Business

Sat,17Nov2018

Business

Liberia loses $104 mln in central bank cash, bans 15 from foreign travel

Photo by AP. Ellen Johnson Sirleaf's son is implicated in the missing notesFifteen Liberians, including the son of former president Ellen Johnson Sirleaf, are banned from leaving the country while the government investigates the whereabouts of $104 million in missing cash intended for the central bank, the government said.

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British fund Gemcorp extends $250 million loan to Zimbabwe -CEO

APLondon-based emerging market fund Gemcorp Group said on Monday it had extended a $250 million loan to Zimbabwe to help the country import essential goods like fuel and medicine, the company's CEO said.

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Nigeria hits back at HSBC after bank warns of economic stagnation

Photo: AP/President BuhariNigeria has accused HSBC of laundering money for one of the country's former rulers, hitting back at a research note by the global bank that suggested a second term for President Muhammadu Buhari risked

 

 

 

 

 

 

 

 

HSBC declined to comment on the allegation late on Saturday by the Nigerian presidency that the bank had laundered more than $100 million for former military dictator Sani Abacha.

Buhari plans to seek a second term in office at an election next February, which has created a rift within his ruling party, as some of his supporters quit to join the opposition.

An HSBC research note dated July 18 said a second Buhari term "raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil."

In response, the presidency said what had "killed" the economy in the past was "unbridled looting of state resources by leaders, the type which was actively supported by HSBC."

The presidency said the bank had "no moral right whatsoever" to assert that another Buhari term risked limited economic progress.

$5 billion of public money stolen

Abacha stole as much as $5 billion of public money during his five years running Africa's top oil producing country from 1993 until his death in 1998, according to the corruption watchdog Transparency International.

In 2016, Buhari urged the World Bank to assist in the repatriation of $320 million stolen by the former military leader, which is being held by authorities in Switzerland.

Growth in Nigeria has returned after the economy entered into its worst recession in a quarter of century in 2016. However, the economy is still fragile, with high unemployment and weak infrastructure.

Inflation started to rise in August, the statistics office said after slowing for 18 months.

Buhari took office in 2015 after an election campaign largely fought on his vow to fight corruption, but his detractors have accused him of failing to investigate allies accused of wrongdoing.

The presidency said on Saturday the entities that aided corruption were under investigation for various offences.

Two former allies of Buhari now in opposition, including Senate leader Bukola Saraki, and several others have declared their intention to challenge the president in next year's vote.

 

Anglo American asks Angola for permission to explore for metals

The President of Angola, Joao Lourenco, addresses the media during a joint press conference after a meeting with German Chancellor Angela Merkel at the chancellery in Berlin, Wednesday, Aug. 22, 2018. Photo: Markus Schreiber/AP/SIPAAnglo American, one of the world's largest commodities miners, has asked Angola for permission to explore for base metals, the country's ministry for mines said on Friday.

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Private equity | The fall of Abraaj

Arif Naqvi - ANGEL FRANCO/NYT-REDUX-REA
In the wake of the private-equity firm’s collapse and the exposure of its governance weaknesses Africa-focused funds will face much greater scrutiny from investors

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MTN says Nigeria's attorney general exceeded powers in $2 bln tax bill

People sell MTN phone cards on a street in Lagos, Nigeria Thursday, Nov. 5, 2015. Photo: Sunday Alamba/AP/SIPANigeria's attorney general exceeded his powers in demanding $2 billion in taxes and charges from MTN Group, the telecoms firm said in papers filed with Nigeria's High Court and reviewed by Reuters.

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South Africa may miss tax take target, says finance minister

South Africa Finance Minister Nhlanhla Nene, left, delivers the annual South Africa budget speech to Parliament in Cape Town, South Africa, Wednesday, Feb. 25, 2015. Photo: Schalk van Zuydam/AP/SIPASouth Africa's tax take could well be lower than forecast this year, with a downturn in the economy exacerbating problems at the tax revenue service, Finance Minister Nhlanhla Nene said on Monday.

 

 

 

 

 

The country entered recession in the second quarter for the first time since 2009.

Nene said tax avoidance and evasion would rise in any economy that was growing slowly and where taxes have been increased, and the recession would only worsen matters.

"There is now additional downside risk to the tax revenue projected at the beginning of the year because of the contraction in the economy," Nene told a tax conference.

Fixing economy is critical

"Fixing our economy to ensure that it grows faster and in a more sustainable manner is therefore critical."

Nene also cited problems experienced by the South African revenue service (SARS).

President Cyril Ramaphosa suspended its commissioner Tom Moyane in March over alleged misconduct during the previous administration of Jacob Zuma, establishing an inquiry into the allegations two months later. Moyane has denied wrongdoing.

 

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