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Africa

Views Of Tankers & Refineries As Oil Trades Near 12-Year Low

Cheap oil benefits consumers, hits governments

The lower oil price for about 19 months is benefiting the consumers, but creating a lot of problems for the global governments and business firms. Many banks and the US government forecast oil price above $40 a barrel this year. The oil price fell to below $30 during the past 19 months from $107 a barrel.

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Cheltenham Festival - St Patrick's Day

Nigeria Economic Slowdown Hits Guinness Nigeria's Sales

Guinness Nigeria, the country's second-biggest brewer is seeing a prolonged decline in sales and shares. The failing of the beer industry is part of a bigger national economic slowdown, whereas Nigeria, Africa's largest economy, seek out for loan to cover budget deficits.

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Offshore Oil Production In Nigeria's Agbami Deepwater Oilfield

Nigeria seeks $3.5 bln loans to fill budget gap

Nigeria requires $3.5 billion funds to fill its $15 billion budget deficit. The falling oil prices are eroding revenues for the government. The largest economy in Africa is seeking $2.5 billion loan from the World Bank and $1 billion loan from ADB.

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The Daily Lives Of OAO Alrosa Diamond Mine Workers In The Sakha Republic

Diamond market rebound propels Alrosa's Q4 sales 45% up

Alrosa PJSC has recorded 45 percent growth in sales for the fourth quarter of 2015. The rebound in the global diamonds market helped Alrosa post encouraging performance. The diamonds prices in the global market fell over 18 percent in 2015.

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South Africa's New Finance Minister Pravin Gordhan

SARB Increases Benchmark Rates, Commercial Banks Follow Trait, Job Cutting Feared

South African Reserve Bank (SARB) has announced increasing key interest rates by fifty basis points to 6.75% on Thursday. It has also slashed down growth forecast to 0.9%. SARB has increased the interest rates for the second time with an interval of weeks. However, the rate hike will influence the Banks’ expenses and banking industry may witness job cutting as cost minimization effort.

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NIGERIA-ECONOMY-ENERGY

Boosting Electricity Power In Nigeria Needs Widening of Grid Says Azura

Nigeria as biggest economy of Africa is not able to meet demands for power supply for various reasons. Azura which generates power for Nigeria, is of view that for supply to increase the power transmission the grid must be expanded. And terms of the management of transmission grid which is run by a Canadian Company needs to be reviewed.

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Stacks of copper await shipment at the Anglo American PLC Lo

Anglo American's copper output up 23% in Q4

Anglo American's copper production and from retained operations rose 23 percent for the fourth quarter of 2015. The overall copper equivalent basis production for 2015 rose five percent when compared with 2014. Majority of metals including copper, coal, nickel and iron ore tumbled during the second half of 2015. The copper inventory of Anglo American was at 197,631 tons as on 2015.

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Chinese consumers are taking pictures of a gold Maitreya...

Gold price retreats from 12-week high on US Fed statement

Gold soared to three-month high early this week as investors switched over to safe have following the concerns about the global economy. The US Federal Reserve indicated a challenging global economy and this may not prevent it from raising interest rate. Gold price reached to $1,127.80 on 27 January and this propelled investors to book profits.

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Everyday Life In Ethiopia

East Africa Islamic Finance Summit 2016 Will Be Held to Discuss Islamic Finance

The summit will provide a platform for foreign investors, African companies, and regulators to meet, discuss relevant issues, and form relationships. East Africa has a strong potential to develop Islamic Finance because of the high demand for its services and products.

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Chinese Students Attend Summer Camp For Overweight Kids

Obesity in Children Increased Dramatically, WHO Seeks Political Commitment In Tackling The Issue

Childhood obesity has increased drastically worldwide and WHO seeks political involvement in handling the issue. About 48% of obese and overweight children aged 5 and below reportedly belong to Asia and Africa.

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SAFRICA-POLITICS-HOUSING-EVICTIONS

South African House Prices to Decline in 2016, According to Retail Bank

South African retail bank said the country's house price will decline in this year. Fitch Ratings also remarked South African residential property and mortgage markets outlook to weaken further facing microeconomic challenge.

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Workers Harvest Sugar Cane

Drought leaves SA farmers owing $7.5 bln to banks

The debt burden of South African farmers reached to over Rand 125 billion ($7.5 billion). The total debt of farmers was up 14 percent in 2015 to Rand117 billion. Economists alert that the prevailing slump in commodities markets, tighter monetary, fiscal policy, drought conditions and drop in value of Rand will trigger higher than expected inflation rate.

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BRICS/SCO Summits - Russia 2015

African startups commence 2016 with $10mln investment

Technology startups in Africa may get $10 million funding in early 2016 as Silvertree Capital sees the rosy picture. Silvertree Internet Holdings is keen on scaling technology and commerce companies and has already invested $5 million in business building operations and acquisitions. South Africa, Nigeria and Kenya are favored the most among African countries.

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Nairobi Neighborhood Becomes Home To Somali Refugees

Lower oil prices to check inflation in Kenya

The Kenyan government is hoping to control inflation rate with the support from lower oil prices. Lower oil prices are supporting the Kenya's economy as the growth rate is expected to be six percent in 2016 from 4.5 percent in 2015. Inflation rate breached the government's target band of 2.5 percent to 7.5 percent as it reached to eight percent.

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UK Student In Custody On Drug Smuggling Charges

Citigroup cancels airline credit facility

After the cancellation of short-term credit facility from Citigroup, South African Airways is in the process of getting guarantee support from the government. South African Airways has had seven CEOs during the past three years. The National Treasury is exploring ways to restore financial support to the airline and will restructure the board as well.

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