Economy

Rand firmer ahead of inflation numbers

South Africa’s Rand opened firmer on Wednesday, extending gains from the previous session as signs of thawing US-China trade tensions boosted risk appetite, while a jump in industrial output locally also spurred demand for the currency.

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Egypt wants World Bank, IMF to include informal sector in GDP

Egypt’s central bank wants the World Bank and International Monetary Fund (IMF) to include the country’s informal sector in their gross domestic product figures and other macro-indicators for Egypt, the bank’s Deputy Governor, Gamal Negm said.

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Total wins contracts for two offshore blocks in Mauritania

French energy company, Total, has strengthened its position in Mauritania by winning contracts for two new exploration blocks.

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Rand volatility grows as economic risks gather

Implied volatility on South Africa's Rand rose by its most since the last Finance Minister reshuffling in October, amid worries over the country's sovereign credit ratings, power supply interruptions and next year's elections.

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SA’s Famous Brand's UK burger chain shuts 14 struggling stores

South Africa’s Famous Brands said on Tuesday its United Kingdom-based unit, Gourmet Burger Kitchen (GBK), has closed 14 out of 17 under-performing stores following the approval of a restructuring plan by creditors.

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SA retail sales up year-on-year in October

South African retail sales rose 2.2% year-on-year in October after increasing at a revised year-on-year rate of 0.6% the previous month, the statistics office said on Wednesday

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Nigerian court adjourns MTN, central bank case

A Nigerian judge adjourned on Wednesday a hearing over an $8.1 billion dispute between South African telecoms giant MTN and the central bank until January 22.

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Tanzania to sign power plant deal: President

Tanzania will sign a deal this week for the construction of a $3 billion hydro-electric power plant, the President said in remarks broadcast on State television on Tuesday.

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Egypt, Arab Contractors to build $3 billion Tanzanian power plant

Egypt's El Sewedy ElectricCo and Arab Contractors will be involved in building a $3 billion hydro-electric plant in Tanzania that is to more than double the country's power generation capacity, the Tanzanian Energy Minister said.

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Huawei executive gets bail in case rattling China ties

A Canadian court granted bail on Tuesday to a top Chinese telecom company executive wanted in the United States (US) in a case that has rattled relations between China and the North American allies.

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