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Thursday, 20th September 2018
3:10:59pm

Business

Articles related to business

MTN CEO confident about Nigeria dispute as firm applies for injunction

South African telecoms firm MTN Group said on Monday it was confident a multi-billion dollar dispute with the Nigerian government would be resolved even as it applied for a court injunction to protect its Nigerian assets.

Nigeria’s central bank last month ordered MTN’s Lagos-based unit to hand over $8.1 billion that it said was illegally sent…

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South Africa scraps nuclear power expansion plans

South Africa has cancelled plans to add 9,600 megawatts (MW) of nuclear power by 2030 and will instead aim to add more capacity in natural gas, wind and other energy sources, the energy minister announced on Monday.

Africa’s only nuclear power has an installed capacity of 1,860 MW but plans under the government of former President Jacob Zuma to…

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In latest clash, Nigeria hands South Africa's MTN $2 billion tax bill

MTN Group faces a $2 billion demand for taxes in Nigeria, the latest in a series of skirmishes with authorities in the South African mobile phone company’s most lucrative but increasingly problematic market.

The announcement of the tax bill incurred over the last decade comes days after the west African country’s central bank ordered MTN’s…

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South Africa's Shoprite posts surprise drop in annual profit

South Africa’s Shoprite reported a surprise 3.8 percent fall in annual earnings on Tuesday, citing a currency devaluation in Angola and lacklustre trading in other markets abroad.

Africa’s biggest grocery store chain reported diluted headline earnings per share (EPS) of 968.7 cents in the year ended July versus a 1,090 cents estimate in a poll of…

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White S.African workers protest against Sasol's black share scheme

Workers from South Africa’s mainly-white Solidarity union staged a go-slow protest at the petrochemicals firm Sasol on Monday over a share scheme offered exclusively to black staff, and said they would begin a full strike on Thursday.

South African companies are required to meet quotas on black ownership, employment and procurement as part of a…

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South Africa's Absa H1 profit down 4 percent

South African lender Absa Group reported a 4 percent fall in half-year profit on Monday, weighed down by costs related to its separation from former parent Barclays.

Headline earnings per share (EPS) came in at 877.8 cents in the six months ended June compared with 917.3 cents a year earlier.

Headline EPS is the main profit measure in South Africa…

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