Author: citibusinessnews
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MTN proposes to pay $1.5bn to settle Nigeria penalty
MTN has proposed to pay 300 billion naira ($1.5bn) to settle a record $3.9bn fine in Nigeria for missing a deadline to disconnect unregistered subscribers, according to a document handed to reporters in the Nigerian Senate. Africa’s biggest mobile-phone company made the offer in order to settle a dispute that has been running since the…
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Mahlab, African Billionaire Review Boosting Investments in Egypt
The Egyptian Embassy in Abuja said in a statement late Monday, 7/3/2016 that the Presidential Assistant for national projects Ibrahim Mahlab had talks – during his visit to Nigeria on March 4-6 – with Nigerian mogul Aliko Dangote. The talks tackled investment potentials in Egypt, especially in the real estate sector, as well as means…
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Algeria Not ‘In Bankruptcy,’ Despite Drop in Oil Prices
Prime Minister Abdelmalek Sellal said Wednesday that Algeria is not “in bankruptcy, adding that the country has “important assets” allowing it to face the fall in oil prices in world markets. Sellal made the comment in a statement to APS on the sidelines of a working and inspection visit to Annaba (600-km east of Algiers).…
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South Africa’s Eskom to spend $21 bln on new power plants in next five years
South Africa’s Eskom will increase its capital expenditure by 44 percent to 324 billion rand ($21 billion) over the next five years to build new power stations, the state-owned company said on Wednesday. The cash-strapped state-owned utility also said it had 85 billion rand of funding, representing nearly all of the capital needed, for 2016…
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Nigeria-MTN dispute has not affected relations between the countries – Zuma
South Africa’s President Jacob Zuma said the MTN fine in Nigeria has not caused tensions between the two countries and that it was being exaggerated, he said in a one-on-one interview with CNBC Africa. The President of Africa’s most advanced economy was in Nigeria by invitation of President Muhammadu Buhari on a two-day official visit.…
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Algeria Supports Saudi-Russian Oil Freeze, to Participate in Producing Countries Meeting
Algeria supports the recent decision Saudi Arabia and Russia to freeze production, and will participate in the forthcoming meeting between OPEC member countries and non-OPEC countries, said Wednesday in Algiers Energy minister Saleh Khebri. “Algeria supports all decisions which allow recovering stability of the oil market. Even if this is not enough, freezing (production) is…
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Businesswomen urged to take opportunities
Women in business have been urged to take advantage of business opportunities and take on risks in order to excel. Currently, women constitute the majority of small business owners in the informal sector across the African continent but are among the poorest. Speaking on a special edition of Citi Fm’s consumer focused show, Business Today,…
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Anglogold completes move to handover 60% of mine to govt
AngloGold Ashanti Ghana Limited has successfully completed the process of surrendering some 60% of the Obuasi mine concession to government. According to AngloGold Ashanti it handed over the area as part of a voluntary process which commenced in November 2013. The area in question, Citi Business News understands covers about 273 square kilometers and excludes…
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Vodafone Ghana CEO leaves for Greece
Vodafone Ghana’s CEO Haris Broumidis is leaving Ghana to take over the company’s operations in Greece, the company has said in a statement. Mr. Broumidis is leaving Ghana after being in charge as CEO of Vodafone for three years. He is quite familiar with the Greek terrain where he was formerly the Marketing Director and…
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February 2016 inflation drops to 18.5 %
Inflation for the second month of the year has decreased by 0.5 percent. Inflation for the February 2016 hit 18.5 percent compared with the 19.0 percent recorded in January 2016. The monthly change rate in February 2016 was 0.7 percent while that of January 2016 was 4.6 percent. The Ghana Statistical Service cites non-food inflation…