News : Industry

Tanzania:Contracts of National Ranch Corporation Investors Revoked

[Citizen] Morogoro -Livestock and Fisheries Development minister Luhaga Mpina has directed the National Ranch Corporation (Narco) to revoke contracts with three investors owning 68,000 hectares of land. (AllAfrica)

Tanzania:Anxiety Grips Locals Following Decision to Demolish Houses

[Citizen] Residents of Dodoma Region have been gripped by anxiety after Reli Assets Holding Company (Rahaco) announced a demolition exercise to over 1,000 traders, who have constructed business facilities and make-shift structurers in a railway reserve area. (AllAfrica)

Tanzania:Nicol Declares Dividend Payment for First Time

[Citizen] Dar es Salaam -National Investments Company Limited (Nicol) has declared a dividend of 25 per share to its shareholders for the first time since its inception. (AllAfrica)

Zimbabwe:Parastatals Face Privatisation

[Zimbabwe Independent] President Emmerson Mnangagwa will privatise most of the 114 loss-making parastatals which have bled the fiscus amid plans to ease pressure on the Treasury as well as introduce reforms that will result in the legalisation of informal gold miners to increase production, the Zimbabwe Independent has learnt. (AllAfrica)

Malawi:Food, Beverages Firms Suspended Over Poor Hygienic Conditions

[Nyasa Times] Malawi Bureau of Standards (MBS) has, with immediate effect, suspended operations of four food and beverages production companies for non - compliance to minimum hygiene standards. (AllAfrica)

Zimbabwe:Diamond Firm Misses Deadline in Chiadzwa

[Zimbabwe Independent] The state-owned Zimbabwe Consolidated Diamond Company (ZCDC) missed its September deadline to commence mining conglomerates in Chiadzwa amid reports the company is yet to complete installing its plant which it acquired from Belarus, the Zimbabwe Independent has learnt. (AllAfrica)

Nigeria:LITFC - Govt Terminates Concession Agreement With Aulic Nigeria Over Alleged Contract Breach

[This Day] The National Council on Privatisation (NCP) has terminated the concession agreement it signed with a concessionaire, Nicholas Eze of Aulic Nigeria Limited, the former landlord of Lagos International Trade Fair Complex (LITFC) citing breach of contract agreement. (AllAfrica)

Nigeria:UBA Emerges First Nigerian Bank to Win African Bank of the Year Award

[This Day] Pan-African financial institution, United Bank for Africa (UBA) Plc, has once again proven its leadership on the continent, as The Banker magazine has crowned the bank 'African Bank of the Year 2017'. (AllAfrica)

South Africa:Naspers Board Issues Statement On MultiChoice Affairs

[News24Wire] The board of Naspers has issued a statement after criticism over the business affairs of MultiChoice. (AllAfrica)

South Africa:MultiChoice Board to Investigate Allegations of 'Questionable' Payments to ANN7

[News24Wire] The MultiChoice board announced on Friday that it would be investigating allegations that the pay-TV company, which owns DStv and M-Net, made dubious payments to news channel ANN7, formerly owned by the Guptas. (AllAfrica)

Africa:Wigwe Emerges 2017 African Business Leader

[This Day] The All Africa Business Leader Awards (AABLA) in partnership with CNBC has named the Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe, as the 2017 African Business Leader of the Year. (AllAfrica)

Zimbabwe:Govt Amends Indigenisation Law

[The Herald] Government is amending the Indigenisation and Economic Empowerment Act to reflect its policy position that the 51-49 percent requirement only applies to natural resource-based investments. In this investment area, which is classified as the natural resources sector, foreign investors are required to have 49 percent shareholding, while Zimbabweans own 51 percent. (AllAfrica)

Malawi:Telecom Giant Presents Awards to Journalists

[Nyasa Times] Telekom Networks Malawi PLC has presented awards to outstanding journalists who covered the company's Media Retreat in Mangochi under the theme; "Think Digital". (AllAfrica)

Zimbabwe:Meat Processing Capacity Utilisation Shrinks to 30%

[Zimbabwe Independent] Capacity utilisation in the meat processing sector has shrunk to 30% from 60% in July owing to mounting production costs and challenges to procure raw materials, the latest update released by the industry shows. (AllAfrica)

Nigeria:EU Bank Extends €100 Million Credit to Afreximbank

[This Day] The African Export-Import Bank (Afreximbank) and the European Investment Bank (EIB) on Thursday entered into a line of credit agreement amounting to ?100 million. (AllAfrica)

