<p>Global accountancy firm KPMG must be given space to “come clean” via an independent investigative process after being implicated in a scandal involving business friends of President Jacob Zuma, a central bank deputy governor said on Tuesday.</p>
<p data-reactid="40">Addressing a monetary policy forum public meeting in Cape Town, deputy governor Kuben Naidoo said the troubles at KPMG, which audits several South African banks and lost a number of local clients recently, will not pose a financial stability risk to the banking sector.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="41">
<p class="Attribution_content_27_rw" data-reactid="42">Reporting by Wendell Roelf; Editing by Ed Stoddard</p>
</div>


KPMG does not pose financial stability risk: S.A Central Bank

<p>South African deputy central bank governor Kuben Naidoo said on Tuesday domestic factors are the main cause of a frail economy and the risk of further credit downgrades is “quite significant”.</p>
<p data-reactid="44">Painting a bleak picture during a monetary policy forum in Cape Town, Naidoo said a downgrade to South Africa’s local currency rating, which could see it fall out of crucial bond indices, could cost $8 to $12 billion in lost investment.</p>
<p>Fitch and S&amp;P Global Ratings both downgraded South Africa’s foreign-currency rating to speculative grade, or junk, following an abrupt cabinet reshuffle in March that saw the respected Pravin Gordhan axed as finance minister by President Jacob Zuma.</p>
<p data-reactid="46">Africa’s most industrialized economy has been hampered by tensions within the ruling African National Congress and policy uncertainty that have sapped investor confidence and thwarted efforts to create jobs and reduce widespread poverty.</p>
<p data-reactid="47">The government says it is striving to boost growth and find policies to boost employment.</p>
<p data-reactid="48">Naidoo also cited the high levels of mistrust between the private and public sectors and South Africa’s powerful unions.</p>
<p data-reactid="49">“We have a very weak economy and that is almost all due to domestic factors,” he said.“Global factors play some role, but those domestic factors include policy uncertainty, significant levels of mistrust between government, business and labour &#8230; and that certainly hobbled growth,” he said.</p>
<p data-reactid="50">Among many spats between the state and private sector, the chamber of mines and the mining ministry are locked in a number of legal disputes over new regulations which industry says will throttle investment.</p>
<p>Naidoo said the economy would likely grow 0.6 or 0.7 percent in 2017 and inflation should remain within the 3 to 6 percent target range for the next two years.</p>
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<p class="Attribution_content_27_rw" data-reactid="52">Writing by Ed Stoddard; Editing James Macharia and Matthew Mpoke Bigg</p>
</div>


South Africa’s economic woes domestic, downgrade risks high: deputy c.bank governor

<div class="ArticleBody_body_2ECha" data-reactid="38">
<p data-reactid="39">Kenyan opposition leader Raila Odinga said on Tuesday he would not stand in a court-ordered re-run of August’s presidential election that is scheduled for Oct. 26.</p>
<p data-reactid="40">Odinga has repeatedly said he would boycott the polls if the election board did not replace officials he blamed for irregularities in August.</p>
<p data-reactid="41">“In the interest of the people of Kenya, the region and world at large, we believe that all will be best served by (opposition grouping) NASA vacating the presidential candidature of elections slated for 26th of October, 2017,” Odinga told a news conference in the capital of Nairobi.</p>
<p data-reactid="42">Last month, the Supreme Court nullified incumbent President Uhuru Kenyatta’s win on Aug. 8 due to procedural irregularities and ordered a new poll to be held within 60 days.</p>
<p data-reactid="43">On Tuesday, legislators from the ruling party were debating proposed amendments to the election laws, which said if a candidate boycotted an election, the remaining candidate automatically wins.</p>
<p data-reactid="44">Opposition legislators boycotted the session.</p>
<p data-reactid="45">Ruling party legislators told Reuters on Monday that they were trying to head off a constitutional crisis if Odinga pulled out of the election.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="46">
<p class="Attribution_content_27_rw" data-reactid="47">Reporting by George Obulutsa and John Ndiso; Writing by Katharine Houreld; Editing by Alison Williams</p>
</div>
</div>


