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Archive For: The Crunch

Somali Central Bank chief seeks new currency to rebuild nation

Feb 11, 2016 After several decades of economic and political instability, Somalia’s central bank governor recently called on the government to print new currency for the first time since the 1980’s. Bashir Issa Ali, who used to hide a loaded pistol in their desk drawer for fear of militant attacks, said he wants to recreate ... Read More
 

Kenya's KenGen sees approval for cash call by March

Feb 11, 2016 While speaking in an interview, the managing director of Kenya’s Electricity Generating Company recently said his company was aiming to have regulatory approval for its planned rights issue by March. In December, KenGen had announced its plans to spend $1.57 billion to increase the country’s power grid by 500 megawatts in the ... Read More
 

RIO revellers pay tribute to Michael Jackson in street carnival band

Feb 11, 2016 Thousands of revelers in Rio de Janeiro recently paid tribute to the late Michael Jackson as they partied to Samba versions of his songs in one of the city’s street Carnival parades. The third edition of the Michael Jackson-themed street party, dubbed “Thriller Eletrico”, drew a large crowd to a park in ... Read More
 

Obama to push for climate funding in congress

Feb 11, 2016 In his weekly broadcast, US president Barrack Obama recently said that his budget proposal for Congress would push for more funding in clean energy research and development by 2020. “As I said in my State of the Union address, rather than subsidize the past, we should invest in the future. That’s why ... Read More
 

British and Japanese Olympic officials say that RIO Olympics won't be affected by zika virus

Feb 11, 2016 British and Japanese Olympic officials recently asserted that the Rio Olympics won’t be affected by the increasing concerns over zika virus. Speaking at Ajinomoto Training Centre in Tokyo, Lord Sebastian Coe, Chairman of the British Olympics Association said: “British athletes are not reluctant at all to compete in Rio. We have a ... Read More
 

Egypt's pharmaceutical industry hit by foreign currency drop

Feb 10, 2016 Pharmacists in Egypt recently warned that vital drug supplies are gradualy depleting as the country’s ailing economy continues to impact pharmaceutical production. Egypt recently raised tariff rates on a wide range of imports, in a bid to curb dollar spending on imports. Doctor Osama Rostom, Commercial Director of Egyptian International Pharmaceutical Industry ... Read More
 

Africa's biggest oil producer seeks World Bank, AFDB support.

Feb 10, 2016 Nigeria recently held talks with the World Bank and the African Development Bank to solicit support as it strives to cope with low crude prices and weakening currency. According to Nigeria’s ministry of finance, the country is planning to borrow about 5 billion dollars to help fund a budget deficit due to ... Read More
 

Foreign forces entering Syria would end up 'in coffins': FM

Feb 10, 2016 In response to reports that Saudi Arabia and Bahrain are gearing up to send troops to Syria to fight against extremist groups, Syrian Foreign Minister Walid al-Moallem recently fired a warning saying that any foreign force entering Syria will return home in wooden coffins. Speaking at a press conference in Damascus, Minister ... Read More
 

Millions flock to Rio carnival street parties

Feb 10, 2016 Millions of revelers recently flooded the streets of Rio de Janeiro to take part in some of the city’s biggest and most popular carnival parties. This year, the band’s theme-tune marked the count-down to its centenary, which will be celebrated in 2018, making it one of the oldest at the carnival. One ... Read More