Author: citibusinessnews
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Insurance companies welcome NIC directive
Domestic insurance companies have welcomed a directive from the National Insurance Commission (NIC) for risk insurance cover for the assets of the Ghana Gas Infrastructure project to be shared among all the 24 general insurance companies through the Ghana Oil and Gas Insurance Pool (GOGIP). According to the Managing Director of Activa international Insurance Company…
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Obama bill wards off govt shutdown threat
President Barack Obama has signed a $1.1trn spending bill passed by Congress last week that lifted the threat of a government shutdown. The legislation funds most government agencies to September 2015. The Department of Homeland Security will be treated differently, getting a funding extension only through Febubray 27, by which time Republicans will control both…
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Republic bank wins court case against HFC bank
The Supreme Court has quashed an earlier decision by a commercial court , that dismissed an application by Republic Bank to strike out a suit filed by HFC Bank. HFC bank had on 23rd May 2014, sued the Republic Bank and the Securities and Exchange Commission (SEC) for what it alleged were breaches of the…
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Ghana to continue to co-manage upper air space of Togo, Benin
Citi Business News has gathered the Ghana Civil Aviation Authority (GCAA) will continue to manage the upper air space of Togo, Benin as well as that of Ghana. This follows successful deliberations by the transport Ministry with Togo and Benin last month over the management of the airspace. Togo and Benin two months ago requested…
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Oil stays below $60 as Opec keeps pumping
Brent crude held below $60 a barrel on Wednesday, 17th December,2014 near 5-1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe. Core Gulf Opec members have said they are prepared to wait as long as a year for the market…
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Govt still in search of a partner for national airline
Transaction advisors for government in the setting up of a new national airline PricewaterhouseCoopers Ghana Limited (PWC) is yet to find a private investor to partner government to run the new national airline. Government in August this year, appointed PricewaterhouseCoopers as transaction advisors for the new national airline for Ghana. The national airline will be…
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Local airlines push for 24 hour service at Kumasi airport
Domestic airlines operating in the country are calling on the Ghana Airport Company Limited (GACL) to allow the Kumasi airport to operate a 24 hour system at least for this festive season. Citi Business News has learnt that the renovated Kumasi Airport will closed to air traffic by 10pm. A number of huge international airports…
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Perseus fires workers
Perseus Mining Ghana Limited has sacked 48 workers of the company as part of measures to cut down on cost. The company together with Goldfields Ghana Limited recently alerted the Ghana Mine Workers Union of their intentions to lay off some workers. The dismissal comes a few days after AngloGold Ashanti laid off over 4,000…
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NPA maintains prices of petroleum products
Users of petroleum products will have to forget about benefiting from a decrease in the price of fuel, at least for the next two weeks. This is because the National Petroleum Authority (NPA) has maintained the prices of fuel at the pumps in its regular review of the prices of petroleum products. Petrol continues to…
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More miners to be sacked over “Dumsor”
The Ghana Mine Workers Union is lamenting that the worsening power crisis and ongoing load shedding exercise has contributed to the growing dismissal of miners across the country. This comes after the Electricity Company of Ghana(ECG) announced a 25% cut in power supply to mining companies translating into 6 megawatts of electricity. Industry was roped…