Kenyan opposition leader withdraws from repeat presidential poll

<p data-reactid="39">The International Monetary Fund cut its South African economic growth forecast for this year on Tuesday, saying rising political uncertainty has dented consumer and business confidence.</p>
<p data-reactid="40">The IMF said it expected South Africa’s economy to grow by 0.7 percent this year, down from an earlier projection of 1 percent given in July.</p>
<p data-reactid="42">“Growth is projected to remain subdued &#8230; despite more favourable commodity export prices and strong agricultural production, as heightened political uncertainty saps consumer and business confidence,” the global lender said.</p>
<p data-reactid="43">South African growth should tick up to 1.1 percent next year, slightly lower than an earlier forecast of 1.2 percent, the IMF added in its October world economic outlook.</p>
<p data-reactid="44">South Africa’s Treasury said in February it expected the economy to grow 1.3 percent in 2017, but Finance Minister Malusi Gigaba is due to announce revised projections on Oct. 25 when he presents his medium term budget policy statement to parliament.</p>
<p data-reactid="45">South Africa slipped into recession earlier this year as rising inflation and high unemployment hit consumer spending, but a rebound in agricultural output has since helped the economy to return to growth.</p>
<p data-reactid="46">Investors’ nerves, however, have been tested by the sacking of respected finance minister Pravin Gordhan in March, subsequent credit downgrades to sub-investment grade and allegations of corruption in state-owned firms.</p>
<p data-reactid="47">A leadership contest in the ruling African National Congress (ANC) party has also heightened political uncertainty.</p>
<p data-reactid="48">In December the ANC will choose a new party leader to succeed President Jacob Zuma, whose tenure has been tainted by a series of corruption scandals. Zuma can remain as head of state until an election in 2019.</p>
<p data-reactid="49">The IMF maintained its GDP growth projection for Nigeria at 0.8 percent this year, a performance underpinned by a recovery in oil production and farming after the economy contracted in 2016.</p>
<p data-reactid="51">“However, concerns about policy implementation, market segmentation in a foreign exchange market that remains dependent on central bank interventions and banking-system fragilities are expected to weigh on activity in the medium term,” the IMF said.</p>
<p>Economic growth in Kenya is seen slowing to 5 percent this year from 5.8 percent last year, the IMF said.</p>
<p>In September, Kenya lowered its 2017 economic growth forecast to 5.5 percent due to drought and political uncertainty.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="52">
<p class="Attribution_content_27_rw" data-reactid="53">Reporting by Alexander Winning; Editing by Olivia Kumwenda-Mtambo and Andrew Heavens</p>
<p data-reactid="53">
</div>


IMF cuts South Africa growth forecasts as politics takes it toll

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<p data-reactid="42">Nigeria’s President Muhammadu Buhari has sought approval from lawmakers in the upper chamber of parliament for $5.5 billion of foreign borrowing, according to a letter read in the Senate on Tuesday.</p>
<p data-reactid="43">Africa’s biggest economy grew in the second quarter, climbing out of its first recession in 25 years as oil revenues rose, but the pace of growth was slow, suggesting the recovery remains fragile.</p>
<p data-reactid="44">Nigeria expects a shortfall of $7.5 billion in its record 7.44 trillion naira ($24.33 billion) 2017 budget, which it plans to offset with foreign loans.</p>
<p data-reactid="45">The letter requesting approval from lawmakers for offshore borrowing was read out on the floor of the upper house by Bukola Saraki, president of the upper chamber, the Senate said on its official Twitter feed.</p>
<p data-reactid="46">Africa’s most populous country plans to issue at least a $2.5 billion Eurobond this year, the head of the Debt Management Office (DMO) said last week.</p>
<p data-reactid="47">And in August the finance minister announced plans to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve the country’s debt position.</p>
<p data-reactid="48">($1 = 305.8000 naira)</p>
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<p class="Attribution_content_27_rw" data-reactid="50">Editing by John Stonestreet</p>
</div>
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Nigeria’s Buhari asks lawmakers to approve $5.5BN in foreign loans

