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Monday, 25th March 2019
5:43:28pm

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Articles related to business

South Africa's Eskom gets $205 mln loan from African Development Bank

South African state-owned power firm Eskom will get a 2.9 billion rand ($205 million) loan from the African Development Bank to upgrade and expand its transmission network, the bank said on Thursday. 

The loan will fund the construction of 555 kilometres of transmission lines in the KwaZulu-Natal and Mpumalanga provinces, as well as the upgrading…

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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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Standard Bank says Nigeria may review penalty in MTN funds repatriation

Standard Bank said Nigeria’s central bank may review its decision to penalise its West African unit for allegedly breaking the law in helping South African mobile phone group MTN send money abroad. 

Stanbic IBTC Bank is one of four banks that the Central Bank of Nigeria (CBN) accused of helping MTN to illegally repatriate $8.1 billion. 

“The…

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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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Nigeria oil unions threaten nationwide strike over Chevron dispute

Nigeria’s two main oil unions have prepared their members for possible nationwide industrial action over a staffing dispute with Chevron, they said on Saturday.

Nigeria, an OPEC member, is Africa’s largest oil producer and crude sales make up around two-thirds of government revenues in West Africa’s largest economy. The dilapidated state of its…

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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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