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Commercial banks in Uganda reducing physical presence across the country

Commercial banks operating in Uganda are reducing their physical presence across the country. Many are issuing notices telling the public about the closure or merger of some outlets, as well as relocation of some customer service points. Bankers say the move is intended to cut operational costs. CGTN’s Michael Baleke has that report.

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

1,109-carat uncut diamond from Botswana mine sells for $53 million

The world’s second-biggest diamond found two years ago from Botswana’s Karowe mine has been sold for $53 million to a luxury jeweler. Lucara is pleased to announce that the 1,109 carat #LesediLaRona diamond has been sold for US$53M to @GraffDiamonds: https://t.co/Y47kUaqTav pic.twitter.com/wQw0ojbfsa — Lucara Diamond Corp (@LucaraDiamond) September 25, 2017 The uncut 1,109-carat diamond named […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

Thousands in South Africa march against corruption

Thousands of South Africans on Wednesday took to the streets of major cities to protest against government corruption, state capture and job losses. The march was organized by the Congress of South African Trade Unions (COSATU), which has more than one million members countrywide. Many protesters were seen carrying placards demanding the resignation of President […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

Africa: North Korea’s loyal partners in Africa

By Martina Schwikowski Despite UN sanctions against North Korea, a number of African countries share a cosy trade relationship with the pariah state. Old alliances dating back to Cold War times have persisted – and remain important even today. Pyongyang’s presence in Africa is impossible to ignore. In many countries, bronze statues in the monumental […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

Kenya and Ethiopia, rising economic giants

Rising economic giants Nigeria and South Africa may be out of recession, however Kenya and Ethiopia might soon outshine these economic giants in the competition for investment, according to the newly released Africa Risk-Reward Index. The report compiled by Oxford Economics, an advisory group affiliated with the Oxford University, UK, says rising security risks and […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

Africa’s Fastest Trains Set To Be Shipped To Nigeria

A batch of trains rolled off the production line of China Railway Rolling Stock Corporation (CRRC) Nanjing Puzhen Co., Ltd., on Sept. 12, and will be shipped to the Port of Lagos in Nigeria a month later, news site thepaper.cn reported. These 10 standard-gauge trains were ordered by Nigerian Railway Corporation (NRC) in May this […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

Tanzania charges officials with economic sabotage over seized diamonds

Tanzanian prosecutors charged two government officials on Friday with economic sabotage after they were accused of undervaluing an export-bound consignment of diamonds seized from a mine majority owned by London-listed Petra Diamonds. Archard Kalugendo, director of the state-run diamond and gemstone valuation unit, and government gemstone valuer Edward Rweyemamu were jointly charged with being responsible […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

Africans have no real desire to leave the CFA franc zone’ – EU president

The European Commission President Jean-Claude Juncker says Africans are not showing the real desire to leave the CFA franc zone which consists of 14 countries in Africa who use the two CFA franc currencies. Juncker made the remark on Thursday in response to a question about the agitations of some Africans against the currency, which […]

Africa Robbed Of $50b Via Treaties, Weak Tax Laws

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