Kenyan Opposition Says New Alliance May Be Formed by February

Kenyan Opposition Says New Alliance May Be Formed by February

      Kenyan opposition political parties may agree on a proposed super alliance by early next year to take on President Uhuru Kenyatta in August elections, the Coalition for Reforms and Democracy said. Former Finance Minister Musalia Mudavadi has proposed forming a broad coalition of opposition parties, known as the National Super Alliance, to stop Kenyatta winning a second term. Mudavadi and CORD leader Raila Odinga said Dec. 6 they expect the alliance to…

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Ghana President, Opponent Neck And Neck as Ballots Counted

Ghana President, Opponent Neck And Neck as Ballots Counted

Both main parties claim their candidates are winning election Winner faces task of reigniting sluggish economic growth John Mahama Photographer: Michael Nagle/Bloomberg   Ghanaian President John Mahama and his main opponent in Wednesday’s elections were neck and neck after the release of early provisional results as both candidates claimed the lead in the race for the presidency. The most important market news of the day. Get our markets daily newsletter. Nana Akufo-Addo, the presidential candidate…

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Zara’s Recipe for Success: More Data, Fewer Bosses

Zara’s Recipe for Success: More Data, Fewer Bosses

Deep inside a sprawling glass-and-cement edifice the size of an airplane hangar in the Spanish town of Arteixo, 10 designers swarm around a model dressed in cropped gray trousers and a double-breasted navy blazer. Sweaters, shirts, and suits are spread out on the white-tile floor, while seamstresses in white labcoats stitch prototypes nearby. “It’s classic, but it’s new at the same time,” says a woman from China. “I’m not sure about the bold patterns,” counters…

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South Africa Inflation Quickens to 6.4% in October From Year Ago

South Africa Inflation Quickens to 6.4% in October From Year Ago

Borrowing costs forecast to remain unchanged on Thursday Economy to expand at the slowest pace this year since 2009     South Africa’s inflation accelerated to an eight-month high in October as food prices climbed. The rate increased to 6.4 percent from 6.1 percent a month earlier, Statistics South Africa said in a report released Wednesday in the capital, Pretoria. That’s the highest rate since February. The median estimate of 19 economists surveyed by Bloomberg…

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South African Mine Companies May Revive Black Ownership Lawsuit

South African Mine Companies May Revive Black Ownership Lawsuit

Government has taken ‘unilateral’ route in writing new rules Department Mineral Resources to gazette charter next month South Africa’s mining companies may revive a court case against the government after being frozen out of deliberations over the revised Mining Charter, which could require some companies to give more equity to black investors. The Chamber of Mines, representing miners including Anglo American Plc and Glencore Plc, had put a lawsuit against the government over black ownership…

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Political Storm Over Gordhan Shakes S. Africa Justice System

Political Storm Over Gordhan Shakes S. Africa Justice System

National prosecutor may be fired over aborted Gordhan case Civil rights groups say top prosecutor unfit to hold office A political firestorm over an aborted attempt to charge South African Finance Minister Pravin Gordhan with fraud has ignited a power struggle between the head of a special police unit that carried out the investigation and the nation’s chief prosecutor, deepening a crisis in the criminal justice system. The battle came to light in an exchange…

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Anger rising over India’s bungled cash exchange

Anger rising over India’s bungled cash exchange

Banks are out of cash. ATMs are broken. Frustration has given way to anger. Five days ago India suddenly banned more than 80% of its rupee notes, launching a currency exchange program that has been dogged by logistics snafus, poor banking infrastructure and intense demand for the new money. Prime Minister Narendra Modi said last week the ban on old 500 and 1,000 rupee notes would strike a blow against corruption and tax evasion. The…

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Oil Trader Trafigura Government Payments Fall to $14 Billion

Oil Trader Trafigura Government Payments Fall to $14 Billion

Payments to NOCs fall 24% in 2015 on pullback from Nigeria Trafigura is only major oil trader to disclose information Trafigura Group disclosed $14.2 billion in payments to governments in 2015, a 24 percent drop from the year before, as lower oil prices and sharply curtailed business with the Nigerian National Petroleum Corp. reduced spending. For the first time, the figure included payments to all countries where the trading house does business, and not just…

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AngloGold Profit Climbs 36% to $395 Million on Higher Prices

AngloGold Profit Climbs 36% to $395 Million on Higher Prices

Free cash inflow of $161 million compared with outflow in 2015 Production fell 6% while all-in sustaining costs rose 14% Share on FacebookShare on Twitter Share on LinkedInShare on RedditShare on Google+E-mail AngloGold Ashanti Ltd. said third-quarter earnings rose 36 percent as the the world’s third-largest miner of the metal benefited from a higher prices. Adjusted earnings before interest, taxes, depreciation and amortization climbed to $395 million in the three months ended Sept. 30, compared…

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Eskom CEO Brian Molefe to Step Down Following Gupta Graft Report

Eskom CEO Brian Molefe to Step Down Following Gupta Graft Report

Brian Molefe, the chief executive officer of South Africa’s state-owned power utility, said he will leave Eskom Holdings SOC Ltd. following the release of a report by the nation’s graft ombudsman into the influence of the wealthy Gupta family on the state. “I have, in the interests of good corporate governance, decided to leave my employ at Eskom from Jan. 1,” he said in a statement e-mailed by the Johannesburg-based power utility Friday. “I do…

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