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Miner Lonmin Cuts Costs, Builds Cash In Q3

Miner Lonmin Cuts Costs, Builds Cash In Q3

  Platinum miner Lonmin cut more costs and improved its mining performance in its third quarter, it said on Monday, but falling metal prices continued to weigh. Shares in the South Africa-focused company were up 7 percent in London by 0920 GMT, outpacing the wider sector. Lonmin has been struggling with shrinking profit margins due […]

U.S. Seeks One57 Condo Cash in Nigerian Oil Corruption Case

U.S. Seeks One57 Condo Cash in Nigerian Oil Corruption Case

The U.S. is seeking to recover $144 million in assets, including proceeds from a luxury condominium on Manhattan’s Billionaires’ Row in New York, which prosecutors claim were spoils from bribes paid for Nigerian oil contracts. The Justice Department, in a lawsuit filed Friday in Houston, said two Nigerian businessmen made corrupt payments to a Nigerian […]

Aliko Dangote To Invest $4.6 Billion In Agriculture

Aliko Dangote To Invest $4.6 Billion In Agriculture

Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars needed to import raw materials. The conglomerate plans to increase its production of sugar to […]

Brexit Means Paying More For Breakfast

Brexit Means Paying More For Breakfast

The price of classic “full English” breakfast could spike by nearly 13% if Britain crashes out of the European Union, according to accounting firm KPMG. Failing to agree a new trade relationship before leaving the EU in March 2019 would force the U.K. to trade under rules set by the World Trade Organization. “If the […]

Wage Fight Sets South Africa On Course For Engineering Strike

Wage Fight Sets South Africa On Course For Engineering Strike

South Africa’s metalworkers union said on Friday it has requested a certificate to strike in the engineering sector after wage hike talks deadlocked, and expects a decision by 15 July. The union – the National Union of Metalworkers of South Africa, or NUMSA, wants wage hikes of 15 percent across-the-board in the metal and engineering […]

Congo In Talks With Russia’s VTB For $1 bln Investment

Congo In Talks With Russia’s VTB For $1 bln Investment

  Democratic Republic of Congo is in talks with Russian state-owned bank VTB over potential investments worth as much as $1 billion, Congolese officials said, though VTB said there had been no discussions about bilateral lending. Africa’s top copper producer has been hit hard by low commodity prices in recent years. It has only enough […]

Kenya Reviews Mining Laws as Industry Struggles to Grow

Kenya Reviews Mining Laws as Industry Struggles to Grow

Kenya is reviewing its mining code, a year after enacting new legislation, as it seeks to attract investment into an industry that’s barely grown over the past five years. The government is working with the U.K. Department for International Development-funded Extractives Hub to come up with a revised law that balances investor returns with government-revenue […]

Goldman to Review Commodities After Worst Start in a Decade

Goldman to Review Commodities After Worst Start in a Decade

Goldman Sachs Group Inc., the dominant commodities trader on Wall Street, is reviewing the direction of the business after a slump in the first half of the year, according to people with knowledge of the matter. By reconsidering the bank’s long-held view that the downturn in profitability is cyclical and will eventually reverse, Chief Executive […]

IMF Approves $312 million 3-year Credit For Chad

IMF Approves $312 million 3-year Credit For Chad

The International Monetary Fund has approved a $312 million three-year credit programme for Chad to help boost an economy hit by low oil prices, big debt and lasting security issues. The Extended Credit Facility, $48.8 million of which will be made available immediately, aims to help diversify the economy away from oil, reduce debt and […]

KPMG Watched as Guptas Moved S. Africa Public Funds for Wedding

KPMG Watched as Guptas Moved S. Africa Public Funds for Wedding

KPMG South Africa failed to raise the issue when businesses controlled by the Gupta family — friends of President Jacob Zuma — diverted the equivalent of $3.3 million of public money to pay for a family wedding and their auditing firm, documents show. KPMG was also aware that the family’s companies were categorizing the wedding […]