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In latest clash, Nigeria hands South Africa's MTN $2bn tax bill

By: Reuters     4th September 2018 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... 

Kefi receives key govt consents for Tulu Kapi development

By: Creamer Media Reporter      4th September 2018 The Ethiopian government has granted the key development and financing policy approvals for Aim-listed Kefi Minerals’ Tulu Kapi gold project. The project had already been granted development, social, environmental and operational approvals in 2015. 

New Century raises funds to fast-track expansions

By: Esmarie Iannucci     3rd September 2018 Zinc producer New Century Resources has secured a A$40-million debt facility with National Australia Bank (NAB) to fast track the expansion of its Century zinc mine, in Queensland. The two-year facility will have a 5.25% a year interest rate, New Century reported on Monday. 

Chinese bank to lend Nigeria $328m for fixing telecom infrastructure

By: African News Agency      3rd September 2018 China’s Exim bank will lend Nigeria $328-million towards improving the West African country’s telecoms infrastructure, Reuters reported. Poor telecoms are a major challenge for businesses operating in Nigeria, which is Africa’s largest oil producer, most populous country and has one of the... 

Emerging markets including SA feel the pressure as Turkish lira, Argentina's peso tumble

By: African News Agency      31st August 2018 The crisis in Turkey, which saw the lira currency tumble over five percent on Thursday, and a similar fall in Argentina's peso are having a negative knock-on impact on emerging markets, an economist said on Friday. The lira's sharp retreat followed a report that Turkey's central bank's deputy... 

Congo's H1 copper production rises 8%; cobalt output up 38%

By: Reuters     31st August 2018 Copper output in Democratic Republic of Congo rose 7.9% year-on-year in the first half of 2018 to 597 249 tonnes and cobalt production jumped 37.6% to 52 491 tonnes, the central bank said on Thursday. Congo is Africa's top copper producer and the world's leading miner of cobalt, which is a key... 

Gold's dismal run sets half-decade mark as dollar and stocks win

By: Bloomberg     31st August 2018 Gold is set for a fifth straight monthly decline, the longest losing run in half a decade, as the dollar gets a twin boost from trade tensions and the Federal Reserve’s path for higher interest rates, while inflation remains stuck in hibernation and US equities notch record after record. Bullion... 

Trudeau’s grand bargain unravels after Alberta nixes carbon plan

By: Bloomberg     31st August 2018 Canada’s precarious relationship with its vast oil riches flared up again Thursday after a federal court struck down Prime Minister Justin Trudeau’s approval of a key pipeline, reviving fears about the country’s ability to get its resources to market. While the government pledged to press ahead... 

MTN plunges as Nigeria orders $8.1bn be refunded

By: Reuters     30th August 2018 Shares in MTN Group plunged as much as 19% early on Thursday, a day after Nigeria ordered the South African telecoms group and its bankers to return $8.1-billion. Nigeria's central bank said the funds had been illegally moved abroad. MTN denies the allegations. 

Positive ratings from S&P’s, Fitch enhances NDB’s lending capacity

By: Marleny Arnoldi     29th August 2018 Multilateral development bank New Development Bank (NDB) has been assigned an AA+ long-term and A-1+ short-term issuer credit rating by Standard & Poor’s Global Ratings (S&P’s). Earlier this month, Fitch Ratings assigned the bank a long-term issuer default rating of AA+ with a stable outlook... 

US Trade and Development Agency grants $1.2m funding for Mozambique solar project

By: Marleny Arnoldi     28th August 2018 Investment bank Fieldstone has assisted WHN Solar to raise grant funding of almost $1.2-million for a solar energy project in Mozambique. The funding was conferred by the US Trade and Development Agency for a feasibility study to assess the viability of a photovoltaic plant of up to 100 MW to... 

Uncertainty over land expropriation to deter investment – IHS Markit

By: Marleny Arnoldi     24th August 2018 The threat of land expropriation without compensation (EWC) is likely to deter investment up until the 2019 elections and a while afterwards, says global information provider IHS Markit. “Uncertainty over property rights is likely to deter fixed investment, limit government revenue and lower... 

