Tuesday, 18th June 2019


Articles related to business

South Africa's Eskom to cut 1,000 MW of power from grid on Sunday

South African power utility Eskom will cut 1,000 megawatts of electricity from the strained national power grid on Sunday after high unplanned outages, a company spokesman said.

The power cuts - locally known as load-shedding - will be implemented from 1015 GMT to 2000 GMT, Khulu Phasiwe said on Twitter.  

“Eskom has had to implement stage 1…

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African Development Bank plans $720 mln loans to South Africa’s Eskom

The African Development Bank plans to lend South African power utility Eskom around $720 million (10 billion rand) in 2019 and 2020, the bank’s president Akinwumi Adesina said.

“We plan to lend around $620 million for the Medupi power plant, and around $100 million for Eskom’s transmission network, but that still needs to be approved by the board,”…

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Total plans new offshore Angola well to boost oil output

French oil company Total said on Saturday it plans to drill 13 wells on block 17, offshore Angola, in order to maintain production of 400,000 barrels per day of crude until 2023 in Africa’s second largest crude producer.

In a statement, the company said the wells, which will connect marginal fields to existing floating platforms, would be divided…

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Mozambique offers to share gas revenue in "tuna bond" restructuring

Mozambique has reached an agreement with the bulk of its creditors to restructure a $726.5 million Eurobond, including extending maturities and sharing future revenues from huge offshore gas projects, the finance ministry said on Tuesday.

Mozambique has been battling to recover from a debt crisis after admitting in 2016 to $1.4 billion of…

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Nigerian central bank to meet MTN lenders over $8 bln fund transfer -source

Nigeria’s central bank plans to meet four lenders of telecoms company MTN to discuss a dispute over a $8.1 billion fund transfer, after a court adjourned the case, a banking source said. 

The central bank emailed invitations on Thursday to the Nigeria heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to attend a meeting on…

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South Africa's finmin Mboweni says state airline should be closed down

South Africa’s new Finance Minister Tito Mboweni said on Thursday that struggling state-run South African Airways (SAA) should be closed down, adding that decisions over the future of the state carrier were not under his remit.

SAA, which has not generated a profit since 2011, survives on state guarantees and is regularly cited by credit ratings…

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