Author: citibusinessnews
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SEC dismisses “Concert Party “trading against Republic Bank
The Securities and Exchange Commission (SEC) has dismissed allegations of concert party trading against Republic Bank Limited and Yellow Tide trading. A statement signed by the Director-General of SEC Adu Anane Antwi said, “after carefully considering all the information gathered from the investigation , the commission did not find a “concert party” relationship between Yellow…
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GCCA directs domestic airlines to halt operations
The Ghana Civil Aviation has directed all domestic airlines to halt flight operations to Tamale, the Northern regional capital. The directive follows what the authority describes as bad weather conditions which makes visibility a challenge for pilots to safely operate in the region. A number of flights have already been cancelled prior to the…
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Metro Mass workers demonstrate against management
Workers at the Metro Mass Transit company have begun a nationwide indefinite strike while some of them are demonstrating in Accra. The strike which began on Monday, January, 2015 has left passengers stranded. The workers are demanding the dismissal of the Board Chair, Osabarima Ansah Sasraku III and Deputy Managing Director, John Awuku Dzuazah of…
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Harmattan weather: Prepare for flight cancellations & delays, airlines warn
Domestic airlines have announced a number of local flights will either be delayed or cancelled in the coming days as the harmattan weather sets in. According to the airlines though their aircrafts are in good shape, they will have to cancel or delay flights for safety reasons due to the poor visibility. The harmattan, which…
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HFC emerges overall best performing stock in 2014
Indigenous bank, HFC bank has emerged as the overall best performing stock on the Ghana Stock Exchange (GSE) in the year 2014. This is based on its capital gains of a little above 56%, the highest recorded in the year. HFC gained 54 pesewas on its share price of 96 pesewas it started the year…
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SSNIT to remove HFC board members
Two independent members of the Board of Directors of HFC Bank have charged the bank to take appropriate actions with the Securities and Exchange Commission (SEC), on allegations of ‘insider trading’ by the Republic Bank of Trinidad and Tobago (RBTT), before the process of a mandatory takeover of HFC Bank proceeds. [contextly_sidebar id=”BTv3SIJHANak3hGMrZz2kSQOiCgEFQOW”]According to them,…
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Govt’s domestic debt to double in 2015
Government intends to borrow about twice the amount it did from the domestic market last year through bonds and treasury bills in the first half of 2015. The Bank of Ghana has announced government’s intention to borrow about 25.4 billion cedis in debt, which is over 100 percent more than what it raised in the…
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SIC officials implicated in fraud case bailed
Two top executive officials of State Insurance Company (SIC) alleged to be involved in a multi-million dollar fraud case have been granted bail by the Police Criminal Investigation Department. The two include the Deputy Managing Director in charge of Finance and Administration Musa Abdulai and the Head of Finance and Accounting Ken Acolatse. They are…
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MTN vendors defy its orders
Vendors of MTN scratch cards have threatened to continue to charge rates higher than what is inscribed on the scratch cards till the mobile giant reduces the wholesale price of the cards. The vendors begun charging the new rates early this week to make up for margins lost because of the hikes. Though MTN has…
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Change policies on expatriate recruitment, miners plead
The Ghana Mineworkers’ Union (GMWU) wants mining policies regarding expatriate recruitment, skills shortage and income in the mining industry reviewed. It believes the review must be addressed by all players including the Chamber of Mines and the Minerals Commission. The Union had earlier called on government and mining companies operating in the country to establish…