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EU takes Ireland to court for not claiming Apple tax windfall


The European Commission said on Wednesday it was taking Ireland to the European Court of Justice for its failure to recover up to 13 billion euros ($15.3 billion) of tax due from Apple Inc (AAPL.O), a move labeled as “regrettable” by Dublin. The Commission ordered the U.S. tech giant in August 2016 to pay the unpaid taxes as it ruled ...

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Guinea says economic growth to dip to 5.8% in 2018


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 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


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


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


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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Inside South Africa’s olive oil industry


As world demand increases, South Africa is stepping up to the plate in meeting the shortage of quality, fresh olive oil. Olive oil is no longer simply used for cooking. Its many and varied uses, including its numerous health benefits, are increasingly known and enjoyed by foodies the world over. In South Africa, consumers are blessed with a choice of ...

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South Africa’s parliament cuts ties with auditor KPMG


South Africa’s parliament said on Wednesday it has terminated its contract with KPMG, citing reputational risks after the global auditor was caught up in a scandal involving business friends of President Jacob Zuma. Parliament said this termination includes a contract KPMG has a medical aid scheme for Members of Parliament. KPMG cleared out its South African leadership en masse this ...

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