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News : Industry

British oil explorer Heritage has sold its fields in Uganda to Italian oil giant Eni SPA for between $1.3b and $1.5b. (AllAfrica)

DESPITE THE challenges of the economy, the Otuasekan Rural bank has with the prudent measures put in place by the Board and management, made a profit before tax increase of 65% of GH¢217,945.91 in 2008, against GH¢131,309.42 in 2007. (AllAfrica)

As Globacom gets set to launch its Glo Broad Access service, which offers the convergence of advanced voice, advanced data and advanced video in a single wired line today, a brand new revolution seems to be in the offing in the Nigerian telecommunications industry. (AllAfrica)

The Zain Group net profit slumped by more than half to $144 million (shs270 billion), from the same period last year due to fluctuations in global currencies against the United States dollar, according to the companies latest financial results. (AllAfrica)

Unity Bank Plc has assured shareholders of impressive performance and returns including cash dividends by the end of the running financial year, which will mark the first report of the bank following the recapitalization exercise it plans to open soon. (AllAfrica)

Chairman of UnityKapital Assurance Plc Mallam Falalu Bello has challenged management of the insurance company to hit a billion naira profit mark by next year. (AllAfrica)

All is now set for the launching of the Glo Broad Access service which offers the convergence of advanced voice, advanced data and advanced video on one single wired line. (AllAfrica)

Peugeot Automobile Nigerian (PAN) Limited, Kaduna, will from next year stop running on generator when power situation in the country improves, Vice president Goodluck Jonathan has said. (AllAfrica)

Union Bank of Nigeria PLC has announced gross earnings of N147.32 billion for the Group for the financial year ended March 31, 2009. (AllAfrica)

Zain Tanzania has been voted "2009 Most Respected Company" in the country by East Africa's top CEOs. (AllAfrica)

Tanzania Electric Supply Company (Tanesco) flouted public procurement rules in awarding a Sh3.6 billion medical insurance tender, according to the Public Procurement Appeals Authority (PPAA). (AllAfrica)

TELKOM 'S monopoly over landline communications may officially be over, but its continued control of the "last mile" of copper leading to most customers' homes will remain a stumbling block to affordable internet access in SA for some time to come. (AllAfrica)

The Chairman of Unity Kapital Assurance Plc, Mallam Falalu Bello yesterday disclosed that financial report of the company indicated that it made over N518 million Profit After Tax (PAT) in the third quarter of the year, 2009. (AllAfrica)

SO NOW we know what Telkom looks like shorn of its high-growth, high-earning cellphone operation, Vodacom: pretty sad. First-half profit is down nearly 40% and despite the fact that this decline was actually better than the forecast range, the market still thumped the share. (AllAfrica)

WHILE sustainability and environmental responsibility may be challenges for many businesses, the practice of inaccurate, wishful or biased reporting on sustainability still persists. (AllAfrica)

JSE-listed energy group Oando expected its oil fields Oil Mining Lease 90 and 56 to start production within the next two quarters, the company said yesterday. (AllAfrica)

MINER First Quantum has agreed to buy base metals explorer Kiwara in a 260m cash and shares deal as it seeks to expand its copper operations in Zambia. The Toronto, Canada- based First Quantum has copper mining interests in Africa, while London-listed Kiwara has a prospecting licence in Zambia. (AllAfrica)

A CONVOLUTED 21-page report covering Telkom's interim results boils down to one essential fact -- its fortunes are in decline. (AllAfrica)

SA's biggest private hospital group, Network Healthcare Holdings (Netcare), has seen increased demand for private healthcare despite the global recession, underscoring the healthcare sector's resilience to market conditions. (AllAfrica)

FUEL retailer Engen Petroleum yesterday pleaded ignorance to reports Zimbabwean authorities had thwarted its bid to acquire fuel assets in the country. (AllAfrica)

MASS market lender and furniture retailer African Bank's ( Abil 's) annual profit fell 11% as the recession hit consumer spending, forcing it to tighten its lending criteria. (AllAfrica)

ALMOST three years have passed since I reviewed Coronation Fund Managers ( Coronat ). The review then appeared in a Forecast Factory column, the predecessor to the Private Investor column (AllAfrica)

ESKOM would know early next year if the World Bank had approved a loan of up to 5bn, the bank said yesterday. (AllAfrica)

Tigo, a subsidiary of Millicom International Cellular has started its operations in Rwanda promising to offer the cheapest call tariffs on its per second billing platform, igniting a price war in the industry. (AllAfrica)

Smiles Communications, a new telecommunication company that was unveiled in Kampala, Uganda on Friday is eyeing entrance into the Rwandan market. (AllAfrica)

THE management of Arik Air Monday in Lagos unveiled a strategy that would make Nigerian airlines compete effectively on Lagos-Johannesburg route. (AllAfrica)

Coal producer, Hwange Colliery Company Limited (HCCL) will this week receive the first consignment of haulage excavating equipment worth US$5 million from a South African company to augment its ageing mining fleet. (AllAfrica)

British oil explorer Heritage Oil will sell its fields in Uganda to Italian oil group Eni SpA for between $1.3b and $1.5b, the London-based Sunday Times said yesterday. (AllAfrica)

SABMILLER 's two main competitors in Nigeria, Guinness and Heineken, make nearly as much in that market as SA's brewing giant makes in 24 other African countries, excluding SA. (AllAfrica)

UK explorer Heritage Oil has confirmed that it agreed to sell its Ugandan interests to Italy's Eni for up to $1.5 billion as the Italian oil major builds its presence in Africa through acquisitions. (AllAfrica)

South Africa-based Elgin Engineering and the state-owned Tanzania State Mining Corporation (Stamico) are jointly constructing a $20 million mining equipment manufacturing facility. (AllAfrica)