Business

Tue,24Jan2017

Business

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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Kenya's Safaricom raises full-year profit forecast

Pedestrians walk past a mobile phone care centre operated by Kenyan's telecom operator Safaricom in the central business district of Kenya's capital Nairobi. Photo: Thomas Mukoya/ReutersSafaricom raised its forecast for full-year core profit on Friday after a 31% jump in the first six months of the year, driven mainly by growth in revenue from mobile data services.

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Zain to pay Bharti Airtel $129m in Africa business sale settlement

A woman walks past a Zain customer care shop in Kenya's capital Nairobi. Photo: Thomas Mukoya/ReutersZain, Kuwait's biggest telecom operator by subscribers, on Thursday said it will pay $129m to Bharti Airtel over a settlement related to the sale of Zain's Africa operations to the Indian firm in 2010.

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South Africa's Shoprite loses long-serving CEO to retirement

A shopper is seen outside a Shoprite store in Johannesburg. Photo: Siphiwe Sibeko/ReutersThe chief executive of Shoprite will retire in December, the company said on Monday, ending his nearly four decades at the helm of the supermarket group he transformed from a eight-store start-up into an $8bn behemoth.

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Africa's youngest billionaire banks on regional integration to boost expansion

Tanzanian billionaire Mohammed Dewji. Photo: MeTL GroupTanzanian billionaire Mohammed Dewji, who is head of Mohammed Enterprises Tanzania Limited (MeTL) Group, is spreading his trading, commodities and manufacturing businesses around East and Southern Africa, positioning them to benefit from regional integration.

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Foreign investment in Mauritius jumps by 69% in first half of 2016

The skyline of Mauritius's capital Port Louis is dominated by the Bank of Mauritius Tower. Photo: Wikipedia CommonsForeign direct investment in Mauritius grew 69% year-on-year in the first half of 2016, to 7.96bn rupees ($222m), driven by real estate, financial services and manufacturing, the board of investment said on Thursday.

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Tunisia to offer $50bn of projects to foreign investors

Tunisia's Investment Minister Fadhel Abdelkefi in Tunis, Tunisia. Photo: Zoubeir Souissi/ReutersTunisia will offer foreign investors and financiers participation in $50bn of projects as it seeks to create jobs to maintain political stability, the country's investment minister said.

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