<p data-reactid="39">McKinsey will repay fees it earned for six months’ work last year at South African state utility Eskom if a high court finds the deal was unlawful, the global consultancy said on Tuesday.</p>
<p data-reactid="40">Eskom had given McKinsey and its local partner Trillian until Tuesday to repay 1.6 billion rand ($117 million) in consultancy fees for a contract that the state firm says was illegal.</p>
<p data-reactid="41">($1 = 13.6881 rand)</p>
<div class="Attribution_attribution_o4ojT" data-reactid="42">
<p class="Attribution_content_27_rw" data-reactid="43">Reporting by Joe Brock, editing by Louise Heavens</p>
</div>


McKinsey says will pay back fees if S.African court finds Eskom deal illegal

<p data-reactid="39">Rwanda’s year-on-year inflation rose to 3.8 pct in September from 3.2 percent month earlier, the National Bureau of Statistics said on Tuesday.</p>
<p data-reactid="40">Month-on-month inflation was 1.1 percent. The rise was mainly due to food and non-alcoholic beverages, housing, water, gas and electricity, the report said.</p>
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<p class="Attribution_content_27_rw" data-reactid="42">Reporting by Clement Uwiringiyimana; Writing by Katharine Houreld; Editing by Catherine Evans</p>
</div>


Rwanda’s year-on-year inflation at 3.8% in Sept: stats office

<p data-reactid="35">Girls are least likely to be in school in South Sudan, with nearly three-quarters of school-age girls out of the classroom, followed by Central African Republic, Niger and Afghanistan, all countries hit by conflict, a report said on Tuesday.</p>
<p data-reactid="36">Nine of the top 10 countries where girls fail to get a education are in Africa, while other crisis crippled countries, including Somalia and Syria, failed to make the list due to insufficient data.</p>
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<p data-reactid="38">“Over 130 million girls are still out of school &#8211; that’s over 130 million potential engineers, entrepreneurs, teachers and politicians whose leadership the world is missing out on,” said Gayle Smith, president of the ONE Campaign that published the index ahead of the International Day of the Girl.</p>
<p>“It’s a global crisis that perpetuates poverty.”</p>
<div></div>
<p data-reactid="41">In South Sudan, 73 percent of girls aged 6 to 11 are not in school, in the Central African Republic there is only one teacher for every 80 students and in Niger only 17 percent of girls and women are literate, the report found.</p>
<p data-reactid="42">“This index shines a necessary spotlight on the barriers that girls face to accessing a quality education in Africa,” said Anne-Birgitte Albrectsen, CEO of children’s humanitarian organization, Plan International.</p>
<p data-reactid="43">“The quality of a country’s education is linked to the resources governments invest in it,” said Albrectsen, who called for the closing of the education funding gap and addressing the barriers preventing girls from going to school.</p>
<p data-reactid="44">The report found exceptions, however, such as Burundi, one of the poorest countries in the world, that outperformed 18 wealthier countries when it came to girls’ education.</p>
<p data-reactid="45">Thousands of girls are kept from school due to poverty, early marriage, dangers in traveling to class and having too many chores at home, according to the United Nations’ children’s organization, UNICEF.</p>
<p data-reactid="46">In Ethiopia, two in every five girls marry before their eighteenth birthday while just one percent of girls in Burkina Faso complete secondary school, according to the report.</p>
<p data-reactid="47">Attitudes towards education for girls are starting to change across Africa &#8211; as more parents see sending their daughters to school not only as a chance to improve their futures, but also to boost the family’s fortunes, experts say.</p>
<p data-reactid="49">But generations of women have been left behind, with women accounting for almost two-thirds of the world’s illiterate adults.</p>
<p>“Extreme poverty and gender inequity drive the injustice that not only keeps girls out of school, but forces them into child marriages,” said Fiona Mavhinga, a lawyer and one of the first girls in Zimbabwe supported by international educational charity Camfed to go to university.</p>
<p>Without an education young woman are “locked away from a better future,” she said.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="50">
<p class="Attribution_content_27_rw" data-reactid="51">Reporting by Adela Suliman; editing by Ros Russell.</p>
</div>


