Administrator of the East African Cables PLC (EAC), a key player in the region’s electrical cable manufacturing industry, is looking for potential investors to help revive its operations after being placed under administration due to financial distress, the Kenyan Times reported. In a notice issued on Friday, July 25, by its joint administrators, the administrator has invited expressions of interest (EOIs) from strategic or financial investors willing to participate in its rescue or acquisition process.
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Zimbabwe’s best chance of exiting a 25-year debt default is to engage the Group of 20 nations to help formulate a solution and stop trying to work its way out of the quagmire itself, World Bank President Ajay Banga said, Bloomberg News reported. The southern African country owes the World Bank and other creditors a total of $21 billion and has tried numerous unsuccessful strategies to restore its access to global capital markets.
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The International Monetary Fund (IMF) cautioned Ethiopia on Tuesday that its reform agenda under a $3.4 billion loan deal is facing challenges from declining donor support, despite the country's meeting key program targets, Reuters reported. The IMF, in an extensive report, praised Ethiopian authorities for implementing economic adjustments, including subsidy cuts, monetary tightening and tax reforms. However, it warned that rising risks, such as a resurgent parallel foreign exchange market and fragile security conditions, could hinder progress and complicate debt restructuring efforts.
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Walk down the aisles of a Trader Joe’s or Whole Foods Market in the U.S., and chances are many of the piles of oranges, lemons, limes and grapefruit will be labeled “Produce of South Africa,” Bloomberg reported. They have become a staple in the U.S. — the world’s largest citrus importer — especially during the off-season summer months when in the southern hemisphere the South African winter harvest is at its peak. But now, those supplies are threatened by a potential 31% tariff President Donald Trump has slapped on the country.

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A record share of the world’s central banks plans to accumulate more gold over the next 12 months, drawn by bullion’s performance during times of crisis and protection against inflation, Bloomberg reported. In a survey of 72 monetary authorities, 43% said they expected their gold reserves to increase, up from 29% a year earlier and the highest figure in eight years of data collected by the World Gold Council and YouGov. None anticipated a decline. Central banks have been one of the most important drivers of a long-running gold rally that has seen prices double since late-2022.

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The Technical University of Kenya (TUK) has addressed reports that the university has been shut down days after it was declared financially insolvent by the National Assembly, the Kenya Times reported. The Parliamentary Committee on Education on Wednesday, April 16, declared TUK insolvent amid a deepening financial crisis marked by billions of debts and persistent salary delays for staff. This came after current and former administrators faced tough questions before the committee about how the institution accrued debts exceeding Ksh12 billion.
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South Africa is considering offering additional incentives to automakers to help cushion the impact of U.S. President Donald Trump's tariffs on cars, Trade, Industry and Competition Minister Parks Tau said on Thursday, Reuters reported. "What we're currently considering is the possibility of expanding the automotive industry production plan so that we're able to mitigate the impact in our industry," Tau said in an interview with radio broadcaster Power FM.
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U.S. lawmakers have introduced legislation that could block International Monetary Fund support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration, Reuters reported. The bill highlights a standoff between foreign investors on one side and Central African monetary authorities trying to enforce tighter capital controls on extractive industries to shore up depleted reserves on the other. Introduced by U.S.
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