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Wednesday, 8th April 2020
10:59:40am

Business

Articles related to business

Coronavirus, gas slump put brakes on Exxon's giant Mozambique LNG plan

Exxon Mobil is likely to delay the greenlighting of its $30 billion liquefied natural gas (LNG) project in Mozambique as the coronavirus disrupts early works and a depressed gas market makes investors wary, six sources told Reuters.

Top U.S. oil and gas company Exxon said on Tuesday it was evaluating “significant” cuts to capital spending and…

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S.African stocks hit near 7-month highs, led by Richemont, miners

South African stocks rose to near seven-month highs on Friday, underpinned by gains in heavyweight Richemont and mining firms, while the rand fell against a broadly stronger dollar.

Richemont led the To-40 index higher, surging 5.82% after the world’s second-biggest luxury goods group, reported a 4% rise in third quarter sales, helped by…

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Eskom's urgent bid for bigger tariffs rejected by S.Africa court

Eskom’s urgent bid for larger electricity tariff increases was rejected by the Pretoria High Court on Monday, in a fresh setback for the cash-strapped South African power utility.

Eskom lodged an urgent application with the court for a tariff increase of 16.6% from April and a rise of 16.7% from April 2021 to compensate for what it said was an…

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Brazil's Petrobras closes $1.5 bln deal to sell stake in African joint venture

Brazil’s state-controlled oil company Petroleo Brasileiro SA said on Tuesday it had ended its activities in Africa after closing the sale of a 50% stake in Petrobras Oil & Gas BV (PO&GBV), which holds some Nigerian oil assets.

Petrobras, as the company is known locally, said in a filing that it had sold the PO&GBV stake for just under…

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South Africa's Eskom new CEO warns against hasty unbundling of firm

The new chief executive of South Africa’s power utility Eskom said on Sunday that a plan to split the loss-making company should not be rushed, because risks associated with the process need to be assessed and managed properly.

President Cyril Ramaphosa announced last year that Eskom would be split into units for generation, transmission and…

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Nigeria backs down in $2 bln dispute with telecoms giant MTN

Nigeria’s attorney general has withdrawn a $2 billion tax demand against South African telecoms giant MTN Group, a closely watched case that critics said damaged Nigeria’s appeal to foreign investors.

In a letter filed with the Nigerian stock exchange, MTN said the government had decided to drop its case and refer the issue to tax and customs…

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