Category: INTERNATIONAL
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Nigeria: NERC Unveils Six Action Plans to Stabilise Power Sector
The new commissioners of the Nigerian Electricity Regulatory Commission (NERC), have outlined six areas the regulatory agency would focus on going forward to revive the fortunes of Nigeria’s privatised electricity market which is currently under immense operational stress. Coming almost two months after the inauguration of the board by the Minister of Power, Works and…
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Botswana’s 300 MW power plant stalled over $800m guarantee dispute
The 300 megawatt (MW) expansion of two units at Botswana’s Morupule B coal fired power plant has been delayed due to a dispute with the contractor over an $800 million guarantee, a cabinet minister said on Wednesday. Japan’s Marubeni and South Korea’s Posco Energy were last year awarded the contract for the expansion, but a…
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Banned at sea: Venezuela’s crude-stained oil tankers
In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can’t set sail in international waters. The vessel is among many that are constantly contaminated at two major export terminals where they load crude from Venezuela’s…
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U.S. top court mulls time bars for SEC recovery of ill-gotten profits
The U.S. Supreme Court on Tuesday will hear oral arguments in a case that has the potential to scale back the Securities and Exchange Commission’s ability to recover illegal profits earned as a result of fraud or other wrongdoing. The case, which involves New Mexico-based investment adviser Charles Kokesh who was sued by the SEC…
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South Korea’s Daewoo Shipbuilding unlocks $2.6 billion bailout after bondholder approval
South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd (042660.KS) has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world’s biggest shipbuilder. Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on…
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U.S. business group urges Washington to ‘use every arrow’ against China
The United States should “use every arrow” in its quiver to ensure a level commercial playing field in China, a U.S. business lobby said on Tuesday, warning that 2017 could be the toughest year in decades for American firms in the country. China’s policies designed to support domestic companies and create national champions have narrowed…
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Asia stocks mixed, dollar subdued amid North Korea concerns
Asian stocks were mixed on Tuesday and the dollar gave up the gains it had made when the U.S. Treasury Secretary spoke in support of a stronger currency as escalating tensions around North Korea dragged sentiment lower. Financial spreadbetters predict a mixed start for European stocks, with Britain’s FTSE 100 .FTSE set to open 0.2…
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Kenya:World Bank pushes for PPP to curb homes deficit
The World Bank says Kenya should collaborate with real estate firms to raise access to low-income houses. In its latest report on housing, it says a public-private partnership, where the government provides land while the private sector builds the houses, could see prices fall drastically. The bank’s lead financial sector specialist and co-author of the…
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KRA stopped from raiding China firm
A Chinese firm that is building a Sh20 billion mixed development complex in Nairobi’s Westlands area has obtained a court order barring the Kenya Revenue Authority (KRA) from attaching its bank accounts to recover a disputed tax demand. The High Court last week issued a temporary order barring the taxman from taking any action on…
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Nigeria: ‘Missing’ Petrol Scandal: NNPC confirms Premium Times Report of Retirement of Top Officials
The Nigerian National Petroleum Corporation, NNPC, management on Thursday confirmed PREMIUM TIMES’ exclusive reports on the retirement of some of its top officials as a fallout of the recent N14 billion missing petrol scandal that rocked the national oil company. On Sunday, this newspaper exclusively reported that top officials indicted by a committee constituted to…