Going to school? Unlikely if you’re a girl in South Sudan, report says

<p data-reactid="32">Nigeria’s Oranto Petroleum has signed two production sharing agreements with Uganda to explore for oil and gas around Lake Albert, the company said on Tuesday.</p>
<p data-reactid="33">Oranto was among several companies, including Australia’s Armour Energy, that last year bid in Uganda’s first competitive oil exploration licensing round.</p>
<p data-reactid="34">“We are excited to enter this agreement &#8230; Lake Albert is home to some prime petroleum acreage,” Prince Arthur Eze, chairman of Oranto Petroleum, said in a statement.</p>
<p data-reactid="35">The deal covers the Ngassa Shallow Play and Ngassa Deep Play exploration blocks located near the southern part of Lake Albert, Uganda’s ministry of energy and mineral development said.</p>
<p data-reactid="36">Uganda discovered oil in 2006 in the Albertine rift basin along its border with the Democratic Republic of Congo. Recoverable crude reserves are estimated between 1.4 and 1.7 billion barrels and first production is due in 2020.</p>
<div data-reactid="37"></div>
<div class="Attribution_attribution_o4ojT" data-reactid="38">
<p class="Attribution_content_27_rw" data-reactid="39">Reporting by Wendell Roelf; Editing by Joe Brock</p>
</div>


Nigeria’s Oranto Petroleum signs Uganda oil exploration deal

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<p data-reactid="39"> South Africa’s rand firmed against the dollar early on Tuesday, recovering from a six-month low hit in the previous session as emerging market currencies suffered a broad sell-off.At 0643 GMT, the rand traded at 13.7450 per dollar, 0.4 percent firmer than its overnight close on Monday.</p>
<p data-reactid="40">“The dollar has faltered, bringing relief to the rand and other EM currencies,” Rand Merchant Bank currency analyst John Cairns said in a note. “Event and data risks are non-existent so sentiment will dominate trading.”</p>
<p data-reactid="41">The rand fell as much as 13.8650 versus the dollar on Monday, its weakest level since April 11, as emerging markets were hurt by rising U.S. Treasury yields and risk-off mood following a visa spat between Turkey and the United States.</p>
<p data-reactid="42">South Africa is highly susceptible to global investor sentiment as the country relies on foreign money to cover its large budget and current account deficits.</p>
<p data-reactid="43">In fixed income, the yield for the benchmark government bond due in 2026 was down 4 basis points to 8.745 percent.</p>
<p data-reactid="44">Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index barely changed.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="45">
<p class="Attribution_content_27_rw" data-reactid="46">Reporting by Olivia Kumwenda-Mtambo Editing by Jeremy Gaunt.</p>
</div>
</div>


