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Thursday, 20th June 2019
2:57:21am

Business

Articles related to business

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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Kenya Airways says flights to Nairobi diverted due to fog

Kenya Airways said on Thursday that fog had disrupted incoming flights to Nairobi’s Jomo Kenyatta International Airport. 

“Several flights are being diverted to alternative airports as we monitor the situation,” the company said in a statement on Twitter. 

Flights from Dubai and Amsterdam were among those affected, the airline said.

Kenya…

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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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South Africa opens door to future Russian nuclear power deal

South Africa cannot afford large-scale expansion of its nuclear power fleet but would still be open to future nuclear deals with Russia, the ruling party’s Treasurer General said on Thursday shortly before President Vladimir Putin arrived for the BRICS summit. 

The nuclear project was prioritised by former President Jacob Zuma but new President…

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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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South Africa's Eskom considering asset sales, staff cuts after big loss

South Africa’s struggling state-run power firm Eskom said on Monday it was considering cutting staff and selling assets after reporting a $171 million loss which underlined the gravity of its financial position.

Eskom, Africa’s largest public utility, was embroiled in corruption scandals under former president Jacob Zuma and narrowly avoided a…

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