Economy

Tunisia's August trade deficit up 20%

Tunisia’s trade deficit widened by about 20% year on year in the first eight months of 2018 to 12.2 billion Dinars ($4.39 billion), a record level, official data showed on Wednesday.

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SA to probe SAP contract kickback

South Africa’s Special Investigating Unit (SIU) will investigate whether a sweetener of more than R35 million ($2 million) was paid for a State contract with German software firm, SAP, a spokesperson for the unit told Reuters.

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British Prime Minister faces fresh threat of Brexit rebellion

Leading Brexit supporters on Wednesday denied reports they were manoeuvering to remove Prime Minister Theresa May while stepping up opposition to her plan to withdraw Britain from the EU.

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Oil prices rise on declining US crude stockpiles

Oil prices rose on Wednesday after a report of a decline in United States (US) crude inventories and looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global market.

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Nigeria Attorney General exceeded powers in tax bill: MTN

Nigeria’s Attorney General exceeded his powers in demanding $2 billion in taxes and charges from MTN Group, the telecoms firm said in papers filed with Nigeria’s High Court and reviewed by Reuters.

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Kenyan central bank penalises five banks

The Central Bank of Kenya on Wednesday said it had fined five commercial banks a total of 392.5 million Shillings ($3.89 million) in connection with the theft of funds at the National Youth Agency, a government body said.

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Ghana hires McKinsey to boost tax take

Ghana’s tax agency has hired McKinsey & Co to help boost collections after missing the revenue target for the year through August by 1.8 billion Cedis ($367 million).

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EU's Juncker eyes Africa free trade pact

The European Union (EU) could one day offer a free trade agreement to the whole of the African continent, European Commission President, Jean-Claude Juncker, will say in a keynote speech on Wednesday, an EU official said.

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Trafigura loses last big Angolan oil deal

Trafigura has lost its last big contract in Angola, once a core market and revenue generator for the trading house, as the country’s new President, Joao Lourenco, parts ways with oil firms that worked with his predecessor, Jose Eduardo Dos Santos.

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Liberia to roll out new savings program

The Central Bank of Liberia (CBL) is poised to roll out a new savings program that aims at teaching Liberians, especially the less privileged, how to do smart savings for the future.

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