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Friday, 23rd August 2019
5:26:32pm

Business

Articles related to business

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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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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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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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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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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