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Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

MTN, Airtel ordered to suspend Nigerian SIM card sales

11th December 2020 Nigeria ordered telecommunications companies, including MTN Group and Airtel Africa, to suspend the sale of SIM cards while authorities check their compliance with registration guidelines. It didn’t say how long the review would take. “Mobile network operators are hereby directed to immediately... 

First Quantum distills New Year vow to two words: cut debt

11th December 2020 Even as copper pierces seven-year highs, First Quantum Minerals is pushing into the new year with plans that hinge on one unsexy goal: cutting debt. The top-ten copper producer is emerging from a rocky seven years that included disputes with the government in Zambia, where it has two mines,... 

Iron-ore is this year’s hottest commodity on China-fuelled surge

10th December 2020 A surge in demand in China, the world’s key growth engine, risks a shortage of iron-ore that’s pushed prices past $150 a ton and crowned it this year’s best-performing major commodity. Futures in Singapore have surged almost 70% this year, hitting their highest since trading started in 2013, as... 

Gold drops from two-week high on vaccine news, stimulus outlook

9th December 2020 Gold declined from near the highest in two weeks as investors weighed vaccine rollouts amid surging coronavirus infections in some parts of the world against fresh hopes for a stimulus deal in the US. US regulators gave early indications they may grant emergency-use authorisation to Pfizer’s... 

South Africa offers bankrupt airline’s staff less than legally required

8th December 2020 The Department of Public Enterprises has asked workers at the bankrupt national airline to accept three months’ pay rather than the eight months they are entitled to by labour law and the terms of a business rescue plan, according to a labour union leader. The offer was made at the weekend and... 

Zimbabwe’s Russian-backed platinum venture sells stake to Fossil Mines

7th December 2020 Great Dyke Investments, a Russian-backed project planning to build Zimbabwe’s biggest platinum mine, has sold a 4.4% stake to Fossil Mines as Covid-19 disrupted fundraising for the venture. Fossil, owned by Zimbabwe’s Obey Chimuka, will invest $30-million in the Darwendale project, through a... 

China holds meeting on coal mine safety after accidents

7th December 2020 Chinese authorities held an emergency meeting on Sunday after recent major accidents at coal mines, calling for “decisive measures” to control risks and curb such incidents. Additional safety checks at mines in top producing provinces have crimped output at a time of strengthening demand,... 

Tanzania’s re-elected President retains Biteko as Mines Minister

7th December 2020 Tanzanian President John Magufuli reappointed Doto Biteko as his mining minister in cabinet postings following his re-election in October. Medard Kalemani retained his role of energy minister, State House Chief Secretary John Kijazi announced on the State’s Tanzania Broadcasting Corp on Saturday. 

Cheap platinum back in vogue as Chinese buyers tap cash hoards

7th December 2020 Even before the release of the next James Bond film – “No Time to Die” – Swiss watchmaker Omega is offering a platinum-gold version of the Seamaster Diver 300M that actor Daniel Craig wears when playing 007. The 51 700 Swiss franc ($57 000) time piece – made 95% from platinum – underlines a... 

Vedanta Resources bonds slide after downgrade deeper into junk

4th December 2020 Vedanta Resources dropped in the bond market after a credit rating cut deeper into junk territory by Moody’s Investors Service. The miner’s 2026 dollar note fell 4.8 cents on the dollar to about 58 cents, the biggest drop since October 12, Bloomberg-compiled prices show. Moody’s lowered its... 

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