News : Industry

Zimbabwe:Zimplats Financial Results Briefing

[263Chat] VideoVideo (AllAfrica)

Kenya:City Billionaire Puts His Eight Hotels Up for Sale

[Nairobi News] The Sentrim Hotel portfolio associated with a Kenyan- Indian billionaire investor has been put up for sale. (AllAfrica)

Africa:MTN's History of Controversies, Violation of Nigeria's Laws

[Premium Times] MTN Nigeria is steadily, but unconsciously, erecting for itself a notorious reputation for romancing with controversy. It might be a leader in the telecoms sector today (in terms of subscriber base), but since berthing in Nigeria's shores in 2001, courting controversy has become its second nature. (AllAfrica)

Nigeria:Paga Gets U.S.$10 Million Financing for Expansion, Growth

[Guardian] Paga, a mobile money company in Nigeria, said it has closed a $10 million growth financing deal, led by the Global Innovation Fund, with existing investors like Goodwell (managed by Alitheia Capital), Adlevo Capital, Omidyar Network and Unreasonable Capital, participating. (AllAfrica)

Nigeria:New Income Tax Law - Ernst &young Harps On Documentation Compliance

[Vanguard] Ernst and Young, EY, has emphasized the need for corporate entities to abide by the new income tax regulations, 2018, released by the Federal Inland Revenue Service (FIRS), as non-compliance attracts heavy penalty. (AllAfrica)

Nigeria:Dangote Cement, Nestle Lead Losers' Chart On NSE

[Premium Times] Key equities on the Nigerian Stock Exchange (NSE) on Wednesday sustained days of loses with Dangote Cement dropping N13 to close at N210 per share. (AllAfrica)

Nigeria:U.S.$8.1 Billion MTN Proceeds - FG Insists Firm Must Play By Rules

[Daily Trust] The Federal Government has said it doesn't want MTN Nigeria to die but that it must abide by the rules and regulations guiding business transactions in the country. (AllAfrica)

Nigeria:Embracing Ride Hailing Could Be a Cheaper Alternative to Vehicle Ownership - Okafor

[Vanguard] The Country Manager of Taxify, Uche Okafor, in this interview speaks on how the transportation network company is making commuting more accessible and pleasurable and getting more Nigerians to appreciate the value of ride-hailing. (AllAfrica)

Nigeria:DStv Tariff Hike - Again, Court Rules Against Multichoice

[Premium Times] A judge, Nnamdi Dimgba, in Abuja has rejected an appeal by Multichoice Nigeria against an interim order prohibiting any increase in its DStv or GOtv subscription rates. (AllAfrica)

Nigeria:ENL Consortium Partners Chinese Firm, Deploys Barges to Move Cargo From Apapa

[Guardian] Irked by the perennial gridlock in Apapa, ENL Consortium, (the operator of Terminals C and D, Lagos Port Complex, Apapa) has entered into strategic partnership with a Chinese logistics giant, Sinoma Cargo International to evacuate cargo from the port using barges. (AllAfrica)

Zimbabwe:Prospect Lithium Secures U.S.$10 Million Export Facility

[The Herald] AUSTRALIA Stock Exchange (ASX) listed Prospect Resources, says its Zimbabwean unit, Prospect Lithium Zimbabwe, has secured $10 million export finance facility from the Reserve Bank through CBZ Bank Limited. The batteries lithium miner said the loan was another building block in the financing of the Arcadia Lithium Mine and tangible evidence of the Government's support for the Arcadia Lithium Mine. (AllAfrica)

South Africa:A Year After Bell Pottinger's Demise, Its Toxic Legacy Lives On

[Daily Maverick] Exactly one year ago, British PR firm Bell Pottinger received its final death-knell. On 12 September 2017, it went into administration, the firm's collapse directly precipitated by its work for the Gupta family in South Africa. This week, it was revealed that the man who chaired the British PR industry's probe into Bell Pottinger, Francis Ingham, had been personally threatened by South African "thugs". And while the firm itself may no longer exist, the dodgy practices it brought to South Africa's public di (AllAfrica)

Nigeria:We Will Still Invest in Nigeria, Says MTN Group's CEO

[This Day] Durban, South Africa -The Group Chief Executive Officer of MTN, Mr. Rob Shuter, yesterday at the ongoing ITU Telecom World 2018 conference in Durban, South Africa, restated MTN's commitment to continue to invest in Nigeria despite the financial challenges that the telecoms company is facing with Nigerian regulators. (AllAfrica)

Nigeria:Good Corporate Governance-a Hedge Against Corporate Embarassment

[Vanguard] The giant telecommunication company MTN has been in the news lately. Of course it is good for a corporate organisation to be in the news, but it must be for good reasons. A few days ago, MTN was on national news for illegal money transfer. The CBN accused MTN of transferring foreign exchange illegally out of the country and asked it to refund the sum of $8.1 billion it allegedly transferred. When I first heard this news of illegal transfer, I shuddered. How did this happen? Was it possible that they bought (AllAfrica)

