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South Africa’s Kumba iron Ore’s FY profit falls 66 PCT

South Africa’s Kumba iron Ore’s FY profit falls 66 PCT

South Africa’s Kumba Iron Ore’s reported a 66 percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient. Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled 11.8 rand in the year to end December compared with 34.3 rand a year earlier. Headline EPS is the ...

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Nigeria’s 45% electricity tariff hike is a ‘small price to pay’-Eko Director

power station

With Nigeria labour unions protesting over a 45 per cent electricity tariff hike, the Director at the Eko Distribution Company, George Etomi, says picketing the distribution companies will only increase the suffering of the masses. According to the Nigeria Labour Congress, a 45 per cent tariff hike was implemented without due consultation with stakeholders in the sector. Speaking to CNBC ...

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Nigeria hopes to cut down on borrowing, graft due to better cash management

Muhammadu Buhari, President of the Federal Republic of Nigeria

Nigeria’s decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption, its finance minister said on Monday. Last year, President Muhammadu Buhari ordered the merger of state accounts into one “single treasury account” at the central bank to reduce graft and a practice where the government borrowed back its own ...

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South Africa’s rand flat ahead of U.S jobs data

South Africa's rand

South Africa’s rand weakened slightly early on Friday, pausing a rally that has seen the unit trade below the crucial 16 rand per dollar mark for three straight sessions as global risk appetite has improved. Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index slipping 0.1 percent. By 0645 the rand was ...

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MTN hires former U.S. Attorney to help on Nigeria fine: FT

MTN HIRES FORMER U.S. ATTORNEY GENERAL TO HELP ON NIGERIA FINE

MTN Group has hired a former top U.S. law enforcement official to help challenge a $3.9 billion fine imposed by Nigeria for failing to disconnect unregistered users, the Financial Times reported on Wednesday. Citing people familiar with the situation, the newspaper said former U.S. Attorney General Eric Holder pleaded with Nigerian officials last month on behalf of the telecoms company. ...

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Kenya’s Nairobi ranked Africa’s top FDI destination

Nairobi, Kenya

Kenya’s capital, Nairobi, is attracting huge investment and industry experts are saying the government has been responding positively to make sure the trend is sustained. According to a recent report by investment monitoring platform, FDI Markets ranked Nairobi as Africa’s top foreign direct investment destination as it saw inflows surging by 37 per cent in 2015. The country’s ministry of ...

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SA’s private sector activity still negative – PMI

SA

Johannesburg – Activity in South Africa’s private sector remained in decline at the start of 2016, a survey showed on Wednesday, with employment, new orders and output all falling since December. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, edged up to 49.6 in January from 49.1 a month before, but remained below the 50 mark that separates ...

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Nigeria seeks $3.5 billion loan from World Bank, AfDB

President Buhari

The Federal Government of Nigeria is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices. The $2.5bn (N498bn) loan from the World Bank and a parallel ...

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Nigeria and Kenya considering duty-free trade

Nigeria Flag

Delegates from Kenya and Nigeria discussed the possibility of a duty-free zone for the importing and exporting of goods between the regions in the hope of opening up trade in Africa. These discussions happened as Nigerian President Muhammadu Buhari’s three-day trip to the East African country drew to a close. “We have agreed that we will improve the data gathering in ...

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