Business

Thu,29Sep2016

Business

MTN denies illegal transfer of $14bn from Nigeria

A worker walks past an outlet of South Africa's MTN Group in Johannesburg. Photo: Siphiwe Sibeko/ReutersSouth African telecoms giant MTN on Wednesday denied an allegation that it had illegally repatriated $13.92bn from Nigeria, saying the claim was without merit.

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South Africa's Capitec Bank cuts back lending to poorer workers

Customers queue to draw money from an ATM outside a branch of South Africa's Capitec Bank in Cape Town. Photo: Mike Hutchings/ReutersSouth Africa's Capitec Bank warned on Tuesday that it was cutting back on lending to cash-strapped consumers from lower income groups as it posted a 19% rise in half-year profit on steady growth among more affluent clients.

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Kenya Airways in talks with 3-4 parties on stake sale, CEO says

Kenya Airways planes are seen parked at the Jomo Kenyatta International airport near Kenya's capital Nairobi, April 28, 2016. REUTERS/Thomas Mukoya/File PhotoKenya Airways is talking to "about three or four" foreign institutional investors and airlines about buying a stake to raise cash for the loss making carrier, its chief executive said on Monday.

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South Africa's Eskom to use $11bn future earnings for nuclear expansion

An Eskom logo is seen at the entrance of their head offices in Sunninghill, Sandton, February 24, 2016. REUTERS/Siphiwe SibekoSouth Africa's power utility Eskom estimates it would have 150bn rand ($11bn) within the next decade to help fund a nuclear expansion programme planned by the government, a senior executive said.

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Nigeria says it is owed $12.7bn in undeclared oil exports

A man walks on oil pipelines near an oil flow station belonging to Agip Oil company in Obrikom, Nigeria. Photo: GEORGE OSODI/AP/SIPANigeria has said it is owed a total of $12.7bn by more than a dozen companies for allegedly not declaring exports of crude oil to the United States between 2011 and 2014, according to court documents seen by Reuters on Wednesday.

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Flour Mills of Nigeria targets more exports to Europe helped by a weaker naira

Egyptian workers load a truck with sacks of flour at a flour mill. Photo: Nasser Nasser/AP/SIPAFlour Mills of Nigeria has exported 10 percent of its locally processed soya bean products for the first time to feed mills in Europe and North Africa, its chairman said, helped by a weaker domestic currency.

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Kenya's cap on rates may hit commercial bank lending, central bank governor says

Kenya Central Bank Governor Patrick Njoroge in his office. Photo: Thomas Mukoya/ReutersKenya's commercial banks may stop extending loans to borrowers deemed higher risk after the government capped commercial lending rates and the central bank cut the benchmark interest rate, the central bank governor said Wednesday.

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