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Thu,23Nov2017

investments

Rwanda signs $818 million deal for new international airport

Rwandan troops who have returned from the Sudan's Darfur region walk past the U.S. Air Force One at Kigali International airport. File Photo©Thomas Mukoya/ReutersRwanda has signed a deal with the African division of Portuguese construction firm Mota-Engil to build an international airport at a cost of $818 million, the company and government officials said.

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Kenya: Lending rate cap hits shares again, sparks growth fears

Photo©Thomas Mukoya/ReutersKenyan bank shares plunged for a second day on Friday after President Uhuru Kenyatta sought to boost the economy by capping lending rates and analysts said his attempt to encourage lending may prove counterproductive.

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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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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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Ghana to get a $1.2bn ultra-modern ecotourism park in its capital city

Visitors walking along the canopy walk, a series of foot bridges suspended 30 meters in the air over the treetops, in Kakum National Park, Ghana. File Photo©Olivier Asselin/AP/SIPAGhana has decided to convert one of its forest reserves – Achimota Forest – into a world-class recreational facility and a major tourism destination hub in West Africa at a cost of $1.2 billion.

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Old Mutual to invest in Nigerian real estate, agriculture

Photo©Mike Hutchings/ReutersAnglo-South African financial services firm Old Mutual and Nigeria's sovereign wealth fund on Friday signed agreements to set up two funds to invest in real estate and agriculture in Africa's most populous nation.

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Banking: Kenyan banks pledge to cut lending rates

Photo©Thomas Mukoya/ReutersKenyan lenders promised on Wednesday to cut loan rates by 100 basis points immediately, part of measures to lower borrowing costs and see off the threat of a legislative cap on rates.

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Telecoms: Skype no more

Illustration©Adria FruitosMorocco is the latest African government to ban free internet calling services, riling consumers, who say traditional calling is too expensive.

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Ethiopia: The end, the means

The Huajian shoe factory in Dukem: the government sees manufacturing as the future. Photo©Petterik Wiggers/PANOS-REAThe state-driven economic model leaves no room for dissenting voices as Ethiopia sticks to its 11.2% growth target, with manufacturing leading the way.

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Nigeria fine pushes MTN to first interim loss, dividend cut

Photo©Siphiwe Sibeko/ReutersAfrica's biggest mobile phone operator MTN Group Ltd cut investor payouts by almost 50 percent as it reported its first-ever half-yearly loss after taking a hit from a hefty regulatory fine in Nigeria.

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Kenya: Private sector activity in July rebound

Photo©Thomas Mukoya/ReutersActivity in Kenya's private sector rebounded in July as new orders rose and domestic demand remained solid, a survey showed on Wednesday.

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IMF tells Tanzania to curb public spending, urges reforms

Photo©ReutersThe International Monetary Fund told Tanzania on Wednesday to curtail public spending as it seeks to invest in several major infrastructure projects and urged it to implement structural reforms.

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Chinese consortium to invest $2.8 billion in South Africa industrial zone

Photo©ReutersA group of Chinese investors will pump more than 40 billion rand ($2.81 billion) into the South African economy to build an industrial park, government said on Thursday.

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Italian lawmakers defy Egypt's Al-Sisi

Egyptian President Abdel Fattah al-Sisi. Photo©Thomas Harwell/AP/SIPAIn early February, the semi-naked corpse of an Italian citizen, Giulio Regeni, was found dumped by the side of a road in Cairo.

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South Africa most vulnerable in sub-Saharan Africa to Brexit risks -Moody's

Photo©Yorgos Karahali/AP/SIPASouth Africa is the most exposed sub-Saharan African state to market volatility and a potential shift in investors' risk perceptions linked to Britain's decision to leave the European Union, ratings agency Moody's said on Friday.

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Ghana: Gold Fields in $2.5 billion investment drive

Photo©Martin Sterba/AP/SIPAGhana's leading metal producer, Gold Fields Ghana Limited, says it looks to pump $2.5 billion into its two concessions by 2027 to improve operations following a development agreement sealed with government in March this year.

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Tullow shares nosedive in convertible bonds move

File photo©Reuters/Edgar SuAfrica-focused oil explorer Tullow Oil has issued convertible bonds worth $300 million, a move it said was designed to diversify its investor base, sending its shares to the lowest in nearly three months.

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South Africa clears AB InBev's takeover of SABMiller

Photo©REUTERS/Dado RuvicSouth Africa cleared Anheuser-Busch Inbev's $100 billion-plus deal to acquire SABMiller on Thursday, putting the world's largest brewer "on track" to complete the merger within the next six months.

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South African regulator clears AB InBev, SABMiller merger with conditions

Photo©REUTERS/Dado Ruvic/File PhotoSouth Africa's Competition Tribunal granted conditional approval for the proposed merger of about $100 billion by brewer Anheuser-Busch Inbev and SABMiller, the anti-trust authority said on Thursday.

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Zimbabwe authorities worry over Dangote investment delays

Aliko Dangote. Photo©Sunday Alamba/AP/SIPANigerian billionaire, Aliko Dangote's delay in implementing a planned $1.2 billion investment project in Zimbabwe is increasingly worrying the Zimbabwe Investment Authority (ZIA).

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