Nigeria:Air Peace Boss Backs Clamour for Airline Low Taxes On Africa's Airlines

[This Day] The Chairman of Air Peace, Allen Onyema has expressed support for the campaign to reduce the taxes on airlines by government agencies, saying that the high taxes are responsible for the high air fares charged travellers in the continent. (AllAfrica)

Zimbabwe:Axia Corporation Operating Profit Doubles

[Zimbabwe Independent] Axia Corporation says operating profit in the quarter to September 30 almost doubled compared to the same period last year. (AllAfrica)

Zimbabwe:Getbucks to Double Mortgage Loan Book

[Zimbabwe Independent] Getbucks Microfinance Bank Ltd (Getbucks) is looking at doubling its mortgage loan book from current level of US$3 million on the back of the new political developments. (AllAfrica)

Kenya:Choppies Supermarket Takes Anchor Space at Signature Mall in Mlolongo

[Capital FM] Nairobi -Botswana-based Choppies Supermarket will be the anchor tenant at the Signature Mall on Mombasa road in Mlolongo. (AllAfrica)

Namibia:Choppies Opens At Omuthiya

[Namibian] Choppies, a retailer with dozens of shops across southern Africa, opened its first branch in Namibia at Omuthiya in the Oshikoto region on Wednesday. (AllAfrica)

Nigeria:Radio Kano Gets New MD

[Daily Trust] Kano -Kano State Governor, Dr. Abdullahi Umar Ganduje, has approved the appointment of Malam Umar Sa'id Tudun Wada as the new Managing Director of Kano State Radio Corporation. (AllAfrica)

South Africa:Meeting With SABC Was a 'Normal Commercial Negotiation' - Multichoice

[News24Wire] Pay-TV company MultiChoice has denied being involved in any "untoward" dealings, including having secret meetings, or taking part in anything illegal, with the SABC. (AllAfrica)

Nigeria:Shareholders Insist On Interim Management for Oando

[Daily Trust] Lagos -As the crisis rocking Oando Plc continues, the company's shareholders have advised the current management under the leadership of Mr Wale Tinubu to step down in the interest of all stakeholders. (AllAfrica)

Zimbabwe:Social Unrest Impacts On Truworths

[263Chat] Social unrest coupled with an uncertain economic environment following the introduction of bond notes have negatively impacted on Truworths Limited sales. (AllAfrica)

Nigeria:Petroleum Corporation's Baru Wins Forbes Award

[Leadership] Abuja -Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has clinched the Forbes Best of Africa Oil and Gas Man of the Year 2017 Award by the New York based internationally reputable media organisation. (AllAfrica)

Africa:Allan Gray Celebrates 21 Years in Namibia

[Namibian] Investment manager Allan Gray on Tuesday evening celebrated their 21 years of Namibian operations at a party event held in Windhoek. (AllAfrica)

Zimbabwe:Cresta Hotels in Major Upgrade

[Financial Gazette] Cresta Hotels continues to undertake upgrading and renovation work at its various hotels in southern Africa, including Zimbabwe, recently completing project work at Cresta Churchill in Bulawayo and announcing project work for 2018 at Cresta Oasis and Apartments in Harare. (AllAfrica)

Tanzania:Bank of Tanzania Dispels Islamic Bank Closure Rumours

[East African] The Bank of Tanzania has moved to prevent a possible run on deposits at the sharia-compliant Amana Bank after reports circulated on social media of the financial institution's imminent closure. (AllAfrica)

Angola:Power Shortage Cripples Textile Company

[ANGOP] Benguela -Central Benguela province -based textile manufacturer Alassola is since November 2016 unable to operate to its full capacity due to power shortage and poor cotton supplies. (AllAfrica)

Zimbabwe:Truworths Says Outlook Brighter, Frets Over Forex Shortage

[The Source] Clothing retail chain, Truworths said it recorded double digit revenue growth across its business in the four months to November 4 on strong demand and expects a profitable half year. (AllAfrica)

Kenya:Kenya Airways Costs Cut Help Narrow Half-Year Loss to U.S.$37 Million

[East African] Kenya Airways has narrowed its half-year net loss to Ksh3.8 billion ($36.7 million) compared to Ksh4.8 billion ($46.2 million) for a similar period in 2016, on reduced costs. (AllAfrica)