Economy

Nearly half of Tanzania's banks vulnerable to financial shocks

Nearly half of Tanzania's 45 banks are vulnerable to adverse shocks and risk insolvency in the event of a global financial crisis, the International Monetary Fund (IMF) said on Friday.

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Amazon targets airports for checkout-free store expansion

Amazon.com Inc (AMZN.O) is looking at bringing its futuristic checkout-free store format to airports in an effort to win business from hungry, time-pressed travellers, according to public records and a person familiar with the strategy.

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Absa bank aims to lift lagging return on equity by 2021

South African lender, Absa Group, set out new targets to raise its return on equity (RoE) by around 4% by 2021, from levels currently among the lowest of South Africa’s big four banks.

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Rand claws back lost ground in early trade

South Africa’s Rand steadied in early trade on Friday after tumbling more than 2% the previous session, weighed down by news that the country’s current account deficit widened in the third quarter and woes at state-run power firm, Eskom.

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Tiger Brands reopens meat plant after listeria outbreak

South African authorities have given food maker, Tiger Brands, permission to re-open a factory closed after the world’s biggest listeria outbreak was traced to one of its facilities, the company said on Thursday.

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Nissan to recall 150 000 cars due to improper checks

Nissan Friday announced plans to recall approximately 150 000 vehicles owing to improper tests on new units, dealing a fresh blow to the Japanese car giant following the shock arrest of former chairman Carlos Ghosn.

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Huawei CFO to appear in Canada court

A top executive of China’s Huawei Technologies Co Ltd who is under arrest in Canada is set to appear in a Vancouver court on Friday for a bail hearing as she awaits possible extradition to the United States.

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Tullow oil seeking partners in bid for additional Ghana block

United Kingdom oil explorer, Tullow Oil, is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the company’s Managing Director, Kweku Awotwi said on Thursday.

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Budget needed for Libya February vote: Election body

Libya’s electoral commission has asked the government for $28.7 million, saying the funding is needed to boost its “zero” budget to organise a vote on a new constitution as early as February.

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Group Five shares plunge on claim for Ghana power project

Shares in South African engineering company, Group Five, plunged more than 40% on Thursday after a customer’s $60.5 million compensation claim relating to the unfinished Kpone power plant in Ghana.

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