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Africa’s investment flow takes a -5% dip

00Africa’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…

Zim forecast to produce lower platinum in F17 as total mineral revenue remains flat in Q3

00Zim forecast to produce lower platinum in F17 as total mineral revenue remains flat in Q3 HARARE – Global refined platinum production is forecast to rise by two percent in 2017 with all regions except Zimbabwe expected to sustain or increase production levels, according to the World Platinum Council third quarter report. “With the exception…

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…

IMF insists on international audit of Mozambique debt

00MAPUTO 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…

Sun International joins South African exodus from Nigeria

00JOHANNESBURG Hotel and gaming group Sun International has become the latest South African business to pull out of Nigeria because of weak economic growth and clashes with regulators and shareholders in the west African country. In January, Nigeria’s Economic and Financial Crimes Commission (EFCC) launched a probe into Sun International’s initial investment in the Tourist…

Nigeria’s Buhari to ask for emergency powers to revive economy

00ABUJA Nigerian President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take “emergency” decisions to revive the flagging economy, a government source said on Monday. Africa’s biggest economy contradicted in the first quarter and government officials have said recession is likely as vital oil revenues have crashed due to…

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