Category: INTERNATIONAL
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Kenya: Improved liquidity lifts T-bills uptake
The subscription rate for Treasury bills rose last week on improved liquidity in the money market, reversing a two week downward trend. The liquidity in the market had tightened in the last two weeks of June due to remittance of tax holdings by commercial banks to CBK at the end of the fiscal year, as…
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East Africa: Safaricom goes for photo IDs to block M-Pesa fraud
Telecoms operator Safaricom’s mobile money agents will soon start using photos to identify those withdrawing or depositing money on the popular M-Pesa platform in a new push to curb fraud. Safaricom said it has distributed about 25,000 pre-programmed smartphones to its mobile money agents to be used in registration of new SIM cards. The process involves…
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S. Africa rating firm drops deal with Kenyan insurer
South African agency, Global Credit Ratings (GCR), has announced it will no longer offer a rating for Saham Assurance Company Kenya, saying the withdrawal has been made at the behest of the insurer. GCR’s final rating for Saham saw it affirm a claims paying ability rating of A-, with a negative outlook based on the assurance…
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Kenya: Uhuru woos cereal, livestock farmers with Sh1.5 bn loan waiver
The government has waived a Sh1.5 billion loan owed by wheat, sorghum and livestock farmers in Kajiado, Narok and Baringo counties to the State’s agricultural credit institution. In a statement sent to newsrooms on Monday, State House spokesman Manoah Esipisu said the waiver of a loan owed to the Agricultural Finance Corporation (AFC) is part…
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Nigeria:Peace at risk in oil heartlands
The Nigerian government’s efforts to secure peace in the oil heartlands of the Niger Delta are empty promises, community leaders say, threatening a return to violence that would derail any broader recovery in the crude-dependent economy. With Africa’s biggest economy mired in recession, delegations including Acting President Yemi Osinbajo have held talks since February with…
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Pakistan orders Shell subsidiary to pay $2.4 million for tanker blast
Pakistan’s oil and gas regulator on Friday ordered a subsidiary of Royal Dutch Shell to pay about 257 million rupees ($2.4 million) in damages and compensation for a tanker explosion that killed more than 200 people. The Oil and Gas Regulatory Authority (OGRA) has held Shell Pakistan Ltd (SPL) responsible for the blast in Punjab…
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Europe: Boeing delivers fewer planes in second quarter
Boeing Co (BA.N) said on Friday it delivered 183 jetliners in the second quarter, down from 199 a year earlier. The company delivered 123 of its single-aisle 737s in the latest quarter, compared with 127 in the same period a year ago. Deliveries of its 787 Dreamliners fell to 33 in the three months ended…
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Asia: Toshiba under pressure to consider ‘Plan B’ as chip sale falters: sources
As the $18 billion sale of Toshiba Corp’s memory chip unit to a government-approved consortium falters, some bankers and potential investors are pressing the board to seriously consider alternatives, people with direct knowledge of the sale process said – including picking a new buyer. Those people say Toshiba’s leadership is sticking to Plan A: selling…
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Let’s make a deal: Automakers, U.S. auctions align to prop up used car prices
Two lanes apart at a noisy, fast-paced auto auction near Detroit, two vehicles show why major U.S. automakers have a problem with used cars. In one lane of the Manheim auction facility, a black 2015 Chevy Malibu sedan with barely 20,000 miles on it sold for just over $13,000, less than half its original sticker…
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Europe: Deutsche Bank sees progress toward IPO of asset management arm: memo
Deutsche Bank (DBKGn.DE) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff. Germany’s largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from…