South Africa’s rand recovers after hitting 6-month low

<div class="ArticleBody_body_2ECha" data-reactid="41">
<p data-reactid="42">Zimbabwe President Robert Mugabe moved Patrick Chinamasa from the finance ministry on Monday to lead a new cyber security ministry that will focus on crimes on social media and other websites ahead of an election due next year.</p>
<p data-reactid="43">Chinamasa will be replaced at the treasury by Home Affairs Minister Ignatius Chombo in a cabinet reshuffle that also diminished the role of Vice President Emmerson Mnangagwa, seen as a potential successor to Mugabe.</p>
<p data-reactid="44">Chombo’s move, announced in a government statement, comes against the backdrop of a severe hard currency shortage that has dealt a fresh blow to confidence and investment in the southern African economy, which uses the U.S dollar.</p>
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<p data-reactid="46">Chinamasa was appointed finance minister after Mugabe’s re-election in 2013 and his move to head the new Ministry of Cyber Security, Threat Detection and Mitigation was unexpected.</p>
<p data-reactid="47">Its creation comes after Chinamasa said last month the government would now treat social media as a security threat after accusing users of spreading rumours about shortages of basic goods, which caused panic buying and price increases.</p>
<p data-reactid="48">The government has been uneasy with social media after activists such as pastor Evan Mawararire and his #ThisFlag movement last year used social media to organise a stay-at-home demonstration, the biggest anti-government protest in a decade.</p>
<p data-reactid="49">Government critics took to Twitter deriding Chinamasa as new “minister of Twitter, Facebook, Instagram and WhatsApp affairs”.</p>
<p>Chinamasa, a lawyer by training, will also be responsible for bringing to parliament a long awaited cyber crimes bill that criminalise false information posted on the internet, revenge porn, cyber-bullying and online activity against the government.</p>
<h3>CASH CRUNCH</h3>
<p data-reactid="52">Meanwhile Chombo, who does not have a finance background and is a staunch Mugabe supporter who comes from the 93-year-old leader’s rural home district, was the surprise pick for minister of finance.</p>
<p data-reactid="53">He will have to contend with a serious shortage of foreign currency that has seen U.S. dollar bank balances lose value against cash dollars, fanning a thriving black market.</p>
<p data-reactid="54">The worthless Zimbabwe dollar was replaced by the U.S. dollar in 2009 but the economy has struggled over the past 18 months because of a massive domestic shortage of greenbacks.</p>
<p data-reactid="55">As a result, cash, especially crisp, new, $100 bills, has enjoyed a steady 10 percent to 20 percent premium over dollars stored electronically in bank accounts &#8211; nicknamed “zollars” &#8211; meaning people have to transfer more than face value to the person selling the dollars on the black market.</p>
<p data-reactid="56">When Mugabe said on Saturday he was going to review the performance of his ministers, speculation was rife that Mnangagwa, who said last week he had been poisoned in August, would be among the casualties.</p>
<p data-reactid="57">Mnangagwa has come under attack from a ruling party faction that accuses him of seeking to force Mugabe to resign in his favour. The ZANU-PF is divided into two camps, one supporting Mnangagwa to succeed him and another rallying behind First Lady Grace Mugabe.</p>
<p data-reactid="59">Mnangagwa, who denies the accusations, lost oversight of the Justice Ministry to the head of Zimbabwe’s spy agency Happyton Bonyongwe.</p>
<p data-reactid="60">Bonyongwe, a retired army general who headed the national intelligence agency for 15 years, will be responsible for new legislation and will supervise the election due next year, including determining which foreign observers to invite.</p>
<p>Mugabe, who has ruled the former British colony since independence in 1980, has said he plans to run for another 5-year term next year, his last under the constitution, when he will be 94.</p>
<p>In total, 10 cabinet ministers changed posts while two were dropped entirely.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="61">
<p class="Attribution_content_27_rw" data-reactid="62">Reporting by MacDonald Dzirutwe; Editing by Ed Stoddard and Alison Williams</p>
</div>
</div>


Zimbabwe’s Mugabe creates cyber ministry in cabinet reshuffle

<p data-reactid="39">South African retailer TFG has dropped KPMG, the global accountancy firm ensnared in a scandal involving business friends of President Jacob Zuma, as its external auditor, citing “concerns recently raised”.</p>
<p data-reactid="40">TFG on Monday confirmed that it had joined consumer goods group AVI and a handful of other companies in cutting ties with KPMG.</p>
<p data-reactid="42">KPMG’s own investigation had found flaws in work it did for the national tax agency and the Gupta family, accused of using links with Zuma to win government contracts.</p>
<p data-reactid="43">The Guptas and Zuma deny wrongdoing and say they are victims of a politically motivated witch-hunt. The Guptas and their companies have not been charged with any crime.</p>
<p data-reactid="44">TFG, which owns the Foschini clothing chain and Britain’s Phase Eight and Whistles, said on Monday that it has appointed Deloitte &amp; Touche to take over as auditors for the current financial year.</p>
<p data-reactid="45">“The change in audit firm, which is effective immediately, was initiated by the company following the concerns recently raised regarding KPMG,” TFG said in a statement.</p>
<p data-reactid="46">State-controlled Telkom decided it would not award any new business to KPMG South Africa until the investigation by the Independent Regulatory Board for Auditors (IRBA) has been concluded, the fixed-line operator said in a statement.</p>
<p data-reactid="47">KPMG is also at risk of losing some its big financial clients, with Barclays Africa, Old Mutual, Investec, Standard Bank and Nedbank considering their options.</p>
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<p>The auditing firm’s new South Africa chief executive, Nhlamu Dlomu, has sought to reassure clients, employees and lawmakers since her appointment last month after most of the leadership was cleared out.</p>
<p>Dlomu on Monday announced a new executive team to replace vacancies left by the resignation of her predecessor and seven other executives.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="49">
<p class="Attribution_content_27_rw" data-reactid="50">Reporting by TJ Strydom; Editing by Ed Stoddard and David Goodman</p>
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South African retailer TFG drops KPMG as auditor

