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Saturday, 30th May 2020
8:21:17pm

Business

Articles related to business

Botswana's Shumba Energy plans coal-to-liquids plant with Chinese firms

Botswana’s Shumba Energy has formed a joint venture with two Chinese companies to build a coal-to-liquids plant at a cost of between $1.5 billion and $2 billion, Chief Executive Officer Mashale Phumaphi told Reuters.

Botswana has abundant coal reserves of around 212 billion tonnes but currently imports all its fuel needs of 1.2 billion litres per…

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Vodacom to invest more than $589 mln on South Africa network this year

South African mobile phone operator Vodacom Group will spend more than 9 billion rand ($589 million) this year on network enhancements particularly in rural areas in its home market, its Chief Technology Officer said on Thursday.

Vodacom, majority-owned by Britain’s Vodafone, invested 9.6 billion rand in 2018, Andries Delport said during a media…

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Africa's biggest bank targets its smallest shops in fintech deal

South Africa’s Standard Bank has taken a stake in local fintech firm Nomanini to offer credit to potentially millions of small shop owners and other informal retailers across Africa that have limited access to banking services.

Africa’s biggest bank by assets has invested $4 million in Nomanini, which connects informal merchants with distributors…

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Eskom power supply brings relief to Zimbabwe

Electricity supply in Zimbabwe has improved significantly following the southern African country's agreement to import power from Eskom.

Zimbabwe is facing an 800MW power deficit and was unable to close that gap as it owed huge debts to Eskom and could not access further supplies. However, an agreement was reached last week, allowing the country to…

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Tanzania central bank threatens hefty fines for lenders over data compliance

Tanzania’s central bank has given banks and financial institutions three months to establish data centres in the East African nation, saying it will impose hefty fines on lenders that fail to comply.

A Bank of Tanzania spokesperson confirmed to Reuters on Sunday the regulator issued a circular on Friday that imposes a fine of 5 billion Tanzanian…

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S.Africa's Absa bank reports 5% rise in profit

South African lender Absa Group Ltd reported a 5% rise in first-half profit on Tuesday, while its core retail business managed to grow despite a faltering domestic economy.

Absa, once a market leader, has been trying to win back ground lost under the stewardship of former parent Barclays following its split from the British lender in 2017. But it…

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