Category: Africa
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MTN shares take a 7% dive as trading update disappoints
The cellphone operator has returned to profit, as it puts its enormous Nigerian fine behind it, but investors seem to have been hoping for a stronger rebound. MTN’s share price fell 7% to R110.08 on Thursday morning after it said it expected to report on August 3 that headline earnings per share (HEPS) for the…
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How will Eskom spend all the extra money it wants South Africans to pay?
Outa wants to know how the utility got around SAP software to rack up R3bn in irregular expenditure, as the utility seeks a 20% tariff increase from Nersa. Eskom wants consumers to cough up more for electricity‚ but a lobby group has raised questions about how the power utility has spent hundreds of billions in…
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Tanzania: Acacia Shares Fall to 3yr Low As Row With Tanzania Grows
Acacia Mining shares plunged to a more than three-year low yesterday after the Tanzania government demanded the company to pay almost $190 billion (Sh424 trillion) worth of unpaid taxes and fines. The London Securities Exchange (LSE)-listed equities tumbled as much as 17 per cent yesterday morning after it said it had received a series of…
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South Africa’s maize estimate up 2%
South Africa will harvest 15,969 million tonnes of maize this season, the biggest crop on record after improved weather conditions across the maize belt boosted yields, the government’s Crop Estimates Committee (CEC) said on Wednesday. The estimate is up 2 percent compared to the CEC’s June forecast of 15.6 million tonnes. The previous record harvest…
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New oil reserves to account for 4% of Ugandan economy
Uganda’s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund’s country chief says. IMF Mission Chief for Uganda Axel Schimmelpfennig writes in a blog post that the country also needs some strategic infrastructure investment and better debt management. Uganda’s…
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Rwanda: Local Firms Sign Trade Deals With Moroccan Companies
Local businesses have signed trade and partnership deals with Moroccan counterparts, further strengthening relations between the two countries. The deals were signed during a recent business trip to Casablanca, Morocco that was organised by Private Sector Federation (PSF) to link local firms with their Moroccan counterparts and explore new markets in the North African kingdom.…
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Prepare for post-Brexit, think-tank asks Kenya
Kenya should set in motion plans for engaging Britain over post-Brexit trade arrangements to avoid shocks to fresh produce exporters, and likely fall in official development funds, a governments policy think-tank has recommended. The Kenya Institute for Public Policy Research and Analysis (Kippra), Tuesday said the country will be among those hardest hit when Britain…
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Shell shuts Trans Niger pipeline due to leak
Shell’s Nigerian subsidiary has shut its 180,000 barrel-per-day Trans Niger pipeline in Nigeria due to a leak, the company said in a statement on Monday, effectively shutting in exports of Bonny Light crude oil. The Shell Petroleum Development Company (SPDC) said it shut the pipeline on July 21 after a leak at B-Dere, Ogoniland.…
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Tanzania tax row knocks Acacia Mining shares
Acacia Mining’s shares fell for a sixth straight session on Tuesday, a day after the gold miner was hit with a tax bill of more than $190 billion by the Tanzanian government. Shares in the London-listed miner closed 8.5 percent lower at 169 pence, having had more than two-thirds wiped of their value since a…
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SA Chamber of Mines to challenge mining rights freeze
South Africa’s Chamber of Mines has lodged an urgent court application to prevent the mines minister from suspending the issuance of new mining and prospecting rights, the industry body said on Tuesday. “The industry has no option but to proceed with court action to ensure that the minister acts within the law,” the chamber said…