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The Independent

China property tycoon warns on real estate bubble

Beijing, China | AFP | China’s richest man, real estate magnate Wang Jianlin, has warned the country’s property market is the “biggest bubble in history” — the latest alarm bell to be sounded on the world’s second largest economy. Wang, the owner of real estate and entertainment conglomerate Wanda, said …

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VIDEO: Local Government officials divert sh5.3 billion to personal accounts

VIDEO: Local Government ministry comes under fire after officials reportedly diverted sh5.3 billion to their personal accounts. According to reports, the said funds were meant to procure cars to the district chairpersons in the 2014/15 financial year. As they appeared before the Public Accounts Committee of parliament, officials from the ministry of …

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AB InBev cheers SABMiller takeover in ‘Megabrew’ deal

London, United Kingdom | AFP |  Belgian-Brazilian brewer AB InBev savoured its status as the global leader in the beer industry after investors approved Wednesday its buyout of British rival SABMiller. Shareholders in SABMiller — currently the producer of Foster’s, Grolsch and Peroni lagers — overwhelmingly approved $103-billion (92-billion-euro) takeover …

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Gabon’s new president pledges ‘inclusive government’

Libreville, Gabon | AFP |  Gabon’s President Ali Borno, newly sworn back into power, on Wednesday appointed a prime minister to form what he called an “inclusive government” following disputed elections. His wafer-thin victory in the August 27 vote sparked deadly unrest and opposition accusations of voter fraud in the …

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Pension scam case takes new twist as lawyers accuse each other

City lawyer John Matovu has accused colleague Bob Kasango of conniving with Public Service Ministry officials to defraud government of sh15.4 billion. Matovu made the allegations before Justice Margaret Tibulya as the hearing of new fraud charges in the pension scam case resumed at the Anti-Corruption Court on Wednesday. New fraud charges were placed on Public Service …

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US blacklists top allies of DR Congo President Kabila

Washington, United States | AFP |  The US Treasury placed two top allies of Democratic Republic of Congo President Joseph Kabila on its sanctions blacklist Wednesday, tying both to rising political violence and human rights violations. The Treasury said both were involved in violently putting down opposition to Kabila and …

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OPEC production deal sends world stocks higher

New York, United States | AFP |  US and European markets moved higher on Wednesday as oil producing countries reached a surprise deal to cut oil production, causing crude prices to jump more than five percent. Following the agreement reached in Algiers by members of the Organization of the Petroleum …

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