Business

Mon,27Feb2017

Business

MTN shares hit by report of higher Nigeria money transfers

A customer leaves an MTN shop in Johannesburg. Photo: Siphiwe Sibeko/ReutersThe amount of money which South Africa's MTN Group is alleged to have illegally moved out of Nigeria could be "outrageously higher" than an originally estimated $14bn, Bloomberg reported on Thursday, sending its shares to more than six-year lows.

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IGD FRONTIER 100 FORUM galvanized private sector action on creating and enabling environment for Africa's economic transformation

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WASHINGTON D.C. – October 13, 2016 – The head of the African Development Bank (AfDB) called on the private sector to rally behind the Bank’s bold new agenda for Africa’s economic transformation – known as the “High 5s” – and play a greater role in the continent’s growth story on Oct. 5 at the Initiative for Global Development (IGD)’s Fall Frontier 100 Forum in Washington, DC.  

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Emirates says may cut Africa flights because of economic challenges

Emirates Airlines aircrafts are seen at Dubai International Airport. Photo: Ashraf Mohammad/ReutersEmirates airline could reduce the frequency of its flights to African cities or cut routes completely if current economic and financial challenges on the continent continue, President Tim Clark told reporters on Tuesday.

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Nigeria expects 22% jump in oil output by end of the year

A boy walks across an oil pipeline running through the Okrika neighborhood of Port Harcourt in Nigeria's oil-rich delta region. Photo: Sunday Alamba/AP/SIPANigeria expects its oil production rate to jump by 22% by the end of the year to 2.2m barrels per day (bpd) from current levels, its oil minister said on Monday, adding he hoped a force majeure on all its oil fields would be lifted by December or January.

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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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