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Shelves Empty as Specter of Hyperinflation Stalks Zimbabwe

Shelves Empty as Specter of Hyperinflation Stalks Zimbabwe

Austin Mushanguri shakes his head in dejection and walks away from the fridges in an affluent supermarket in Zimbabwe’s capital after reading a sign saying he can only buy one bottle of beer instead of the dozen he’d hoped for. Similar scenes are playing out across the southern African nation, where foreign-exchange shortages and austerity […]

New Geothermal Plant Nearly Ready – KenGen

New Geothermal Plant Nearly Ready – KenGen

KenGen’s new 165.4-megawatt (MW) capacity plant powered by geothermal steam is three quarters complete and on schedule for commissioning next July, Kenya’s main electricity producer said on Friday. Geothermal steam, hot underground steam found in the Rift Valley which is used to drive turbines for electricity production, is the second biggest source of Kenya’s annual […]

Deliberate Train Fires Cost South African Rail Service $42.5 mln

Deliberate Train Fires Cost South African Rail Service $42.5 mln

South Africa’s state-owned rail service PRASA has lost around 636 million rand ($42.5 million) over the past three and a half years due to deliberate train fires, parliament heard on Tuesday. Most of the fires have occurred in the Western Cape province, which accounted for 71 percent or 451 million rand in damages, a report […]

MTN Documents May Cut $8.1 Billion Nigerian Claim, Emefiele Says

MTN Documents May Cut $8.1 Billion Nigerian Claim, Emefiele Says

MTN Group Ltd. and its bankers have provided more documents that may reduce Nigeria’s $8.1 billion claim on the South African wireless carrier, which could be resolved soon, Central Bank of Nigeria Governor Godwin Emefiele said. The central bank alleged in late August that MTN and four banks — Standard Chartered Plc, Citigroup Inc., Stanbic […]

MTN Receives Counterclaim From Nigeria’s Central Bank: MTN Lawyer

MTN Receives Counterclaim From Nigeria’s Central Bank: MTN Lawyer

MTN has received a counterclaim from Nigeria’s central bank to its request for an order to stop the bank forcing it to repatriate $8.1 billion it claims was illegally sent out of the country, the South African telecom’s lawyer said on Friday. MTN has received the central bank’s response to its court filing, Wole Olanipekun […]

S.Africa’s Ramaphosa Announces Plan To Reduce Sky-High Unemployment

S.Africa’s Ramaphosa Announces Plan To Reduce Sky-High Unemployment

South African President Cyril Ramaphosa announced a package of reforms on Thursday which he said would create 275,000 more jobs a year, in a bid to bring down sky-high unemployment and improve his own track record on the economy. More than two decades after the end of white minority rule, South Africa still has one […]

Marriott International To Increase Its Africa Hotels

Marriott International To Increase Its Africa Hotels

Marriott International plans to increase its hotels in Africa by 50 percent in the next five years, opening new facilities in markets where it already operates and venturing into new ones like Mozambique, the company said on Monday. Global hotel chains have been increasing their investments in Africa in recent years to take advantage of […]

China Says No Trade Talks as Long as Trump Threatens More Tariffs

China Says No Trade Talks as Long as Trump Threatens More Tariffs

  China said talks to resolve the impasse over trade with the U.S. can’t happen as long as President Donald Trump keeps threatening to impose further tariffs.  Just over an hour after the Trump administration imposed further duties on another $200 billion in Chinese goods on Monday, Beijing published a document reiterating its position in […]

Ivory Coast Is Said to Ditch Private Interests in Cocoa Overhaul

Ivory Coast Is Said to Ditch Private Interests in Cocoa Overhaul

Ivory Coast is planning to remove all private representation from the board of its cocoa regulator as the world’s biggest grower prepares to coordinate the marketing of beans with neighboring Ghana, according to two people familiar with the matter. Based on the proposal that the government intends to implement next year, cocoa grinders, exporters and […]

South Africa’s Rand Firmer As Emerging Markets Take a Breather

South Africa’s Rand Firmer As Emerging Markets Take a Breather

South Africa’s rand firmed against the dollar early on Tuesday as some emerging market currencies that sold-off sharply in recent weeks regained some lost ground. At 0650 GMT the rand was 0.77 percent stronger at 15.0925 per dollar compared to a close of 15.2100 in New York. Investors remain cautious in the rand though following […]

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