Category: INTERNATIONAL
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ShopRite to exit Nigerian market after 15 years
South Africa’s grocery retailer ShopRite is leaving Africa’s biggest market, Nigeria, 15 years after it opened shop in the West African country. The announcement by ShopRite came months after another South African brand, Mr. Price, exited the market. International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018.…
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Microsoft talks to buy TikTok’s U.S. operations spark ire in China
A potential shotgun wedding to Microsoft Corp (MSFT.O) for TikTok’s U.S. operations provoked an outcry on Chinese social media as well as criticism from a prominent Chinese investor in TikTok owner ByteDance. The U.S. tech giant formally declared its interest on Sunday after President Donald Trump, who has cited national security risks posed by the…
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AngloGold Ashanti CEO to step down
AngloGold Ashanti Limited’s Chief Executive Officer, Kelvin Dushnisky, was pushed to leave after shareholders asked for further investigations into a bonus payment by his former employer that he didn’t initially disclose, according to people familiar with the matter. This is according to Bloomberg The mining company announced on Thursday that Kelvin Dushnisky would step down…
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Top Nigerian banker Akinwumi Adesina cleared after corruption probe
The President of the African Development Bank (AfDB), Akinwumi Adesina, has been cleared of corruption charges after a review by an independent panel. The US, one of the bank’s biggest shareholders, insisted on a new inquiry in April after an internal review cleared Akinwumi Adesina. Whistleblowers had accused the Nigerian of giving contracts to friends…
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Boeing to delay 777X as demand drops for big jets
Boeing Co (BA.N) is preparing to delay its all-new 777X jet by several months or up to a year, three people familiar with the matter said, as the COVID-19 crisis exacerbates a drop in demand for the industry’s largest jetliners. Boeing hopes to bring the jet to market as passenger travel rebounds after a downturn…
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Airbus offers subsidy concession to end U.S. tariffs
Europe’s Airbus said on Friday, July 24, 2020, it would increase loan repayments to France and Spain in a “final” bid to reverse U.S. tariffs and jog the United States into settling a 16-year-old dispute over billions of dollars of aircraft subsidies. The European Union, France and Spain said the move to raise interest rates…
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Zimbabwe moves to eliminate parallel exchange rate in new law
Zimbabwe has set new regulations to compel businesses to use a single exchange rate for pricing goods and services as it seeks to control surging costs. The government in a gazette on Friday said any person who provides goods or services in Zimbabwe shall display, quote or offer the price for such goods or services…
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Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 billion charge
Oilfield services giant Schlumberger NV (SLB.N) on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by…
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Nigeria’s local airlines risk collapse as load factor declines
Exactly a week after commercial airlines resumed flight services on Lagos-Abuja route, local airlines are struggling to sustain operations and meet cost as load factor hovers around 40 per cent. The day-one optimism of about 70 per cent traffic across some of the local carriers has waned. Some of the operators complained about traveler apathy,…
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Blow for EU as Apple wins fight against $15 billion tax order
In its order four years ago, the European Commission said Apple benefited from illegal state aid via two Irish tax rulings that artificially reduced its tax burden for over two decades – to as low as 0.005% in 2014. “The General Court annuls the contested decision because the Commission did not succeed in showing to…