Author: citibusinessnews
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MTN to dispute huge Nigeria fine in Lagos court
MTN Group will challenge a $3.9bn Nigerian fine in court after resolving that the penalty that’s wiped 28% off the company’s value wasn’t within the powers of the country’s telecommunications regulator to impose. [contextly_sidebar id=”WflgnyODXYL2H0nsxm6qQZDqhxUBIN8g”]Africa’s biggest phone company will also continue to engage with the Nigerian authorities to try and ensure an amicable resolution, MTN said in…
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Oil sinks below $35 as supply glut worsens
Crude prices sank deeper in Asian trading on Friday, Decmber 18, 2015 after the US oil benchmark closed at its lowest level since February 2009 on worsening oversupply concerns and a stronger dollar. [contextly_sidebar id=”tmCTxEUPMxfvCACBEbUXoaScaO98idlK”]At around 02:20 GMT, West Texas Intermediate (WTI) for January delivery was trading at $34.77 per barrel, 18 cents off its…
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Prices of foodstuff continue to decline days to Xmas
Prices of some foodstuff continue to drop as the yuletide approaches. [contextly_sidebar id=”IN446xnwk5Y0dLowVBQrxrDGL5nF7var”]At the end of the third week in December, Tomato recorded the highest drop in price by 12 percent, to close the week at 8cedis 90 pesewas per ‘medium size tomato tin”. This was followed by Soyabean and Yam which dropped by 6…
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Nigeria May Sell Eurobond Early 2016 to Plug Record Budget
Nigeria’s government will consider issuing international debt early next year for the first time since 2013 as it prepares to send a record spending plan to Parliament to stimulate an economy hammered by crashing oil prices, Finance Minister Kemi Adeosun said. President Muhammadu Buhari will probably present the 2016 budget to lawmakers on Dec. 22, Adeosun…
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New Public Management Law to jail ‘crooked’ public service officials
The proposed public financial management bill will ensure that heads of public institutions, who fail to comply with measures aimed at eliminating ghost names from the public sector payroll, are jailed. This is the caution coming from the finance Ministry. [contextly_sidebar id=”g9PQRK1vitFnbb8Ve3CQuNFLTbjU7pW7″]The bill, currently at the draft stage, will allow all legislations on public financial…
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Don’t drag Finance ministry into AMERI deal fray
The Ministry of Finance says it cannot be blamed for the alleged wrongful payments in the controversial AMERI power plant deal. According to its Chief Director, approval of payment for the contract, followed prior approval by cabinet and parliament respectively. [contextly_sidebar id=”CAZr5gKkbK1HKApEVFwIlQZtYnm5nEfR”]The power ministry has come under intense pressure for its alleged role in the…
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US Fed raises interest rates by 0.25 %
US Federal Reserve raises interest rates by 0.25%, a move with potential global repercussions. [contextly_sidebar id=”KsFxJrSjnYW8TIMYACuGX4EXzRZ53WqC”]The move takes the range of rates banks offer to lend to each other overnight – the Federal Funds rate – to between 0.25% and 0.5%. The US central bank also raised its projection for economic growth next year slightly,…
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Cedi poised for a decline if Fed rate increases
There are fears the cedi is likely to depreciate further against the dollar in the coming days if America’s central bank, the Federal Reserve goes ahead to increase rates. [contextly_sidebar id=”zmgCBykK02REnoek3B1FV58SAtnsW2Ag”]The Federal Reserve is widely expected to raise its benchmark interest rate today in order to reduce the risk of a burst of inflation. The…
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Govt extends investor search for Northern Star Tomato company
Government has extended its search for an investor for the Northern Star Tomato company. [contextly_sidebar id=”TbAukFtTS8ay8cWtUkYNkzCwEWYnh16q”]The new date for the search avenue to close, will now be 28th January, 2016. Government which fully owns the company has asserted its intention to sell 70 percent of the company as part of moves to revamp its operations.…
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Feasibility tests for Boankra port & Eastern rail project completed
Citi Business News can confirm the Public Private Partnership process in order for the Boankra port and Eastern rail line project to take off is close to completion. [contextly_sidebar id=”pYYFLwvJ15tEGcq1g2rZ6MkY4sJ518B7″]The Boankra port and Eastern rail line project proper when completed will among other things decongest the Tema and Takoradi Harbors. The port is also expected…