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Low internet penetration in Africa due to lack of terrestrial fibre

ITW 2

Experts at the Africa Session of the International Telecoms Week conference in Chicago have described terrestrial fibre constraints as the mother of all bottlenecks hindering increased Internet penetration on the continent. During his presentation on the theme “Enabling Content on the African Continent”, Chief Executive Officer of research firm, Xalam Analytics, Guy Zibi analyzed the African digital journey, highlighting dramatic ...

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IMF endorses crpto currency

IMF Managing Director - Christine Lagarde

IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde cautioned against the “dark side” ...

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Private sector operators welcome African Continental free Trade Area Agreement

Intra-Africa Connect represented AfCTA Business Forum Kigali

Intra-African Connect, an organization committed to promoting and enabling Intra-African Trade and investment has lauded the signing of the African Continental Free Trade Agreement. The organization’s founder Mr. Nana Yao Lee was part of a group of private sector stakeholders that were taking part in the African Union Business Forum, held on the 20th of March 2018, a day before ...

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South Africa’s private-sector activity rises to 14-month high: PMI

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South African private-sector economic activity expanded for the first time in seven months in February as political uncertainty eased, prompting increased business activity and higher domestic demand. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, rose to 51.4 in February from 49.0 in January, crossing the 50 mark that separates expansion from contraction for the first time since ...

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Bank Of Baroda to exit South Africa central bank

Bank_Baroda_Wikimedia

South Africa’s Reserve Bank said on Monday, the Bank of Baroda has notified the office of the registrar of banks of its intention to exit from South Africa. “The Registrar, which is part of the South African Reserve Bank (SARB), is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor ...

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Angola’s central bank says only commercial banks can sell forex to public

angola-wikipedia

Angola’s central bank said on Monday it was the sole responsibility of commercial banks to sell foreign currency to the public and that it would sell forex only to large importers of essential goods. The southern African nation in January abandoned the kwanza’s peg to the U.S. dollar, devaluing it by about 10 percent, in a bid to attract capital ...

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South Africa’s power utility Eskom would have defaulted without PIC loan

A general view of the headquarter of the embattled South African main electricity provider ESKOM is pictured on February 4, 2015 in Johannesburg. South Africa power supply was under "extreme" pressure on February 2, 2015 and likely to remain so until end of the week after a technical fault at the country's sole nuclear plant, electricity utility Eskom said. AFP PHOTO/GIANLUIGI GUERCIA        (Photo credit should read GIANLUIGI GUERCIA/AFP/Getty Images)

South Africa’s Public Investment Corporation (PIC), Africa’s biggest investment fund, said on Tuesday that without a 5 billion rand ($420 million) loan it advanced to cash-strapped utility Eskom, the utility would have defaulted on its existing debts with lenders. The PIC, which holds a large chunk of government bonds and stakes in leading South African companies, said last week it ...

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South Africa’s unemployment rate falls to 26.7% in Q4 2017

Work welder.

South Africa’s unemployment rate fell to 26.7 percent of the labour force in the fourth quarter of last year from 27.7 percent in the third quarter, the statistics office said on Tuesday. In its quarterly labour force survey, which polls households, Statistics South Africa said this amounted to 5.9 million people without jobs in the three months to end December, ...

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Botswana’s economy is projected to expand at a faster pace

botswana

Botswana’s economy is projected to expand at a faster pace this year compared to last year as the mining sector benefits from a recovery in the global economy, Finance Minister Kenneth Matambo said on Monday. Presenting the 2018 budget to parliament, Matambo said GDP growth was projected at 5.3 percent in 2018 from an estimated 4.7 percent expansion in 2017. ...

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S.A: Aveng unit says to lay off 120 workers

Crane Lowering Girders to Two Builders

A unit of South African construction firm Aveng Ltd said on Friday it would cut 120 jobs mostly due to projects coming to an end and rebuffed a union’s claim that more than 2,000 workers would be affected. The National Union of Mineworkers (NUM) said on Thursday it had received a section 189 notice that 2,863 workers would be laid ...

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