Ghana opposition seeks IMF view on $2bn Chinese Bauxite deal

By: Reuters     24th August 2018 Ghana's opposition in parliament wants the International Monetary Fund (IMF) to decide whether a $2-billion Chinese deal agreed by the government in exchange for bauxite will add to the country's debt burden, it said on Thursday. Under the deal, approved by Ghanaian lawmakers last month, China's... 

2018 motoring costs highest to date, says WesBank

By: Irma Venter     24th August 2018 The average monthly cost of motoring has increased by about R940, or 14% in the last year, and a whopping 31% since 2013, this according to the latest data from vehicle and asset finance specialist WesBank. Despite prevailing interest rates remaining at low levels and favourable vehicle price... 

Cost-effective braking systems brand launched

By: Paige Müller     24th August 2018 Commercial vehicle technologies supplier WABCO South Africa (SA) last month launched ProVia – a high-quality, price-competitive aftermarket brand for commercial vehicle braking systems – across ten Southern Africa countries. ProVia is a safety-focused and reliable budget parts product range for... 

Upper Trishuli 1 hydroelectric project, Nepal

By: Sheila Barradas     24th August 2018 Nepal Water & Energy Development Company is proposing the construction of a 216 MW run-of-river hydropower project. 

One in three chance of South Africa recession this year

By: Reuters     23rd August 2018 South Africa's economy probably struggled to gain traction in the second quarter after shrinking at the start of 2018, according to a Reuters poll of economists who said there was a one in three chance of recession this year. Around 30 economists polled expect Africa's second-largest economy to... 

Russian central bank buys more gold in face of tougher sanctions

By: Bloomberg     22nd August 2018 Russia added more gold reserves in July than any other month this year as it continues to buy up the metal in the face of US sanctions. The Russian central bank added 26.1 t last month, bringing its holdings to 2 170 t, according to International Monetary Fund data compiled by Bloomberg.  

Zambia copper output up 10.6% in first half of 2018 – central bank

By: Reuters     22nd August 2018 Zambian copper output rose 10.6% to 402 222 t in the first half of the year, the central bank governor Denny Kalyalya said on Wednesday. Zambian copper mining industry has been increasing production of the metal thanks to stable power supply and relatively higher metal prices in recent months. 

South Africa's new coal-fired plants must have emissions technology

By: Reuters     21st August 2018 South Africa's first privately built coal-fired power plants must have the latest technology to reduce harmful emissions, the energy minister said on Tuesday, as a wave of court challenges threaten to derail the projects. Environmental activists have taken legal action against the new Thabametsi... 

Land Bank says land expropriation could trigger default

By: Reuters     21st August 2018 South Africa's State-owned Land Bank said on Monday a plan to allow the State to seize land without compensation could trigger defaults that could cost the government R41-billion rand if the bank's rights as a creditor are not protected. Land Bank is a specialist bank providing financial services... 

Leftists rattle rand with plan to nationalise South Africa's SARB

By: Reuters     17th August 2018 Opposition firebrand Julius Malema introduced a bill to nationalise South Africa's central bank, raising pressure on the ruling ANC to go through with a plan it shelved this year and rattling markets wary of threats to the institution's independence. The rand fell more than 1 percent overnight... 

Russian miners explore payment schemes eschewing dollar

By: Reuters     15th August 2018 Two of Russia's biggest mining companies said on Wednesday they were investigating rouble-based payments schemes, amid calls from Moscow to reduce the role of the US dollar in Russian trade and so limit the impact of US sanctions. The Kremlin said on Monday that Russia favoured bilateral trade... 

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     15th August 2018 From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Mining production increases 2.8% y/y in June

By: Marleny Arnoldi     14th August 2018 Mining production increased by 2.8% year-on-year in June, from a 1.8% decline in May, with the largest positive contributor being platinum group metals (PGMs), which rose by 28.2% and contributed 5.9 percentage points, says Statistics South Africa (Stats SA). Other positive contributors were... 

