Economy

Kenya's proposed regulator will not infringe on central bank

Kenya's Finance Minister said a proposed financial-markets regulator will not infringe on the mandate of the country's central bank, which has complained the new agency would leave it "emasculated".

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Ugandan Shilling weakens to all-time low to Dollar

The Ugandan shilling weakened to an all-time low on Thursday as interbank players exerted strong Dollar demand while the central bank held back from another intervention, traders said.

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Textile, clothing manufacturers gather in SA

African textile and clothing manufacturers are gathered in Cape Town, South Africa, for a two-day conference, where they are show-casing their products to over 1 600 decision-makers from all over the world.

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Basil Read applies for suspension of listing

South African construction firm, Basil Read Holdings, said on Wednesday it had applied to the Johannesburg Stock Exchange for the voluntary suspension of the listing of its shares after a key unit started business rescue proceedings.

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Arrest sparks turmoil at VW

Volkswagen bosses were locked in a second day of hastily convened meetings to address a leadership crisis sparked by the arrest of the head of the car manufacturer’s Audi brand, sources familiar with the matter said yesterday.

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Talks before main OPEC meeting to debate output hike

Oil ministers will debate on Thursday whether to raise supplies by 1 million barrels per day as the main proposal for the upcoming meetings of OPEC and non-OPEC allies, OPEC sources said.

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Abraaj sells LATAM, Africa businesses to Colony Capital

Dubai-based Abraaj Group agreed to sell its Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business to US investment management firm Colony Capital Inc, the companies said on Thursday.

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Nigeria President signs off 2018 budget

Nigeria’s President signed a record 9.12 trillion-Naira ($29 billion) budget for 2018 into law on Wednesday but said he would use a supplementary spending plan to seek changes, creating uncertainty about the final details of his growth strategy.

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Rand pares early gains, technicals offer support

South Africa’s Rand was firmer in early trade on Wednesday in a technical rebound after slumping as much as 2% in the previous session to seven-month lows on jitters triggered by the escalating tit-for-tat US-China trade war.

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Apple slapped with $6.7 million fine

The Australian federal court fined US tech giant Apple $6.7 million for telling some Australian iPad and iPhone owners that their faulty devices could not be fixed because they had previously been repaired by a third party in a breach of Australian.

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