Economy

Ethiopia reforms "to unleash private sector"

Ethiopia is open to selling off a host of state-owned firms, either partially or entirely, as part of a major economic reform drive designed to “unleash the potential of the private sector”, its information minister said on Wednesday.

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Kenya to launch Nairobi financial centre

Kenya will launch its international financial centre in the capital Nairobi later this year to attract large foreign financial firms and boost capital flows, its finance minister said on Wednesday.

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Steinhoff extends lock-up early bid fee deadline

Steinhoff extended its “early bird fee” deadline for the second time on Wednesday for creditors to sign a three-year agreement to hold off their debt claims, as the scandal-hit South African retailer battles to stay afloat.

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Walmart, Microsoft in partnership to use cloud tech

Retail giant, Walmart Inc, said on Tuesday it entered into a strategic partnership with Microsoft Corp for wider use of cloud and artificial intelligence technology, in a sign of major rivals of Amazon.com Inc coming together.

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PIC invests $200 million in platinum venture funds

South Africa's Anglo American Platinum has invested $100 million in two venture capital funds focused on increasing demand for platinum group metals, it said on Tuesday.

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Kenya Power management granted bail

A Kenyan court on Tuesday granted bail to Kenya Power Chief Executive, Ken Tarus, his predecessor, Ben Chumo and other senior managers at the company who are charged with conspiring to commit an economic crime and abuse of office.

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Egypt remittances expected to rise

Remittances from Egyptians abroad are expected to hit $26 billion for the 2017-18 fiscal year that ended in June, the central bank said late on Tuesday, a nearly 50% jump year-on-year but less than an earlier projection.

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Mozambique 'losing $60 million a year' to illegal fishing

Mozambique is losing at least $60 million a year because of illegal fishing, the country's Minister of the Sea, Inland Waters and Fisheries, Agostinho Mondlane, has reportedly said.

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Rand weaker in cautious early trade

South Africa's Rand weakened early on Tuesday, giving back the previous session’s gains as some investors took profits ahead of key data releases later in the week.

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Uber probed for gender discrimination

Uber Technologies Inc is under investigation by the United States Equal Employment Opportunity Commission for alleged gender discrimination on issues such as pay, according to a source familiar with the matter.

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