Rand rebounds two percent as Turkey-led rout eases

By: Reuters     14th August 2018 South Africa's rand gained more than 2% on Tuesday, bouncing off a two-year low struck a day before, when investors dumped emerging market assets because of fears over the Turkish economy. At 0705 GMT, the rand traded at 14.0800 versus the dollar, around 2.3% stronger on the day and more than 11%... 

Nornickel earnings jump on higher metal prices, operational efficiencies

By: Simone Liedtke     13th August 2018 Nickel and palladium producer Norilsk Nickel (Nornickel) reported a 77% year-on-year increase to $3.1-billion in earnings before interest, taxes, depreciation and amortisation (Ebitda) in the first half of 2018, driven by higher metal revenue and operational efficiency gains. The Ebitda margin... 

SARB 'nowhere near' intervention on rand – deputy governor

By: Reuters     13th August 2018 The South African Reserve Bank was surprised by the magnitude of the rand weakness early on Monday but forex market conditions where "nowhere near" requiring the bank to intervene, deputy governor Daniel Mminele told Reuters. The rand slid more than 10% to a two-year low against the dollar in... 

Government changes shake up the sub-Saharan African construction sector

By: Anine Kilian     10th August 2018 International consultancy and construction company Mace has released its latest tender cost update for sub-Saharan Africa, showing mixed performances for the region’s two most prominent economies.    

Jennifer Retief

10th August 2018 This week we profile Jennifer Retief, CEO of Riversands Incubation Hub, which helps to grow and develop black-owned small businesses   

Kathu concentrated solar power project, South Africa

By: Sheila Barradas     10th August 2018 The salt melting process at the Kathu Solar Park plant has started. 

ARC to acquire 100% of TymeDigital

By: Anine Kilian     8th August 2018 African Rainbow Capital (ARC), led by chairperson Patrice Motsepe, has reached an agreement to acquire, through its 50.1% held subsidiary, ARC Financial Holding Company (FinHoldCo), 90% of TymeDigital by Commonwealth Bank, for an undisclosed consideration. When concluded, FinHoldCo will own 100%... 

Chile lithium exports more than double in July from previous year

By: Reuters     7th August 2018 Chile's exports of lithium carbonate reached $85-million in July, more than double that of the same month the previous year, as demand and prices for the key component in electric vehicle batteries continues to rise, the central bank said on Tuesday. The value of exports of the metal from Chile,... 

Russia's shield against sanctions draws praise from Moody's

By: Bloomberg     7th August 2018 Russia is ready to absorb the blow from any new sanctions the US throws its way, according to Moody’s Investors Service. Measures to cut down holdings of Treasuries and reduce exposure to the dollar have made the economy less vulnerable to the threat of deeper penalties, Moody’s analyst Kristin... 

Study says gender a challenge for female entrepreneurs in construction 

By: Irma Venter     7th August 2018 Women in the construction and related industries not only face discrimination while working for existing firms, but also when starting their own businesses, says Mercantile Bank. A recent study conducted on behalf of the institution found that 67% of female business owners surveyed in the... 

Nigeria oil refinery

3rd August 2018 Nigerian business magnate Aliko Dangote has arranged more than $4.5-billion in debt financing for his Nigerian oil refinery project. 

AfDB appoints Kapoor director general for regional office

By: African News Agency      2nd August 2018 The African Development Bank Group has appointed Dr Kapil Kapoor director general for its Southern Africa Regional Development and Business Delivery Office, it said late on Wednesday. It said Kapoor, who has been director for strategy and operational policies since 2012 when he joined the bank,... 

Barrick Gold makes China investor push as markets slump

By: Reuters     1st August 2018 Barrick Gold Corp will make a bigger push to attract institutional investors in China under a new deeper-ties pact with Shandong Gold, aimed at bolstering its shareholder base, executives told Reuters. Bruised by a strong US dollar, the price of gold is nearing a one-year low, with speculators... 

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