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Crane Bank courts ‘strategic investor’

There were ripples in the financial services sector recently when reports emerged that Crane Bank is in negotiations with a buyer. This is the second biggest indigenous bank and the country’s fourth largest bank by assets. ‘It’s owner and founder, Sudhir Ruparelia, is arguably the region’s richest man. Why would …

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Algeria urges OPEC decision to stabilise oil price

Algiers, Algeria | AFP |  The world’s top oil producers “must take a decision” to stabilise prices, Algeria’s energy minister said on Sunday ahead of an OPEC meeting on Wednesday in Algiers. Oil prices are already depressed after two years of oversupply amid deep disagreements between members of the Organization …

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Farmers reaps big as cocoa earns Uganda $74million in 2015

Reaping big from cocoa INTERVIEW: Stephen Sembuya is the CEO of Pink Food Industries, a cocoa-producing enterprise. He spoke to Ian Katusiime about cocoa and the other pertinent issues in the industry. What influences your management style? I come from an industrious background. My dad was the founder of Sembule …

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Ericsson to end manufacturing in Sweden, cut 3,000 jobs

Stockholm, Sweden | AFP |  Telecoms equipment maker Ericsson plans to end manufacturing in Sweden with the loss of around 3,000 jobs, Swedish newspaper Svenska Dagbladet reported late Wednesday. The daily said it had obtained “confidential documents” outlining a three billion kronor (313-million-euro, $350-million) cost-cutting programme. According to Svenska Dagbladet, …

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Oil prices climb on big fall in US stockpiles

New York, United States | AFP |  A big drop in US crude stockpiles sent oil prices sharply higher Wednesday. The US benchmark West Texas Intermediate for delivery in November jumped $1.29 to $45.34 a barrel in New York trade. In London, Brent North Sea oil for November delivery advanced …

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US flower grower quits Ethiopia after arson attack

The Hague, Netherlands | AFP |  A US-based company has pulled out of Ethiopia after anti-government protesters attacked its flower farm causing 10 million euros in damage, and triggering job losses in the country and The Netherlands, a spokesman said Tuesday. Flower growers and exporters Esmeralda Farms began operations in …

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Glaxo becomes seventh female-led FTSE 100 firm

London, United Kingdom | AFP | British drugs giant GlaxoSmithKline on Tuesday promoted its consumer healthcare head Emma Walmsley to chief executive, a move which will make her the most powerful woman on the FTSE 100. The 47-year-old, who succeeds outgoing boss Andrew Witty, will become the seventh female chief …

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