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Bond note facility should be used to inject rand liquidity into economy: USAID-SERA

00HARARE Government should reassess the bond note project which has created loss of confidence in the economy, in particular the financial sector, and instead negotiate for the $200 million African-Export-Import Bank to be used to increase liquidity in the South African rand to the economy. According to a compendium of key policy research released to…

Tenders: Sept 12, 2016

ZiMwana Worldwide Informal Tender ZWT01/16 Tenders are invited from reputable companies for the provision of Labour only for the construction of classroom for Zimwana Worldwide Trust. Interested companies can obtain tender documents and specifications from Zimwana Worldwide Trust offices during working hours from Monday 12th September to Friday 23rd September 2016 upon payment of a…

Nokia-Alacatel’s Nigerian offices closed by watchdog for lack of licence

00ABUJA Nigeria’s telecoms regulator has shut the offices of Nokia-Alcatel for operating in Africa’s largest economy without the necessary permit, the watchdog said on Friday. The Nigerian Communications Commission’s (NCC) spokesman Tony Ojobo said that the mobile telecoms equipment manufacturer had failed to obtain the 2 million naira ($6,349) licence required for the sale and…

South Africa’s rand tumbles on global risk aversion, blue chips lift stocks

00JOHANNESBURG South Africa’s rand slumped as much as 2 percent against the dollar on Friday, as global concerns following North Korea’s nuclear test compounded domestic political uncertainty, sending investors fleeing to safe haven assets. Stocks however snapped two sessions of losses, lifted by companies with sales outside South Africa which stand to benefit from the…

South Africa’s finmin approves “going concern” guarantee for national airline

00JOHANNESBURG South Africa’s Finance Minister Pravin Gordhan has conditionally approved an application from the cash-strapped national airline for a guarantee as a going concern, the ministry said on Friday. South African Airways (SAA) has been surviving on state-guaranteed loans and has failed to submit financial statements for the past two years, with results for 2015/16…

Samsung Electronics shares slide as Note 7 recall takes toll

00SEOUL Samsung Electronics Co Ltd’s (005930.KS) shares fell to their lowest level in nearly two months on Monday after the tech giant told customers to switch off and return their new Galaxy Note 7 smartphones due to fire-prone batteries. Investors had wiped 15.9 trillion won (14.3 billion) off the South Korean firm’s market capitalization as…

Oil prices fall as U.S. drillers add new rigs, speculators cut long positions

00SINGAPORE Crude prices fell over 1.5 percent on Monday after U.S. oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises. Brent crude futures LOCOc1 were trading at $47.29 per barrel at 0200 GMT (10:00 p.m. EDT), down 72 cents, or…

European stocks rocked by return of volatility after summer lull

00LONDON European stocks fell sharply on Friday, dropping suddenly in afternoon trade following a sell-off on Wall Street as investors reacted to less dovish than expected signals from central bankers on both sides of the Atlantic. The pan-European STOXX 600 index was down 1.1 percent, the biggest one-day fall for the index since the start…

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