Author: citibusinessnews
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Consultant sues Kempinski hotel
A business development consultant, Akumba Benedict Asamoaning has sued GCC Resorts Limited, parent company of Kempinski Hotel Gold Coast City, for the company’s inability to pay him for services he rendered the company as its Director in 2009. A writ filed at the High Court of Justice and cited by Citi Business News said that…
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Burundi tax revenues miss target in February: revenue authority
Burundi’s tax revenue rose marginally in February to 43.9 billion francs ($26.9 million) compared with the same period a year ago but was 8.7 percent short of an official target for the month, figures released by the revenue authority showed. Burundi, a poor nation that relies heavily on tea and coffee production, was plunged into…
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‘Stay away from our lands’ – Quarry operators to estate developers
The Commercial Quarry Operators Association has served notice to prosecute property owners who site properties within 500 meters of licensed concession. The quarry operators have urged property owners to relocate or be forcibly ejected to prevent fatal accidents. There have been growing public concerns over citing of quarries close to developing residential communities. “People are…
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More layoffs to hit economy in 2016 – Employers Association
The Ghana Employers’ Association (GEA) has warned there will more layoffs this year following current economic developments in the country. According to the association, the unpredictable and unstable nature of the microeconomic environment, counterfeiting and illicit trade remains a big challenge to employers. Cost of borrowing has gone up to above 35 percent as current…
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Tax stamp duty: Businesses to meet government over possible suspension
Some importers have told Citi Business News they are contemplating whether or not to attend a meeting involving government officials over their concerns on the excise tax stamp duty which took effect yesterday. The planned meeting is scheduled for Thursday, March 10, and it will involve officials from the Finance Ministry, the customs division of the Ghana…
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CEOs face pay cut as new corporate code comes into force
New rules tying executive pay to the performance of companies have come into force, setting up the top management of the Nairobi Securities Exchange-listed firms that have issued profit warnings for a possible pay cut. The Capital Markets Authority (CMA) last Friday gazetted the new corporate governance code, which takes effect immediately, meaning it may…
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Old Mutual shares surge on break-up and bid talk
Anglo-South African financial services company Old Mutual said on Monday it was considering all options in a strategic review, with speculation of a break-up and takeover bids for its assets sending its shares soaring. Sky News reported on Saturday the 9 billion pound ($12.8 billion) company was working on a plan to split itself up…
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Africa’s richest man eyes Morocco phosphate deal, rice production
Dangote Group, the company owned by Africa’s richest man Aliko Dangote, said on Monday it plans to buy phosphate from Morocco and potash from Congo-Brazzaville to feed a planned fertilizer plant. Dangote has raised a $3.3 billion loan to develop a $9 billion oil refinery and petrochemical complex in Nigeria, Africa’s biggest economy and top…
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Business’strike halts full implementation of excise tax stamp
Manufacturers and Importers will from today, be required to emboss tax stamps on their products before releasing them unto the market. This follows the implementation of the excise tax stamp policy by the Ghana Revenue Authority. While some manufacturers are expected to start complying with the directive from today, Citi Business News understands importers clearing their goods…