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Botswana’s BCL To Be Sold Off Piecemeal After Sale Talks Fail

Botswana’s BCL To Be Sold Off Piecemeal After Sale Talks Fail

Collapsed state-owned Botswanan copper and nickel producer BCL Limited will be sold off piecemeal after the company failed to find a buyer, its liquidator said on Friday. BCL was placed under provisional liquidation in October after the government said it could not afford the 7 billion pula ($685 million) needed to keep the company running. […]

Miners Vow to Fight South Africa’s New Black-Ownership Rules

Miners Vow to Fight South Africa’s New Black-Ownership Rules

South Africa’s latest mining overhaul could be mired in a long legal battle as producers vowed to stop the changes even as government said it’s time the black majority benefited from the country’s mineral wealth. Mineral Resources Minister Mosebenzi Zwane unveiled new rules for so-called black economic empowerment, including tougher ownership requirements, a community-development tax […]

Ghana To Tap Stabilization Fund For Cocoa Pay Next Season

Ghana To Tap Stabilization Fund For Cocoa Pay Next Season

Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two […]

Yahoo Logs Off As Verizon Completes $4.5 bn Takeover, CEO Marissa Mayer Quits

Yahoo Logs Off As Verizon Completes $4.5 bn Takeover, CEO Marissa Mayer Quits

Verizon has taken over Yahoo, completing a $4.5 billion deal that marks the end of the Yahoo’s 21-year-old history as a publicly traded company and the five-year reign of Yahoo CEO Marissa Mayer. Tuesday’s closure of sale will result in a new management team as the company moves to bring in greater advertising revenue from […]

Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders

Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders

  The divide between the haves and the have-nots among Nigerian banks is widening. The country’s biggest lender is so flush with cash it plans to repay $400 million of bonds when they become due in November 2018 rather than raising additional debt, while the next two largest banks sold international bonds for the first […]

Tanzanian Government Accuses Acacia of Mining Gold Illegally

Tanzanian Government Accuses Acacia of Mining Gold Illegally

Tanzania’s government accused Acacia Mining Plc of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped. “The committee has established that Acacia Mining Plc has been conducting its mining business here in Tanzania contrary to the law,” Nehemiah Osoro, chairman of a committee ordered by President […]

Exxon Settles Dispute With Chad, Avoiding $74 Billion Fine

Exxon Settles Dispute With Chad, Avoiding $74 Billion Fine

Exxon Mobil Corp. reached a settlement with Chad over tax payments, avoiding a $74 billion fine the Central African country had imposed on the oil major. The deal also means that Exxon will be able to keep its exploration permit in the country through 2050, Chad Petroleum Minister Bechir Madet said after a meeting with Christian Lenoble, […]

Oil Heads for Third Weekly Loss as U.S. to Nigeria Prolong Glut

Oil Heads for Third Weekly Loss as U.S. to Nigeria Prolong Glut

Oil headed for a third weekly drop as rising supplies from the U.S. to Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York, down 3.9 percent this week, and close to the levels traded when OPEC agreed output curbs in November. U.S data released […]

The U.A.E. Needs Qatar’s Gas To Keep Dubai’s Lights On

The U.A.E. Needs Qatar’s Gas To Keep Dubai’s Lights On

When it comes to natural gas shipments, the United Arab Emirates needs Qatar more than Qatar needs the U.A.E. The U.A.E. joined Saudi Arabia in cutting off air, sea and land links with Qatar on Monday, accusing the gas-rich sheikhdom of supporting extremist groups. But the U.A.E., which depends on imported gas to generate half […]

Kenya Airways Debt Swap May Give State a Controlling Stake

Kenya Airways Debt Swap May Give State a Controlling Stake

Kenya’s government agreed to swap loans it provided to Kenya Airways Ltd. for equity, a conversion that may give the state a controlling stake in the national carrier, Treasury Secretary Henry Rotich said. The government will also guarantee 77 billion shillings ($745 million) of the airline’s debt to lessors and domestic banks, enabling Kenya Airways […]