Author: citibusinessnews
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MTN proposes to pay $1.5bn to settle Nigeria fine
MTN Group has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers that the government claims included Boko Haram Islamist insurgents. Africa’s biggest wireless operator made the written offer, comprised of cash installments, bond purchases and network access, to the…
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Worst SA drought to cut citrus exports in 2016
South Africa’s worst drought in a century will reduce the citrus harvest this year and result in smaller- sized oranges that are harder to sell, according to an industry body. Production of navel oranges and soft-citrus fruits from the Western Cape province is forecast to record a “slight reduction,” Justin Chadwick, chief executive officer of…
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MTN to commence 4G service mid year
Telecom giant MTN will begin rolling out its 4G service by the middle of 2016. MTN will join three other companies Surfline, Blu Telecoms, and Busy Ghana who are already rolling 4 G services. MTN in early December, 2015 won the bid for one frequency spectrum lot in the 800 MHz Band for mobile services.…
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Renewable Energies – Call for Investors in Summer 2016
Minister of Energy Saleh Khebri has said a call will be made next summer for investors to carry out the National Programme for Renewable Energies, to be preceded by the holding, in May, of an Algerian-European forum on renewable energies and energy efficiency. An invitation to investors for the implementation of the programme “is under…
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Oil Workers End Strike After Govt Pledges No Job Cuts
Nigerian unions on Thursday ended a day-old strike against the revamp of the beleaguered state oil firm after a minister promised there would be no job cuts. The strike, launched on Wednesday, came amid spiralling oil prices due to a domestic shortage and was called by the Petroleum and Natural Gas Senior Staff Association of…
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Anglogold Ashanti yet to receive security protection at Obuasi mine
Citi Business News has gathered that numerous meetings between AngloGold Ashanti executives and representatives at all levels of Ghana’s government, have failed to see the return of supplementary security to the mining company’s Obuasi concession. The situation, according to AngloGold Ashanti, has seen illegal miners continue to damage parts of the ore body and important infrastructure,…
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Tomato prices dip in second week of March
The price of tomato decreased in the second week of March. Figures released by Esoko Ghana showed that the price of the commodity declined by thirteen percent. This is contrary to the highest gain it recorded last week when its price increased by seven percent. It is now selling at 6 cedis 70 pesewas per medium size…
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Stanchart blames economy for poor 2015 performance
Standard Chartered Bank Ghana Limited has blamed the bank’s poor performance in 2015 financial year to Ghana’s economic challenges. According to the bank, massive disruptions including the cedi depreciation, energy challenges, and Forex volatility among others in the economy contributed largely to the bank’s massive dip in its profits for 2015. Stanchart’s profits for 2015…
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Nigerian policy-maker advised central bank to devalue naira: MPC minutes
A member of Nigeria’s central bank monetary policy committee(MPC) has said the naira should be devalued and allowed to trade within a band, saying that the fixed exchange rate would not work alongside a planned rise in government borrowing. Adedoyin Salami, an academic, said the naira was 10-percent over-valued and voted to move the exchange…
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Rwanda beats expectations with financial inclusion findings
Financial exclusion has dropped from the 21 per cent in 2012 to 11 per cent in 2015/2016, meaning that 89 per cent of Rwandan adults now use financial products and 5.2 million people in the country are financially included, according to the 2016 FinScope survey. According to Laure Beaufils, Country Representative, DFID: “FinScope is a…