovered on Thursday, the company said, bringing the death toll to five after a tremor shook the shafts last week. Friday’s seismic event that rocked the Kusasalethu mine, one of the world’s deepest, with gold extracted…
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South Africa mulls merger of three state-owned airlines
South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are struggling to remain profitable…
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Kenya: Electricity prices surge to 6-year high on forex levy
Electricity prices have hit a six-year high, piling pressure on households already grappling with rising food costs. Power bills for homes that consume 200-kilowatt hours (kWh), mostly middle class, rose from Sh3,642 in July to Sh3,944 last month – the highest cost since the government started making public the data in 2012. Users of 50…
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Kenya: Eyes on fresh poll as NSE plunges Sh92bn in a day
All eyes will be on the financial markets that opened today for the first full trading session after Friday’s Supreme Court ruling that annulled the August 8 presidential election. The Friday pronouncement by the highest court in the land immediately triggered a bloodbath at the stock market that saw Nairobi Securities Exchange (NSE) investors lose…
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Kenya presidential election cancelled by Supreme Court
Kenya’s Supreme Court has annulled the result of the country’s recent presidential election. Citing irregularities, the Supreme Court said a new poll should be held within 60 days. The election commission had declared incumbent President Uhuru Kenyatta the winner of last month’s election. But opposition candidate Raila Odinga claimed that the commission’s IT system had…
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Nigerian Investor Sets Up $135 Million Commodities Exchange
A Nigerian startup is developing a new agricultural commodities exchange in Africa’s most populous country to take advantage of the government’s efforts to boost farming output to reduce reliance on oil. The exchange, Integrated Produce City Ltd., will be located near the southern city of Benin, about 300 kilometers (186 miles) east of Lagos, Nigeria’s commercial…
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South Africa mulls merger of three state-owned airlines
CAPE TOWN (Reuters) – South Africa’s government is considering merging its three state-owned airlines into one entity, and offering a 25 percent stake of the holding company to a private equity partner, a cabinet minister said on Wednesday. The loss-making South African Airways, its low-cost arm Mango and SAA Express, which services smaller towns, are…