Zimbabwe:Mtsambiwa Appointed Tongaat Hulett CEO

[The Herald] Johannesburg Stock Exchange-listed sugar producers Tongaat Hulett Limited, has appointed Zimbabwean Sydney Mtsambiwa as its interim chief executive officer. This follows the pending retirement of current CEO Peter Staude at the end of next month. (AllAfrica)

Zimbabwe:Petrotrade in U.S.$3,75 Million Tax Profit

[The Herald] State petroleum company, Petrotrade has - for the third year running declared a dividend to Government after registering an after tax profit of $3,75 million for the year ended December 2017. (AllAfrica)

Rwanda:Government Cautions Public On World Ventures

[New Times] World Ventures, a firm that that has been branding itself as a multi-level travel company has been deemed as a possible pyramid scheme by the government. (AllAfrica)

Malawi:FDH Bank, Carrick Promise More in Next Year's Golf

[Nyasa Times] FDH Bank and Carrick have promised to come out bigger and better in next year's golf event, having successfully sponsored the One-Click Golf Tournament at the country's premier golf course of Lilongwe Golf Club (LGC) over the weekend. (AllAfrica)

Rwanda:Rwanda Caps Income Tax Outflows to 2%

[East African] Rwanda's decision to cap the amount of fees subsidiaries can pay to their mother companies could have far-reaching effects on technology and intellectual property-driven businesses. (AllAfrica)

Zimbabwe:Govt Engages Country's Largest Gold Producer

[The Herald] Governement is engaging the country's largest gold producer Metallon Corporation with a view to finding a lasting solution to the miner's problems which has seen it placing hundreds of workers on retrenchment notice. (AllAfrica)

Africa:Econet and Snapplify Forge New Partnership

[This is Africa] Econet Wireless and Snapplify have forged a partnership that could change the face of education and literacy on the continent. The partnership will bring thousands of e-books to African readers and learners - and there will be no extra costs for downloads. (AllAfrica)

Angola:Danish Firm Accused of 'Making Obscene Profits at Expense of Workers'

[Maka] The Danish multinational giant, Maersk, stands accused of making obscene profits at the expense of Angolan dockworkers amid calls for the contract awarded to its subsidiary, Sogester, to be ripped up. (AllAfrica)

Malawi:Who Wants to Be a Millionaire? Airtel Bandulo Bandulo Produces First Male Winner

[Nyasa Times] A Karonga based taxi driver Davie Msamu has become the first male millionaire in the ongoing Airtel Bandulo Bandulo promotion, which has so far seen four females grabbing the first four K1 million cash prizes. (AllAfrica)

Uganda:NSSF Uganda Struggling to Find a Buyer for UCL

[East African] A partial sale of shares held by the National Social Security Fund in Uganda Clays Ltd (UCL) has failed to materialise for nearly two years in a transaction complicated by scarcity of buyers and concerns over the company's growth outlook. (AllAfrica)

Kenya:Kenya Private Firms Lose to NHIF in Medical Cover Uptake

[East African] Private medical insurance companies have taken a hit from the National Hospital Insurance Fund -- the public health insurance scheme -- registering a drop in medical cover uptake. (AllAfrica)

Namibia:Namcor to Pay Dismissed Workers N$1,2m

[Namibian] THE labour commissioner has ordered the National Petroleum Corporation of Namibia board to pay five former temporary fixed-term workers about N$1,2 million, while about N$182 000 was spent in legal costs. (AllAfrica)

Liberia:'Lonestar Cell MTN Mobile Money Transforming Small Business Owner Lives'

[Observer] Kelvin Z. Sambola of LordKelvin Forex Bureau (AllAfrica)

Ghana:Construction of Tema LNG Terminal Project Agreement Signed

[Ghana Govt.] The Tema LNG Terminal Company Limited, an entity controlled by Helios Investments, has signed an agreement with China Harbour Engineering Company for the construction of a Liquefied Natural Gas (LNG) Terminal in Tema. (AllAfrica)

Tanzania:Tanzania's Magufuli On Warpath With Oil Companies

[East African] Tanzania's liquefied natural gas project suffered another setback this week after President John Magufuli accused the international oil and gas companies of seeking huge profits at the expense of the country's development. (AllAfrica)

Zimbabwe:Zesa Under Fire Over Ecocash Purchases

[The Herald] The Zimbabwe Electricity Supply Authority (Zesa) has increased its minimum EcoCash prepaid electricity token to $10 from $2, much to the chagrin of customers who say the hike caught them by surprise. (AllAfrica)

Nigeria:Central Bank Orders MTN to Refund U.S.$8 Billion

[Leadership] The Central Bank of Nigeria (CBN) has ordered the Management of MTN Nigeria Communications Limited to immediately refund the sum of $8billion ($8,134,312,397.63) illegally repatriated by the telecoms company to the coffers of the apex bank. Not satisfied, the CBN also imposed sanctions totaling N5.87 billion on four commercial banks under its regulatory purview for flouting extant laws. Specifically, CBN asked the banks to refund the sum of $8,134,312,397.63 for what it described as 'flagrant violation of (AllAfrica)