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Resource misallocation causing low productivity in developing countries: Report

Resource misallocation causing low productivity in developing countries: Report As Zimbabwe seeks to optimize revenue collection from the informal sector, a new research from the International Monetary Fund (IMF) has tipped that lower compliance costs and stronger enforcement can reduce the unfair cost advantages informal firms enjoy, to make room for more productive and tax…

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Emerging and developing countries to contribute 75% to 2017 global growth

Emerging and developing countries to contribute 75% to 2017 global growth HARARE – The International Monetary Fund (IMF) says after six years of disappointing growth, the world economy is gaining momentum as a cyclical recovery holds out the promise of more jobs, higher incomes, and greater prosperity going forward. In a statement prior to the…

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SADC Member States not committed to private sector development’ – Industrialist

SADC Member States not committed to private sector development’ – Industrialist HARARE – The Southern African Development Community (SADC) has shown very little commitment to the importance of genuine private sector engagement, an industrialist has said. This comes as SADC Heads of State, who recently held an Extraordinary Summit in Swaziland approved the Costed Action…

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Africa’s investment flow takes a -5% dip

Africa’s investment flow takes a -5% dip The world’s foreign direct investment (FDI) took a significant decline of 13 percent last year, recording an estimated $1.52 trillion, as global economic growth remained weak and world trade volumes posted anaemic gains, says the Global Trends Investment Monitor released Wednesday. The report says that the fall reflects a…

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

ABUJA 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…

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

JOHANNESBURG 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…

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

JOHANNESBURG 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…

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IMF insists on international audit of Mozambique debt

MAPUTO The International Monetary Fund (IMF) is demanding an external forensic audit of Mozambique’s public debt to regain investor confidence after a scandal over more than $2 billion in secret loans, its local representative said on Tuesday. Parliament and the attorney-general’s office have launched investigations into the undisclosed borrowing in 2013 and 2014 but the…

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South Africa’s ANC backs Gordhan but warns ministers to obey police summons

JOHANNESBURG South Africa’s ruling party backed Finance Minister Pravin Gordhan on Tuesday but said ministers should obey police summons issued during investigations, days after Gordhan declined to meet detectives looking into his time at the tax office. Gordhan said last week he had done nothing wrong and had no legal obligation to obey a police…

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CEO of Millicom Africa sees growth opportunities in data

GHANA Following her recent visit to Ghana, Cynthia Gordon, the CEO of Millicom Africa has emphasized the remarkable growth opportunities in data and Tigo’s commitment to giving customers access to superior high speed internet services. “We were the first to launch 4G in 3 operations in Africa including Tanzania, Chad and Rwanda and have seen…

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