Business

Tue,28Mar2017

Business

South Africa's mining chamber says court decision limits power of safety inspectors

A mine worker is seen underground at Lonmin's Karee mine in Rustenburg. RPhoto: Reuters/Siphiwe SibekoSouth Africa's Chamber of Mines said today that a Labour Court decision overturning a government-imposed safety stoppage at an AngloGold Ashanti mine placed limits on the power of state inspectors.

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Mozambique to treat bondholders, commercial lenders same in debt restructuring

A fisherman cleans his boat beneath Maputo's skyline. Photo: Reuters/Grant Lee NeuenburgMozambique wants to strike a debt restructuring deal before the end of this year and aims to treat bondholders on par with its other commercial creditors, the country's legal advisor has announced.

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Smaller deals grow as big private equity deals fade in Africa

A woman walks past a display of groceries. Photo: Reuters A family-owned grocery chain selling lychees and almond milk would have been an unlikely target when giant private equity funds were spending big in Africa.

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Rio Tinto suspends senior executive after Guinea investigation

A sign adorns the building where mining company Rio Tinto has their office in Perth, Australia. Photo: Reuters Rio Tinto, the world's second-largest miner, has suspended one senior executive, accepted the resignation of a second and alerted US and UK authorities after discovering $10.5m in unexplained payments to a consultant in Guinea.

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South Africa's Gordhan: Tackle graft and weak growth to avoid junk ratings

Finance Minister Pravin Gordhan delivers his 2016 Budget speech to parliament in Cape Town,South Africa, February 24, 2016. Photo: Reuters/Mike Hutchings/File PhotoSouth Africa's Finance Minister Pravin Gordhan has said that the country must tackle corruption and weak economic growth or face the risk of a credit rating downgrade to "junk" status.

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Mozambique upbeat on debt crisis, investors not so sure

 

President Filipe Nyusi of Mozambique speaks at a high-level meeting on addressing large movements of refugees and migrants at the United Nations General Assembly in Manhattan, New York, U.S. September 19, 2016. Photo by Reuters/Carlo AllegriMozambique's finance minister has a plan to deal with a debt crisis that threatens to derail one of Africa's most promising frontier economies but investors are far from convinced.

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South African pension fund seeks central bank approval to increase Barclays Africa stake

A woman uses an ATM at a branch of Barclay's South African subsidiary Absa bank in Johannesburg. Photo: Siphiwe Sibeko/ReutersAfrica's biggest pension fund, Public Investment Corporation, has sought approval from South Africa's central bank to raise its stake in Barclays Africa, two sources with direct knowledge of the matter said.

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