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Sunday, 20th May 2018
3:32:34pm

Business

Articles related to business

Gunmen kill director of Dangote Cement plant in Ethiopia

Unidentified gunmen killed the manager of a plant owned by Nigeria’s Dangote Industries Limited in Ethiopia on Wednesday after he was attacked in the restive Oromiya region while returning to the capital from the factory, officials said.

Oromiya, which surrounds the capital Addis Ababa, was plagued by violence for over two years, largely fueled by…

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South African Airways to get $400 million capital injection after plea for cash: CEO

South Africa has promised another 5 billion rand ($400 million) capital injection to help its struggling state airline meet urgent financial obligations, the CEO of South African Airways (SAA) said on Thursday. 

SAA has not generated a profit since 2011 and has already received state guarantees totalling nearly 20 billion rand. It needs the money…

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Tanzania's central bank approves merger of two state-owned banks

Tanzania’s central bank said on Wednesday it has approved the merger of two small state banks, Twiga Bancorp and TPB Bank PLC, as part of a plan to improve financial stability and reduce the number of state-run lenders.

The decision is part of a drive to counteract a spike in bad loans since 2015 that has hit bank profits and stifled private sector…

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Equatorial Guinea in LNG sale talks as Shell deal winds down

Equatorial Guinea is in talks to sell liquefied natural gas (LNG) supply from its Punta Europa project to independent and state-backed oil companies and traders from 2020 as it winds down an exclusive deal with Royal Dutch Shell.

Gabriel Obiang Lima, Minister for Mines and Hydrocarbons, told Reuters he is seeking to lift royalties from future LNG…

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Uganda power distributor Umeme to spend $1.2 bln to expand grid

Ugandan power distributor Umeme Ltd plans to spend $1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said on Wednesday.

The investments will be used to prepare for an expected rise in power expected to come online by 2020, CEO Selestino…

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MTN says U.S decision on Iran may limit its ability to repatriate cash from Irancell

MTN Group said on Wednesday that U.S. President Donald Trump’s decision to pull out of the Iran nuclear accord may limit the South African telecoms firm’s ability to repatriate cash from MTN Irancell, sending its shares lower. 

Trump said on Tuesday he would reimpose U.S. economic sanctions on Iran, which were lifted under the agreement he had…

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