Business

Fri,26Aug2016

Business

South Africa: President Zuma can't intervene in Pravin Gordhan probe

President Jacob Zuma. Photo©Themba Hadebe/AP/SIPASouth African President Jacob Zuma said on Thursday he backs Finance Minister Pravin Gordhan but cannot intervene in a police investigation over a suspected spy unit at the tax service, signalling a prolonged tussle that could rock markets further.

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Mining: Australian police probe Sundance over Congo corruption allegations

File photo©Karel Navarro/AP/SIPASundance Resources said on Thursday Australian police are investigating allegations that the company may have bribed politicians in Congo Republic to win permits to pursue a major iron ore project.

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South Africa finance minister says Treasury managing to remain "fiscally credible"

Pravin Gordhan. Photo©Chalk Van Zuydam/AP/SIPASouth African Finance Minister Pravin Gordhan said on Wednesday that the domestic growth outlook remained bleak, reiterating that economic expansion would be close to zero percent this year as forecast by the central bank.

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Banking: Kenyan president approves law capping commercial bank lending rates

Kenya's President Uhuru Kenyatta. Photo©Noor Khamis/ReutersKenya's President Uhuru Kenyatta signed into law on Wednesday a bill capping commercial bank lending rates, saying banks had in the past failed to live up to pledges to lower their rates when parliament tried to introduce caps.

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Investors dump shares of Nigerian banks after foreign exchange trade suspension

Photo©Victor R. Caivano/AP/SIPAInvestors sold shares in Nigerian banks on Wednesday, a day after the central bank suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government.

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Oil & Gas: Kenya finalises agreement for development of crude oil pipeline

Photo©Sue Ogrocki/AP/SIPAKenya has finalised an agreement with oil explorer Tullow Oil and its partners Africa Oil and A.P. Moller-Maersk for the development of a crude oil pipeline, as it bids to become an oil exporter, the president's office said.

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Nigeria central bank suspends nine banks from foreign exchange market

Photo©Sunday Alamba/AP/SIPANigeria's central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government, according to banking sources.

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