Addis Ababa News
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African nations should reduce subsidies on products including fuel to increase their scope for stimulus spending as Europe sinks into recession, said African Development Bank President Donald Kaberuka.
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Ecobank Transnational Inc., which operates in more African countries than any other lender, said it may raise $2 billion by June 2013 as it seeks further expansion in the continent.
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Former Nigerian leader Olusegun Obasanjo said President Goodluck Jonathan’s government is seeking dialogue with the militant Islamist group, Boko Haram.
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South Africa’s economy will probably expand about 3 percent this year, even after a slump in manufacturing output cast doubt on the outlook for growth, South Africa’s Finance Minister Pravin Gordhan said.
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Africa needs $40 billion annually to bridge its power-supply deficit, Nigerian Petroleum Resources Minister Diezani Alison-Madueke said.
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South Africa’s biggest lenders agreed with the government on a trial program that would cut interest on 14 billion rand ($1.8 billion) of loans to some of their most indebted customers, the head of the banks’ lobby group said.
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Marriot International Inc. will manage two hotels that are under construction in Ethiopia’s capital, Addis Ababa, as the company expands in the region, said Alex Kyriakidis, the company’s Middle East and Africa president.
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The Nigerian Stock Exchange All-Share Index declined for the first time in three days, falling 0.7 percent to 22,533.72 by the close in Lagos, according to data compiled by Bloomberg.
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South Sudan is ready to negotiate an agreement on an oil dispute with Sudan that prompted the newly independent nation to shut down its crude production, Cabinet Affairs Minister Deng Alor said.
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Gao Xiqing, president of China Investment Corp., said the nation’s sovereign wealth fund has stopped buying European government debt on concerns about the region’s financial turmoil.
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