David Cowan News
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A caller to Traffic Radio in Lagos, a city that has long been a byword for chaos, pollution and crime, complained that an illegal building blocking a drain is worsening floods in his neighborhood.
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Kenya, Uganda and Tanzania are turning to financial markets to finance their budgets, including the sale of sovereign bonds, as the European debt crisis forces governments to slash spending and curtail aid to Africa.
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Citigroup Inc. raised its economic growth forecast for Nigeria this year to 7.1 percent from 6.8 percent, David Cowan, an economist at the bank, said in an e- mailed report.
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Kenya’s central bank will probably keep its benchmark interest rate unchanged tomorrow for the second straight meeting, allowing more time for commercial banks to drop their lending rates.
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Kenya, Tanzania and Uganda may scale back deficit reduction plans in the next fiscal year as they ramp up investment to maintain economic growth and cut taxes to ease the impact of rising food and fuel prices.
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The Egyptian revolution that swept Hosni Mubarak from power threatens to hobble the real-estate developers that profited from their ties to the former president.
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Kenya’s central bank unexpectedly cut its benchmark interest rate by 0.75 percentage points, bringing further pressure to bear on the country’s commercial lenders to make even deeper reductions to their lending rates.
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Kenya’s central bank will probably leave its benchmark interest rate unchanged tomorrow for the second consecutive meeting after commercial bank lending picked up, a survey showed.
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Kenya’s central bank will probably increase its benchmark interest rate for a second consecutive meeting as it seeks to curb inflation that has exceeded the government’s target all year.
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Ghana’s central bank is targeting an appreciation of 5 percent for the nation’s currency this year and will be able to sustain inflation of about 9 percent, Deputy Governor Millison Narh said.
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