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Chinese company to spend 20 billion dollars developing second phase of Egypt’s new capital
China Fortune Land Development (CFLD) has signed a deal to develop and manage 14,000 acres (5,700 hectares) of Egypt’s...
Kenya fronts Foreign Secretary Amina Mohamed for AU chairperson
The Kenyan government has submitted the name of Foreign Affairs Cabinet Secretary Amina Mohamed to be the next head...
South Sudan Rebel Leader Says President Wants ‘Ethnic State’
outh Sudan’s rebel leader on Monday accused President Salva Kiir of wanting to turn the country into an “ethnic...
Standard Bank half year profits down
Standard Bank Group Ltd, South Africa’s second-biggest lender by market value reported a sharp slowdown in half-year profit growth on Thursday as faltering economies across sub-Saharan Africa hit consumption and investment spending. Read more
Nigeria central bank says Skye Bank safe, no need for panic withdrawals
Nigeria’s central bank is seeking to reassure Skye Bank depositors that the lender is safe and there is no need for them to rush to withdraw their funds in response to speculation that it has liquidated the bank, it said late on Wednesday. The central bank injected more than... Read more
Kenya’s central bank warns lenders over misuse of credit bureaus
Kenya’s central bank threatened commercial banks with legal action if they submit inaccurate or incomplete data to credit reference bureaus, according to a circular seen by Reuters on Wednesday. Kenyan banks have come under fire in recent weeks for the high costs they impose on borrowers. Two weeks ago,... Read more
Egypt Set to recieve 2 Billion dollars from Saudi Arabia
Egypt is to receive a $2 billion deposit from Saudi Arabia, International Cooperation Minister Sahar Nasr said on Thursday. She did not specify when the money was expected to arrive, saying in a message: “We only signed … two months ago.” Read more
Riots in Zimbabwe over government plans to re-introduce local Bank notes
Zimbabwean police fired tear gas and water cannon on Wednesday to disperse crowds protesting against central bank plans to re-introduce local banknotes, a Reuters witness said. Around crowd of around 100 marched through the streets of the capital Harare towards the central bank before riot police broke up the... Read more
Egypt’s President Abdel Fattah al Sisi promises tough reforms after IMF Deal
Egyptian President Abdel Fattah al-Sisi said on Saturday he was committed to pushing through the reforms necessary to turn the economy around and cut public debt, days after Egypt negotiated a $12 billion loan programme with the International Monetary Fund. The IMF said on Thursday it had agreed in... Read more
South Africa’s monetary policy waiting on Sluggish Economy
South Africa’s monetary policy stance remains accommodative and its tightening cycle would have been more aggressive had economic growth been buoyant, Deputy Central Bank Governor Francois Groepe said on Friday. “The moderate nature of the tightening cycle is due to our concern over the growth outlook,” Groepe said in... Read more
Angola inflation rises to 35 percent
Angola’s inflation quickened to 35.3 percent year-on-year in July from 31.8 percent in June, data from the national statistics agency showed on Friday. Prices rose 4.26 percent month-on-month in July from 3.27 percent in June.   Read more
Tanzania’s Tigo pays out 2 million dollars in profit share to Mobile Money customers
Tigo Head of Mobile Financial Services, Ruan Swanepoel said cumulatively the company has paid its mobile financial services users a total of Tshs 46.2 billion (US$ 21,203,490) in quarterly payments since the launch of the service in July 2014   Tanzania’s leading digital lifestyle company, Tigo  has announced another... Read more
How Nigeria’s currency lost 91% of its value against the dollar in 1 year
Nigeria’s Naira has lost more than 91 percent of its value against the dollar in the past year, the loss started even before Nigeria’s government agreed to let the currency floated freely according to market forces. On the official market side of the market, however, the currency fell by... Read more