Finance | - Part 121

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

South African Airways Chairman Ousted in Boardroom Shake-Up

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Airways Chairman Dudu Myeni will leave the state-owned airline in a shakeup of the board scheduled for early next month, as the finance ministry puts new management in place to turn around the unprofitable carrier. Myeni, who is friends with South African President Jacob Zuma and heads his charitable foundation, is the most prominent of a number of directors being replaced following the arrival of new Chief Executive Officer Vuyani Jarana. Deputy…

Zimbabwe says to slash budget deficit despite looming elections

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe plans to cut its budget deficit by half next year to 4 percent of GDP, the national Treasury said, an ambitious goal at a time when the country is expected to hold a presidential vote that veteran President Robert Mugabe is set to contest. The southern African country has over the last four years failed to cut its deficit despite promises to do so, mainly due to high…

Niger Must Halt Job Cuts at Areva’s Uranium Mine, Group Says

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NIGER (Capital Markets in Africa) – Activists in Niger urged President Mahamadou Issoufou to negotiate with Areva SA after the French company said it will cut 200 jobs at one of its uranium mines in the West African nation to adjust to lower prices for the nuclear fuel. “It’s absolutely untrue that the only solution is to lay off staff,” said Al-Moustapha Alhacen, head of Aghirin’man, a non-governmental organization in the northern Nigerien desert town of Arlit, about 1,200 kilometers…

Online Fashion Retailer Zalando Warns It May Have Had Loss

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BERLIN (Capital Markets in Africa) – Zalando SE, Europe’s largest online retailer, warned it may have become unprofitable in the third quarter after spending more to gain market share as Amazon.com Inc. encroaches into its territory. Zalando may have had a loss before interest and taxes of as much as 5 million euros ($6 million) on an adjusted basis, according to a preliminary calculation, the Berlin-based company said Wednesday. The company gave a range for results where the top end…

Airbus Snaps Up Bombardier C Series in New Boeing Challenge

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LAGOS (Capital Markets in Africa) – Airbus SE agreed to acquire a majority stake in Bombardier Inc.’s C Series program and will start assembling the jetliner in the U.S., vaulting a technologically advanced but slow-selling plane onto the front lines of the battle with Boeing Co. over global aircraft sales. Without putting up a dime at closing, Airbus will take just over half of a partnership controlling the C Series. The European plane maker’s marketing muscle and production expertise…

Tunisia to Raise Taxes, Curb Wage Growth in 2018 to Fix Finances

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia plans to cut its budget deficit by raising taxes and curbing wage increases next year, as it implements an IMF-backed plan designed to fix state finances, spur growth and create jobs. The government is aiming for a budget gap of 4.9 percent of gross domestic product in 2018, the state-run news agency TAP reported, compared with about 6 percent projected by the IMF for this year. Revenue measures…

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