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S.African Minister Tells Eskom To Release Coal Contracts Report To Treasury

S.African Minister Tells Eskom To Release Coal Contracts Report To Treasury

South African Public Enterprises Minister Lynne Brown said on Tuesday she had asked state-owned power utility Eskom to immediately provide a report required by the Treasury, which is investigating the utility’s coal contracts. Brown said she was concerned a public row between the Treasury and Eskom could lead to the utility being downgraded by credit […]

Samsung, Tencent Surge In Race To Become Asia’s Most Valuable Firm

Samsung, Tencent Surge In Race To Become Asia’s Most Valuable Firm

Tencent Holdings Ltd (0700.HK) and Samsung Electronics Co Ltd (005930.KS) are racing to be crowned Asia’s most valuable company as expectations for robust earnings growth push their share prices to record highs. Their surge – both have gained by a third this year – has made them the world’s best performing large-cap tech stocks and […]

Pfizer Seals $14bn Takeover Of Cancer Drug Specialist Medivation

Pfizer Seals $14bn Takeover Of Cancer Drug Specialist Medivation

Pharmaceutical giant Pfizer has bounced back from its failed merger with Allergan by buying cancer drug maker Medivation for $14bn (£10.7bn). Pfizer, the second-largest US pharma company and the maker of Viagra, had been looking for a deal since its $60bn merger with Dublin-domiciled Allergan collapsed earlier this year. The company had sought to reduce its […]

South Africa’s Rand, Stocks Weaker After Hawkish Fed Comments

South Africa’s Rand, Stocks Weaker After Hawkish Fed Comments

South Africa’s rand retreated for a third consecutive session on Friday to its weakest level in a week against the dollar while stocks also fell, both assets pressured by signs the U.S. central bank could still lift rates this year. By 1600 GMT the rand had slid 0.9 percent to 13.5065 per dollar, following a […]

Africa’s Farmers Fret Over Brexit Amid Calls To Boost Regional Trade

Africa’s Farmers Fret Over Brexit Amid Calls To Boost Regional Trade

African countries must trade more between themselves to be better equipped to deal with shocks in the global economy such as that caused by Britain’s vote to leave the EU. Speakers at a forum on the sidelines of the 14th UN Conference on Trade and Development (Unctad) said enhanced intra-African trade would reduce poverty and […]

Nike To Exit Golf Equipment Business

Nike To Exit Golf Equipment Business

Nike Inc (NKE.N), the world’s biggest sportswear maker, said it would stop selling golf equipment, including clubs, golf balls and bags. The company, which built its golf business on the success of golfer Tiger Woods, said it would instead accelerate innovation in its golf footwear and apparel business and on partnering with more golfers. Nike […]

FG Kick-Starts Steel Development, Takes Ownership Of Ajaokuta

FG Kick-Starts Steel Development, Takes Ownership Of Ajaokuta

    ….signs modified agreement with GSHL on NIOMCO The Federal Government  on Monday took a major step in its plan to revitalise the steel sector as it signed a renegotiated concession agreement with Global Steel Holdings Limited for the Nigerian Iron Ore Mining Company (NIOMCO), Itakpe. By the new agreement, Ajaokuta Steel Complex has […]

UBS Trader Jailed For UK’s Biggest Fraud Warns It Could Happen Again

UBS Trader Jailed For UK’s Biggest Fraud Warns It Could Happen Again

Kweku Adoboli, the ex-UBS trader jailed four years ago for the biggest fraud in British history, has said his crimes could be repeated as those working in the banking industry still faced the same pressure to make profits “no matter what”. Adoboli, a senior trader on the Exchange Traded Funds (ETFs) desk at UBS’s investment […]

Don’t Panic, CBN Governor Says, As Bank Shake-Out Looms

Don’t Panic, CBN Governor Says, As Bank Shake-Out Looms

Breaking the central bankers’ taboo on use of the ‘p-word’, Nigeria’s Godwin Emefiele is urging people not to panic about the banking system, saying he is on top of any trouble resulting from the worst crisis in Africa’s biggest economy for decades. For now, depositors and investors are generally giving the Central Bank of Nigeria […]

Airline Pilots Complain Of Dangerous Fatigue In Leaked Documents

Airline Pilots Complain Of Dangerous Fatigue In Leaked Documents

Airline pilots describe being pushed to the limit and warn about the impact on flight safety in a cache of leaked documents that give a unique and occasionally hair-raising insight into the aviation industry. Crews complain about fatigue and potentially dangerous schedules at a leading budget airline, which is already under pressure following a crash […]