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Monday 03rd of October 2016 |
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May to Pull Brexit Trigger by March Law & Politics |
Prime Minister Theresa May said she’ll start pulling the U.K. out of the European Union in the first quarter of 2017. It was the clearest statement yet of her strategy, though it left unanswered most questions about what Brexit will actually look like.
The premier told delegates at her Conservative Party’s annual conference in Birmingham, central England, she’ll invoke Article 50 of the EU’s Lisbon Treaty -- the formal trigger for two years of talks -- by the end of March. May also said she’ll introduce a bill next year to convert all existing EU laws into U.K. legislation on the day Brexit is completed to provide certainty for business and investors.
“We should not let things drag on too long; having voted to leave, I know that the public will soon expect to see, on the horizon, the point at which Britain does formally leave the European Union,” May said on Sunday. “There will be no unnecessary delays in invoking Article 50. We will invoke it when we are ready. And we will be ready soon. We will invoke Article 50 no later than the end of March next year.”
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Oromia: Stampede at Ethiopia protest leaves 52 dead Africa |
Prime Minister Hailemariam Desalegn said rioters had caused "pre-planned mayhem" that led people to fall to their deaths in ravines.
He denied reports that the security forces had opened fire.
An Oromo activist, Jawar Mohamed, was quoted as saying that nearly 300 people had been killed and many more injured. He said troops and a helicopter gunship had opened fire, driving people off a cliff and into a lake.
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South Africa foreign currency bonds oversubscribed despite low-growth Africa |
South Africa issued a pair of new dollar bonds worth $3 billion on Friday in a surprise show of confidence by investors in an economy that narrowly avoided recession and faces possible downgrades to junk in coming months.
The rand erased losses after the issuance was announced, and was 0.86 percent firmer against the dollar at 13.7600 by 1440 GMT, lapping up the positive sentiment as yield-hungry investors ignored the country's dismal growth prospects.
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Corruption warning on Nigeria currency policy FT Africa |
The naira fell to its lowest-ever level of 490 to the dollar last week before settling on Friday at 475, still nearly 35 per cent weaker than the official rate. The ‘spread’ has made currency trading the easiest way for Nigeria-watchers to make money in tough times.
The ‘fixing’ of the currency market undermines the president’s agenda because it fosters a “corruption scam”, said the head of a Nigerian bank who spoke on condition of anonymity.
It is now “almost unique among emerging market countries” for “making mistake after mistake since oil prices declined,” he said.
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