Business

Thu,20Sep2018

Business

AGRIBUSINESS | ITW: Ade Adefeko, VP corporate and government relations, Olam; "Farmers big and small"

Ade Adefeko Vice-president, corporate and government relations, Olam

The Singaporean agribusiness Olam is taking a greater interest in Nigeria’s potential. Olam set up a 10,000ha rice farm and a rice mill in Nasarawa State in 2013. As of December 2016, 4,450ha were already under cultivation and the firm was expanding its outgrower programme, which works with smallholders in the area.

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South African power supply hit by protests at Eskom plants

 Eskom's electricity pylons snake across a hill in a Johannesburg suburb, Thursday, Nov. 24. 2011. Photo: Denis Farrell/AP/SIPASouth Africa's cash-strapped state utility Eskom said some of its power stations were operating below full capacity on Wednesday, after union members blocked some staff from entering around 10 plants because of a wage dispute.

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Interview: Rob Davies, Minister of trade and industry, South Africa

13062018SouthAfricaIndustrial policy is bearing fruit. The trade and industry minister speaks to The Africa Report about developing regional value chains and the importance of the state’s role in getting positive social and economic outcomes from the private sector
 

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Ghanaian journalist hits out at soccer corruption

Nov. 25. 2013:  file photo of President of Ghana Football Association Kwasi Nyantakyi. On Friday 8/6/2028 Nyantakyi said he was resigning after he was suspended by the sport's global governing body, FIFA. Photo:  Christian Thompson/AP/SIPAThe undercover Ghanaian journalist who filmed soccer officials appearing to take bribes said on Monday (June 11) that African soccer will continue to be held back on the world stage unless corruption is tackled more vigourously.

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Angola's top diamond mine says underpricing has cost it almost $500 mln

 Angola's President Joao Lourenco, center, arrives for a round table event at an EU Africa summit in Abidjan, Ivory Coast on Nov. 29, 2017. Photo: Geert Vanden Wijngaert/AP/SIPAAngola's Catoca, the world's fifth largest diamond mine, estimates it lost $464 million over the past six years due to a government-imposed marketing system that obliged it to sell production below international prices, a company presentation seen by Reuters showed.

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War-torn South Sudan issues higher denomination banknotes amid soaring inflation

Sudanese currency sits behind a window at the central bank in Khartoum, Sudan, Sunday July 24, 2011. Photo: Abd Raouf/AP/SIPASouth Sudan's central bank said on Monday it will issue higher denomination banknotes, enabling citizens to carry fewer notes as rampant inflation continues to devalue the local currency.

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South Africa's Vodacom to increase black ownership

A schoolboy walks beneath a mobile phone advertising billboard in Johannesburg Wednesday, Sept. 3, 2014. Photo: Denis Farrell/AP/SIPASouth Africa's Vodacom Group said on Monday it will increase the stake held by black shareholders by up to 6.25 percent in a 17.5 billion rand ($1.34 billion) black empowerment transaction.

 

 

 

 

 

Vodacom said current black shareholders in Vodacom South Africa and a newly formed staff scheme will exchange their current shareholding for a stake of between 5.8% and 6.25% in Vodacom Group.

The new YeboYethu empowerment structure would acquire a 6.25% shareholding in Vodacom Group based on an illustrative price of 152.50 rand per Vodacom Group share.

Under black economic empowerment rules, South African companies are encouraged to meet quotas on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid.

Increase ownership to 20%

Meeting government rules on black ownership makes a company more likely to qualify for government tenders.

The existing scheme, that is due to unwind in October and will increase Vodacom Group’s black ownership to 20%, delivered a return of 7.5 billion rand ($575 million), the firm said.

"This amounts to 6.7 times the original capital that was invested into the deal in 2008 and therefore has been one of the most profitable and successful transactions concluded in South Africa," said Vodacom Group Chief Executive Shameel Joosub.

Petrochemicals and energy firm Sasol last year said it would cover costs and pay bank debt related to a share sale from its Inzalo black economic empowerment scheme after the share price slumped, leaving investors unable to fully repay their debts.

Companies in Africa's most advanced economy are required to help increase black ownership, often using vendor financing deals to sell shares to groups who were excluded before 1994 under apartheid's white minority rule.

 

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