Category: INTERNATIONAL
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Rwanda/Morocco: Rwanda, Morocco Sign New Deal On Infrastructure Development
Rwanda Football Federation (Ferwafa) has signed a new agreement with the Federation Royal Marocaine de Football (FRMF) aimed at improving football infrastructure in the country. In a statement released on Saturday, Ferwafa president Vincent Nzamwita confirmed the development on the conclusion of a seven-day visit to Morocco on the invitation of his counterpart, Fouzi Lekjaa.…
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Kenya: Uber’s new low-cost option revives row
Online taxi-hailing company Uber’s decision to introduce a low-cost option for customers willing to use older cars, has set the stage for a fresh confrontation with drivers. The firm’s drivers have vowed to go on strike to oppose the lower charges. The bargain product costing Sh30 per kilometre, Sh2.50 per minute with the base and…
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Rwanda: Parliamentarians Review Rwanda, Morocco Double Taxation Bill
Parliament’s Standing Committee on Foreign Affairs, Cooperation and Security yesterday met with a team from Rwanda Revenue Authority and the Ministry of Finance to discuss the Bill concerning the agreement on tax avoidance signed between Rwanda and Morocco. The agreement on the avoidance of double taxation and tax evasion regarding income taxes between the two…
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Nigeria: House Ad Hoc Committee Re-Invites NNPC, Others Over Missing Oil Revenues
Following their “unconvincing” response at the initial stage of inquiry, the House of Representatives Ad-hoc Committee which is probing the N17 billion missing crude oil and gas revenues said it’s ready to re-invite key agencies including the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) to a resumed public hearing. About…
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Nigeria: MTN Nigeria Sacks 280 Long-Serving Workers, Others
In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various cadres, ranging from new graduates…
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Kenya:Shelter Afrique says Moody’s credit downgrade inaccurate
PanAfrican housing financier Shelter Afrique is at high risk of defaulting on its debt, ratings agency Moody’s has warned. Moody’s has downgraded the issuer rating of Shelter Afrique to Caa1 from B3 and assigned a negative outlook after a review of the lender’s books initiated on February 17. “The downgrade to Caa1 reflects Moody’s view that Shelter Afrique’s current…
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Nigeria: Finding opportunities where others fear to tread
A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa rising, the growing middle class, financial deepening, less reliance on commodities etc. Now the popular refrain is, “How do I get my money out?” The “Get me out” sentiment applies both to corporates that invested…
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Egypt:IMF team in Cairo to review second instalment of $12-billion loan
An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt’s progress on economic reforms before it disburses the second instalment of a $12-billion loan programme, the Finance Ministry said. The IMF delegation will stay until May 11 and meet with officials from the ministry and the central bank, the ministry…
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Ivory Coast cocoa farmers should raise output, quality – President
Ivory Coast President Alassane Ouattara urged cocoa farmers to raise production and quality and said a 40 percent fall in global cocoa prices this season had hurt the nation’s economy and budget. Bumper crops in Ivory Coast, the world’s top producer, and other countries have sent prices tumbling this season. Ivory Coast has slashed its…
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Botswana’s Debswana Diamond Company starts processing Cut 8 ore
Botswana’s Debswana Diamond Company has started processing ore from the $3 billion expansion of its Jwaneng diamond mine, popularly known as Cut 8, the company said on Tuesday. The Cut 8 project, which Debswana started in 2010, is meant to uncover 100 million carats of diamonds and extend the life of the world’s richest diamond…