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S.Africa’s M&R sees lower 2017 earnings as oil clients cut back

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South African engineering and building group Murray & Roberts expects earnings to fall further in its next financial year as clients in the energy industry slash expenditure to cope with low crude prices, its CEO said on Thursday. Like its peers, Murray & Roberts is battling a market hit by a commodities price rout that has seen producers in the ...

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Africans should utilise digital banking more to grow GDP

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A recent Moody’s Estimates Migration report to electronic payments added 296 Billion US dollars to GDP across 70 Countries but African countries have only experienced a mere 0.05 per cent increase in the GDP. Lucy Mbabazi, Visa Rwanda’s Country Manager joined CNBC Africa for a look at the correlation between Electronic Payments and Economic Growth. Mbabazi strongly urged Africans to ...

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Big banks cartel hurting economy with expensive loans, says WB

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A few big banks have gained a stranglehold on Kenya’s lending market, rendering it non-competitive with devastating consequences on the economy, casting the spotlight on the Competition Authority of Kenya (CAK) which has been investigating the sector since last year. The high interest spreads that the commercial lenders continue to enjoy at the expense of the rest of the economy ...

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MTN proposes to pay $1.5bn to settle Nigeria fine

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MTN Group has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers that the government claims included Boko Haram Islamist insurgents. Africa’s biggest wireless operator made the written offer, comprised of cash installments, bond purchases and network access, to the Nigerian government on February 24, ...

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Worst SA drought to cut citrus exports in 2016

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 South Africa’s worst drought in a century will reduce the citrus harvest this year and result in smaller- sized oranges that are harder to sell, according to an industry body. Production of navel oranges and soft-citrus fruits from the Western Cape province is forecast to record a “slight reduction,” Justin Chadwick, chief executive officer of the Citrus Growers’ Association, said ...

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Renewable Energies – Call for Investors in Summer 2016

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Minister of Energy Saleh Khebri has said a call will be made next summer for investors to carry out the National Programme for Renewable Energies, to be preceded by the holding, in May, of an Algerian-European forum on renewable energies and energy efficiency. An invitation to investors for the implementation of the programme “is under preparation and will be launched ...

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Oil Workers End Strike After Govt Pledges No Job Cuts

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Nigerian unions on Thursday ended a day-old strike against the revamp of the beleaguered state oil firm after a minister promised there would be no job cuts. The strike, launched on Wednesday, came amid spiralling oil prices due to a domestic shortage and was called by the Petroleum and Natural Gas Senior Staff Association of Nigeria and the Nigeria Union ...

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Nigerian policy-maker advised central bank to devalue naira: MPC minutes

A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

A member of Nigeria’s central bank monetary policy committee(MPC) has said the naira should be devalued and allowed to trade within a band, saying that the fixed exchange rate would not work alongside a planned rise in government borrowing. Adedoyin Salami, an academic, said the naira was 10-percent over-valued and voted to move the exchange rate band to plus or ...

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Rwanda beats expectations with financial inclusion findings

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Financial exclusion has dropped from the 21 per cent in 2012 to 11 per cent in 2015/2016, meaning that 89 per cent of Rwandan adults now use financial products and 5.2 million people in the country are financially included, according to the 2016 FinScope survey. According to Laure Beaufils, Country Representative, DFID: “FinScope is a survey which measures the demand ...

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MTN proposes to pay $1.5bn to settle Nigeria penalty

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MTN has proposed to pay 300 billion naira ($1.5bn) to settle a record $3.9bn fine in Nigeria for missing a deadline to disconnect unregistered subscribers, according to a document handed to reporters in the Nigerian Senate. Africa’s biggest mobile-phone company made the offer in order to settle a dispute that has been running since the fine was first imposed by ...

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