<p data-reactid="35">Caledonia Mining is seeking to expand in Zimbabwe, where output at its flagship gold mine has hit new highs and the country, gripped by a cash crisis, depends on it and other miners to generate currency.</p>
<p data-reactid="36">Zimbabwe is short of U.S. dollars, a currency it adopted in 2009 after its own was wrecked by hyperinflation.</p>
<p data-reactid="37">To try to manage the situation, it published currency exchange control rules at the end of September.</p>
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<p data-reactid="39">Caledonia Vice President Maurice Mason said in an interview the situation was serious, but did not deter him from operating in Zimbabwe, where the miner is increasing production and looking for opportunities.</p>
<p data-reactid="40">“We think Zimbabwe has been through the valley of despair and is coming out on the other side. Things are improving for us,” Mason said. “The government gives us preferential status because we generate forex.”</p>
<p data-reactid="41">“We are interested in looking at other assets that are profitable and of good quality,” he said, saying they could be in Zimbabwe or in another country in the region.</p>
<p data-reactid="42">Caledonia Mining has complied with Zimbabwe’s indigenisation requirement of 51 percent local ownership, meaning it owns 49 percent of the Blanket gold mine.</p>
<p data-reactid="43">Gold extracted from the mine is sold to the Zimbabwe Reserve Bank, which can export it for dollars. In all, Caledonia Mining generates about $70 million in foreign currency for the Zimbabwean economy every year, Mason said.</p>
<p data-reactid="44">“We have a relationship we believe is appropriate with the government,” Mason said.</p>
<p data-reactid="45">That includes paying it a 5 percent royalty, then getting 3.5 percent back as an export credit.</p>
<p data-reactid="46">Caledonia is given priority access to import licences for cyanide and dynamite for gold processing and mining.</p>
<p data-reactid="47">In 2009, the company temporarily shut down its Blanket mine, its prime asset, because of Zimbabwe’s economic situation, but reopened it.</p>
<p data-reactid="48">It also experienced problems earlier this year because of disrupted power supply. Mason said the company had resolved the issue by investing around $400,000 in voltage regulation equipment.</p>
<p data-reactid="50">At the start of October, Caledonia Mining reported its highest gold production yet for the quarter to the end of September at 14,389 ounces, up 7 percent from a year earlier.</p>
<p>For the full year, Caledonia Mining expects to produce between 54,000 and 56,000 ounces and says it is on target for 80,000 ounces in 2021.</p>
<p>Caledonia’s shares are listed in Toronto, New York and on London’s AIM market.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="51">
<p class="Attribution_content_27_rw" data-reactid="52">Editing by Jason Neely</p>
</div>


Caledonia Mining sees golden opportunities in Zimbabwe dollar crisis

<p data-reactid="39">Tanzania’s inflation rate rose in September as increases in food prices rose, the state statistics office said on Monday.</p>
<p data-reactid="40">The inflation rose to 5.3 percent year-on-year in September from 5.0 percent a month earlier.</p>
<p data-reactid="41">The food and non-alcoholic beverages inflation rate increased to 9.3 percent in September from 8.6 percent in August.</p>
<p data-reactid="42">On a month-on-month basis, inflation was -0.02 percent in August from -0.4 percent previously.</p>
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<p class="Attribution_content_27_rw" data-reactid="44">Reporting by Fumbuka Ng&#8217;wanakilala; Writing by Aaron Maasho, editing by Ed Osmond</p>
</div>


Tanzania inflation rises to 5.3% in September

<p data-reactid="32">Botswana’s Choppies Enterprises, a budget retailer with operations in seven African countries, plans to open 40 more stores in the region by mid-2018 at a cost of about 300 million pula ($29 million).</p>
<p data-reactid="33">Choppies plans to enter Namibia before December while expanding its presence in South Africa, Kenya, Zambia and Tanzania, Chief Executive Ramachandran Ottapathu told Reuters on Monday.</p>
<p data-reactid="34">The retailer has 217 stores in the region, including operations in Mozambique and Zimbabwe.</p>
<p data-reactid="35">“We will enter Namibia for the first time before the year ends,” said Ottapathu, who holds a 20 percent stake in the Botswana-listed retailer.</p>
<p data-reactid="36">“After a few years of losses, we are now making profits in South Africa,” he said, adding that he plans to expand in the eastern part of the country with 13 more stores.</p>
<p data-reactid="37">The company is still operating below break-even in new markets such as Tanzania, Kenya, Zambia and Mozambique, he said.</p>
<p data-reactid="38">($1 = 10.4603 pulas)</p>


