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EU adds Saudi Arabia to dirty-money blacklist, upsets UK, U.S

EU

The European Commission added Saudi Arabia, Panama and four U.S. territories to a blacklist of nations it considers a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday. The move is part of a crackdown on money laundering after several scandals at EU banks, but it has been criticised by several EU ...

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Brexit: US ambassador to UK Johnson warns on trade deal

trump

Donald Trump’s offer of a “quick, massive, bilateral trade deal” will not be possible if Theresa May’s EU withdrawal agreement is approved, the US ambassador to the UK has warned. President Trump had previously said her Brexit proposal sounded like a “great deal for the EU”. Woody Johnson told the BBC the UK was “in need of leadership” over Brexit. ...

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Nigeria’s first gold refinery to triple capacity in 5 years

File Photo

Nigeria’s first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday. Nere Teriba, vice chairman of local firm Kian Smith Trade & Co, said the refinery would initially be able to produce three tonnes per month of gold and one tonne ...

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World Bank announces $200 billion for Climate Action

World-Bank-news

The World Bank Group today announced a major new set of climate targets for 2021-2025, doubling its current 5-year investments to around $200 billion in support for countries to take ambitious climate action. The new plan significantly boosts support for adaptation and resilience, recognizing mounting climate change impacts on lives and livelihoods, especially in the world’s poorest countries. The plan ...

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Africa needs $621bn to meet UN Sustainable Development Goals

SusDevGoals

The Global Infrastructure Hub, a G20 initiative, has today published two reports that reveal an urgent need for infrastructure investment in 10 Compact with Africa countries, and highlight the reforms required to encourage greater investment. The first of these reports, Global Infrastructure Outlook: Infrastructure Investment Need in the Compact with Africa Countries, reveals that, unless US$621 billion is invested in ...

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Mining Firm’s License Renewal Fuels Protests

Ammolite_mining

Demonstrators have taken to the streets in at least a dozen southern Ethiopian towns this week to protest the federal government’s renewal of a license for a mining company that they say jeopardizes local residents’ health and economic well-being. The protesters, in the restive Oromia region, criticize a 10-year license for Mohammed International Development Research and Organization Cos., or MIDROC, ...

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IMF endorses crpto currency

IMF Managing Director - Christine Lagarde

IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde cautioned against the “dark side” ...

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Social media users in Uganda to pay tax soon

uganda

Uganda plans to slap a new tax on social media users from July to raise revenue, which human rights activists denounced as another attempt by President Yoweri Museveni to stifle freedom of expression and quash dissent to his 32-year-rule. The move is unlikely to go down well in a country where more than 40 percent of people use the internet. ...

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Private sector operators welcome African Continental free Trade Area Agreement

Intra-Africa Connect represented AfCTA Business Forum Kigali

Intra-African Connect, an organization committed to promoting and enabling Intra-African Trade and investment has lauded the signing of the African Continental Free Trade Agreement. The organization’s founder Mr. Nana Yao Lee was part of a group of private sector stakeholders that were taking part in the African Union Business Forum, held on the 20th of March 2018, a day before ...

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Kenya February private-sector activity strongest in nearly two years

Kenya3shutterstock_412400917

Kenya’s private-sector activity expanded at a rapid pace last month as output rose and orders increased, a survey showed on Monday, news that will cheer investors after months of election-related contraction last year. The Markit and CFC Stanbic Kenya Purchasing Managers’ Index (PMI) for manufacturing and services rose to 54.7, its highest since April 2016, from 52.9 in January. Anything ...

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