Business

Tue,24Jan2017

Business

South Africa's MTN taps fixed income market for $1bn

An MTN office compound in Lagos, Nigeria. Photo: Sunday Alamba/AP/SIPASouth Africa's MTN has raised $1bn in two dollar bonds, the telecoms firm said on Thursday, the first such issue by Africa's biggest wireless carrier by sales since 2014.

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Diageo scraps plan to raise Guinness Nigeria stake in tough market

Diageo's Guinness branding is seen outside a pub in London. Photo: Stephen Hird/ReutersDiageo has scrapped plans to lift its stake in Guinness Nigeria due to tough conditions in one of its biggest markets for the world-famous stout, the drinks company said on Wednesday.

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Barclays sells Egyptian business to Morocco's Attijariwafa Bank

The logo of Barclays is seen on the top of one of its branch in Madrid, Spain. Photo: Sergio Perez/ReutersBritain's Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the United States and Britain.

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Chinese company to spend $20bn developing second phase of Egypt's new capital

A model of a planned new capital for Egypt is displayed for investors. Photo: Amr Abdallah Dalsh/ReutersChina Fortune Land Development (CFLD) has signed a deal to develop and manage 14,000 acres (5,700 hectares) of Egypt's new administrative capital at a cost of $20bn, the Egyptian cabinet said in a statement on Monday.

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South Africa's finance minister Gordhan says economy may be bottoming out

South Africa's finance minister Pravin Gordhan gestures, as he arrives at the South African Parliament to deliver the annual Budget speech in Cape Town. Photo: Schalk van Zuydam/AP/SIPASouth Africa may be over the worst of its economic downturn with potential growth of over 1% next year, Finance Minister Pravin Gordhan said on Monday, noting President Jacob Zuma had expressed confidence in him.

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Gas shortages turn Nigeria's Dangote to coal to power cement

Founder and Chief Executive of the Dangote Group Aliko Dangote gestures during an interview in his office. Photo: Akintunde Akinleye/ReutersNigeria's Dangote Cement has turned to locally-mined coal to fire its cement plants because of gas shortages due to militant attacks on Nigerian facilities and to lower its production costs.

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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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