Botswana’s Choppies to open 40 new stores in region

<p data-reactid="39">Nigeria’s state oil company on Monday said allegations by the oil minister that the conduct of its group managing director lacked transparency were baseless.</p>
<p data-reactid="40">Emmanuel Ibe Kachikwu, in a letter to the president dated Aug. 30 and confirmed by the oil ministry, said Maikanti Baru had bypassed the board on key decisions and did not follow due process.</p>
<p data-reactid="41">The Nigerian National Petroleum Corporation, in an emailed statement, said “due process has been followed in the various activities” outlined in the letter.</p>
<div class="Attribution_attribution_o4ojT" data-reactid="42">
<p class="Attribution_content_27_rw" data-reactid="43">Reporting by Alexis Akwagyiram; Editing by Dale Hudson</p>
</div>


Nigeria’s state oil company says transparency allegations are baseless

<p data-reactid="39">Men in plain clothes fired shots in the air as hundreds of opposition supporters marched through the Kenya’s capital to its election board headquarters on Monday, a Reuters witness said.</p>
<p data-reactid="40">The demonstrators were demanding reforms ahead of a presidential election scheduled for Oct. 26.</p>
<p data-reactid="41">Senator James Orengo from the opposition alliance said they also wanted to warn ruling party lawmakers not to pass a proposed amendment to the election laws that would limit circumstances in which the Supreme Court could nullify an election.</p>
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<div class="Attribution_attribution_o4ojT" data-reactid="43">
<p class="Attribution_content_27_rw" data-reactid="44">reporting by George Obulutsa; writing by Katharine Houreld; editing by John Stonestreet</p>
</div>


News

KPMG does not pose financial stability risk: S.A Central Bank

South Africa’s economic woes domestic, downgrade risks high: deputy c.bank governor

Kenyan opposition leader withdraws from repeat presidential poll

IMF cuts South Africa growth forecasts as politics takes it toll

Nigeria’s Buhari asks lawmakers to approve $5.5BN in foreign loans

McKinsey says will pay back fees if S.African court finds Eskom deal illegal

Rwanda’s year-on-year inflation at 3.8% in Sept: stats office

Going to school? Unlikely if you’re a girl in South Sudan, report says

Nigeria’s Oranto Petroleum signs Uganda oil exploration deal

South Africa’s rand recovers after hitting 6-month low

Zimbabwe’s Mugabe creates cyber ministry in cabinet reshuffle

South African retailer TFG drops KPMG as auditor

Caledonia Mining sees golden opportunities in Zimbabwe dollar crisis

Tanzania inflation rises to 5.3% in September

Botswana’s Choppies to open 40 new stores in region

Nigeria’s state oil company says transparency allegations are baseless

Hundreds of protesters march to Kenyan election board HQ

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KPMG does not pose financial stability risk: S.A Central Bank

South Africa’s economic woes domestic, downgrade risks high: deputy c.bank governor

Kenyan opposition leader withdraws from repeat presidential poll

IMF cuts South Africa growth forecasts as politics takes it toll

Nigeria’s Buhari asks lawmakers to approve $5.5BN in foreign loans

McKinsey says will pay back fees if S.African court finds Eskom deal illegal

Rwanda’s year-on-year inflation at 3.8% in Sept: stats office

Going to school? Unlikely if you’re a girl in South Sudan, report says

Nigeria’s Oranto Petroleum signs Uganda oil exploration deal

South Africa’s rand recovers after hitting 6-month low

Zimbabwe’s Mugabe creates cyber ministry in cabinet reshuffle

South African retailer TFG drops KPMG as auditor

Caledonia Mining sees golden opportunities in Zimbabwe dollar crisis

Tanzania inflation rises to 5.3% in September

Botswana’s Choppies to open 40 new stores in region

Nigeria’s state oil company says transparency allegations are baseless

Hundreds of protesters march to Kenyan election board HQ

News Tips

Advertise With Us

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