Business Latest News: Obama's Power Africa Backer Calls Weak Competition an Investment Incentive

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Business Latest News: Obama's Power Africa Backer Calls Weak Competition an Investment Incentive

Business Latest News: Obama's Power Africa Backer Calls Weak Competition an Investment Incentive
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Business Latest News: Obama's Power Africa Backer Calls Weak Competition an Investment Incentive

by Wochit 0:58 mins

Nigerian businessman Tony Elumelu, who backed President Barack Obama's Africa Power initiative with a $2.5 billion investment pledge, said the lack of competition in the continent's nascent power sector makes it an investment gem. A former HSBC employee wanted in Switzerland for leaking the details of tens of thousands of bank accounts gave evidence to French lawmakers trying to tighten rules against tax evasion. Herve Falciani spent four hours describing ways he said the bank helped its clients sidestep taxes using various loopholes and exemptions under national laws. New orders for factory goods rose for a second straight month in May, adding to tentative signs of stabilization in manufacturing after a recent slowdown.

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