Business

Mon,27Feb2017

Business

South Africa's Kumba pays $186 million to settle tax dispute

In this photo taken Wednesday, May 18, 2016 a closed mine shaft in Welkom, South Africa.Photo: Themba Hadebe/AP/SIPASouth Africa's Kumba Iron Ore, a unit of Anglo American, will pay $186m to settle a tax dispute with local authorities, the company said on Friday, sending its share price over 7% lower.

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Over 2 million Kenyans at risk of starvation due to drought

The skeletal carcasses of drought-stricken cattle are seen in Kitengela, Kenya, 50km (31 miles) east of the capital Nairobi. Photo: SAYYID AZIM/AP/SIPAAnimal carcasses littered the fields and stench of dead animals pervaded the air in Kenya's Marsabit County this week, the result of a prolonged period of drought which destructed forage for animals and made local population dependent on handouts to survive.

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Tanzania current account deficit narrows by 57%

Mount Kilimanjaro is one of Tanzania's most popular tourism destinations. Photo: Khaled Kazziha/AP/SIPATanzania's current account deficit narrowed by 56.6% in the year to November, helped by a surge in earnings from tourism and gold exports and a decline in imports, its central bank said on Thursday.

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Ghana government says inherits budget deficit "closer to double digits"

A budget deficit higher than target will put more pressure on President Nana Akufo-Addo's government to reduce the amount it can spend on job creation. In this photo, avendor prepares packs a small portion of rice for a customer at the Agbogboloshie food market in Accra, Ghana. Photo: OLIVIER ASSELIN/AP/SIPAGhana's new government has inherited a budget deficit "closer to double digits" as a percentage of GDP than the 5% targeted for 2016 by the previous government, Finance Minister Ken Ofori-Atta told Reuters on Wednesday.

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South Africa posts trade surplus in December as economy slows

A shopkeeper places a mannequin outside a clothing store in a busy mall in downtown Johannesburg. Imports of clothing decreased in SA during 2016. Photo: Denis Farrell/AP/SIPA

South Africa recorded a larger-than-expected surplus in December, largely due to a sharp fall in imports as the continent's most industrialised country continued to see subdued consumer and business confidence.

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Côte d’Ivoire unrest makes cocoa grinders rethink investments

Workers load cocoa beans for shipment at the port in Abidjan. Photo: Emanuel Ekra/AP/SIPACocoa grinders in Côte d’Ivoire are holding off on new investments after military and social unrest this month, potentially denting government plans to boost processing of the commodity in the world's top grower.

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US travel ban heralds 'turbulent times' for Africa: AU chief

Demonstrators converge outside O'Hare airport Sunday, Jan. 29, 2017, in Chicago. President Donald Trump signed an executive order suspending all immigration from countries with terrorism concerns for 90 days. Photo: Nam Y. Huh/AP/SIPAThe head of the African Union said today that a US travel ban on seven Muslim-majority countries including three in Africa heralded "turbulent times" for the continent.

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