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Blackstone takes $360 million stake in Australia’s Crown, stoking buyout hope
SYDNEY/BENGALURU (Reuters) – Private equity company Blackstone Group Inc (BX.N) bought a near 10% stake in Australian casino operator Crown Resorts Ltd (CWN.AX) from Macau’s Melco Resorts & Entertainment Ltd (MLCO.O), sending Crown shares soaring amid hopes of a buyout. The deal accomplishes Melco’s plan to exit its Crown holdings as casino companies around the…
Twiga cement registers 10pc pre-tax profit increase
THE Tanzania Portland Cement Plc (Twiga) has posted a pre-tax increase of 10.2 per cent in this year’s first half, thanks to production cost control measures. The oldest cement manufacturer in the country’s financial statement shows that the pre-tax profit increased to 72.02bn/- in the first six months of the year from 65.3bn/- raked in…
Tanzania’s parliament approves 44.39tri/- budget
TANZANIA’s Parliament approved a record 44.39tri/- Budget for 2023/24 on Monday after a week of debate over proposed plans to enhance social and economic development in the country. National Assembly Speaker Dr. Tulia Ackson announced that 354 MPs or 95 percent voted in support of the proposed budget that was tabled by Finance and Planning…
Kenya Airways, South Africa carrier sign codeshare deal
South African Airways (SAA) has inked a codeshare agreement with Kenya Airways (KQ) on flights to and from their home countries in a bid to increase their reach. The deal, which became effective immediately, will see each airline sell, under its own code, flights operated by each other while travellers will combine flight segments and…
Uganda’s Central Bank raises policy rate to 8.5pc as inflation bites
Uganda’s Central Bank has raised its benchmark policy rate by one percent to 8.5 percent in a radical move. This was occasioned by panic amidst surging inflation levels and increased pressure exerted by the US dollar against the local currency as a result of spikes in interest rates registered by developed economies. This development follows…
NMB shareholders to pocket 143.1bn/- dividend
NMB Bank has raised its dividend payout to shareholders to a record of 286/- per share this year up from 196/- last year as interest income boosted earnings in the year ended last December. Owners of one of the country’s top lender unanimously declared the new cash bonus on Friday during the 23rd Annual General…
