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South Africa’s central bank says has not instructed banks on ties with KPMG

kpmg

South Africa’s central bank said on Friday it has not instructed banks on how to deal with KPMG after the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma. “The South African Reserve Bank would like to state categorically that it has not instructed banks on what steps they should, or should not take, with ...

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South Africa’s Eskom asks McKinsey, Trillian to return $117MN

eskom

South Africa’s Eskom has asked consultancy firms McKinsey and Trillian to pay it back 1.6 billion rand ($117 million), saying that an internal inquiry had found that the state power utility’s decisions to make the payments were unlawful. “The interim findings from Eskom investigations into the circumstances surrounding payments made to both the companies point to certain decisions by Eskom, ...

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Egypt: PM Meets Tourism Investors

egypt

Prime Minister Sherif Ismail on Monday 2/10/2017 received a group of tourist investors to review problems facing the sector and proposals to solve them. The ministers of tourism and civil aviation took part in the meeting. The participants discussed files related to the tourism investment field, including the procedures for granting visas to Egypt, the removal of some bureaucratic procedures ...

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Guinea says economic growth to dip to 5.8% in 2018

guinea

Guinea’s economy will grow 5.8 percent in 2018, down from an expected 6.7 percent in 2017, the budget minister said on Tuesday, as it struggles with low commodity prices and unrest that has interrupted bauxite mining. The forecast is lower than the 7 percent growth target authorities had been hoping to exceed in 2018, Budget Minister Mohamed Lamine Doumbouya told ...

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Sibanye to boost PGM production as U.S. project comes online

The sun sets behind a shaft outside the mining town of Carletonville, west of Johannesburg, July 7 2015.   REUTERS/Siphiwe Sibeko

South African mining company Sibanye-Stillwater said on Monday production has started three months ahead of schedule at its Montana-based Blitz project, boosting its platinum group metals (PGM) production in the United States. The project is expected to produce approximately 300,000 ounces annually by late 2021/early 2022, increasing total PGM production from Sibanye’s U.S. operations by more than 50 percent to ...

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Drought cuts 14pc in tea production

tea

Tea production in the first eight months of the year dropped 14 per cent due to a severe drought in the first quarter. Monthly data from the Tea Directorate indicate the volumes of the crop dropped from 309 million kilos last year between January and August to 265 million kilos in the corresponding period this year. “The decline is attributed ...

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Kenya: Safaricom’s share of calls market hits 5-year high

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Safaricom’s share of the voice calls market rose to a five-year high in the year ended June 2017, underscoring the company’s continued dominance of Kenya’s telecommunication market. Newly-released data from the Communications Authority of Kenya (CA) shows that Safaricom had 80.4 per cent share of voice traffic, up from 75.7 per cent the previous year. Safaricom’s dominance of the voice ...

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Nigeria: Dangote – Rumour of 10-Year Tax Holiday Granted Me Preposterous, Untrue

dang

Africa’s richest man and business mogul, Aliko Dangote, has debunked the rumours in public domain that his company will benefit 10-year tax holiday after constructing the 35 kilometres Apapa-Oworonshoki highway end of the Lagos-Ibadan expressway, describing it as preposterous and untrue. Speaking to a cross section of journalists in his Ikoyi office yesterday, the Group Executive Director, Strategy, Portfolio Development ...

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Nigeria Recovers $3 Billion Unpaid Oil Monies, Says NEITI

oil money

The total amount of unpaid oil and gas monies that Nigeria’s government has recovered using audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) has hit $3billion, the Executive Secretary of NEITI, Mr. Waziri Adio has disclosed. Adio stated in a presentation he made at the 2017 edition of the annual lecture series of the Dauda Adegbenro Foundation held ...

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Nigeria’s Buhari says will not allow state to be dismembered by secessionists

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Nigeria’s President Muhammadu Buhari said on Sunday he would not allow the country to be dismembered as it faces calls for secession in a region formerly known as Biafra and the Niger Delta oil hub along with a separatist insurgency by Boko Haram. Nigeria is Africa’s most populous nation and has the continent’s largest economy but it has struggled for ...

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