BUSINESS - The African Mirror

May

19

2024

Nigeria court rules Binance executive can face trial on behalf of crypto exchange

BUSINESS

A Nigerian court ruled that Binance executive Tigran Gambaryan can stand trial on behalf of the cryptocurrency exchange in an ongoing tax evasion case. Binance and executives Gambaryan, a U.S. citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion. In a separate case, they have also been charged with laundering more than $35 million and engaging in specialised financial activities without a licence. They have all pleaded not guilty to the money laundering charges. Binance's lawyer declined to comment after Friday's court hearing. Gambaryan's lawyer also…

May

16

2024

By FELIX ONUAH

Nigeria suspends cybersecurity levy amid cost of living crisis

BUSINESS

NIGERIA has suspended a planned levy on domestic money transfers to fund cybersecurity, Information Minister Mohammed Idris said, amid widespread public criticism of the scheme as the cost of living rises and the naira currency falls. The central bank in a circular last week told all banks and mobile money operators to charge 0.5% of the value of electronic transfers as a cybersecurity levy, starting in two weeks. "The cybersecurity tax policy implementation has been directed by the government to be put on hold, so it has been suspended," Idris told reporters following a cabinet meeting in Abuja. He did not…

May

16

2024

By The African Mirror

Qatar Airways to invest in an airline in southern Africa, CEO says

BUSINESS

QATAR Airways will soon announce an investment in an airline in southern Africa, its CEO said, part of the Gulf carrier's drive to expand its network in Africa. "We are at the final stage of an equity investment in an airline in the southern part of Africa," Badr Mohammed Al Meer said on a panel at the Qatar Economic Forum in Doha, saying the deal could be announced in two to three weeks. Meer, who became CEO in November, said the southern part of Africa was a gap in Qatar Airways' network coverage on the continent. He added that Qatar…

May

15

2024

By The African Mirror

Anglo CEO says BHP bid forced his hand on demerger of South African assets

BUSINESS

THE boss of Anglo American (AAL.L) said that a bid by rival BHP (BHP.AX) to take over the company forced him to accelerate plans for a spin-off of its South African platinum assets, which came on the cusp of a national election. While Anglo was already working on its own review of assets including the platinum and diamonds businesses, the timeline had to be speeded up after BHP's approach, Anglo CEO Duncan Wanblad said. As a pre-condition for its bid, rejected twice by Anglo, BHP had requested that Anglo exit its platinum and iron ore units in South Africa, drastically reducing its presence in the…

May

15

2024

By The African Mirror

Uganda in talks with China’s Sinohydro over power line to South Sudan

BUSINESS

UGANDA is in talks with Chinese firm Sinohydro (SINOH.UL) Corporation Limited for the development of a $180 million power transmission line to allow Uganda to export power to energy-starved South Sudan, the president's office said. As part of the talks, a delegation led by Yang Yi Xin, Sinohydro Corporation's vice president, met Uganda's President Yoweri Museveni on Monday, a statement from Museveni's office said late on Monday. The project will involve the construction of a 138-km (85.75 miles) high-voltage transmission line to take power to South Sudan, the expansion of two substations and construction of one new one, the statement…

May

14

2024

By The African Mirror

Niger PM says Benin’s oil export blockade violates accords

BUSINESS

NIGER'S Prime Minister Ali Mahaman Lamine Zeine said that Benin's blockade of Niger's oil exports, imposed in response to a border closure, violated trade agreements between the two countries and with Niger's Chinese partners. Speaking at a press conference in the capital Niamey, Zeine said Niger could not fully reopen its border with Benin for security reasons, in comments that escalated a dispute that saw Benin this week block supplies of Niger's crude oil to ships in its port. The blockade jeopardises landlocked Niger's plan to start crude exports under a $400 million deal with state-owned oil major China National…

May

14

2024

By NQOBILE DLUDLA

Vodacom profit hit by Ethiopia start-up loss, upgrades service revenue target

BUSINESS

VODACOM Group (VODJ.J) reported a 10.8% decline in full-year earnings, impacted by start-up losses in Ethiopia and rising costs, but upgraded its group service revenue target thanks to its Egyptian unit and performance of new services. The South African company, majority-owned by Britain's Vodafone (VOD.L), co-launched Safaricom Ethiopia in 2022 as part of a consortium, betting that the populous nation will power growth after about five years of investment. Vodacom has a direct 5.7% stake. The biggest telecoms operator in South Africa said headline earnings per share fell to 846 cents in the year ended March 31, from 948 cents a year…

May

11

2024

By CHIJIOKE OHUOCHA and ELISHA BALA-GBOGBO

IMF maintains Nigeria growth forecast at 3.3% for 2024

BUSINESS

THE International Monetary Fund maintained its growth forecast of 3.3% for Nigeria's economy for 2024, up from 2.9% last year, citing a pick up in services and trade sectors. The IMF added that the growth outlook was still challenging in Africa's most populous nation and top oil producer, with food price inflation of 40% in March, raising food security concerns. "If Nigeria grows at 3.3% that is just above the population dynamics, which is a big challenge," IMF mission chief for Nigeria, Axel Schimmelpfenning, told journalists. Since taking office about a year ago, President Bola Tinubu has embarked on sweeping…

May

11

2024

By The African Mirror

Zimbabwe to fine businesses not using official new exchange rate

BUSINESS

ZIMBABWE will fine businesses using inflated exchange rates as the government battles to maintain the value of its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG). Any business using an exchange rate higher than the official rate of 13.5 ZiG per U.S. dollar will be liable for a fine of 200,000 ZiG ($14,815), according to a government notice seen by Reuters. Anyone offering "goods or services at an exchange rate above the prevailing interbank foreign currency selling rate" would be guilty of a civil infringement, read the notice, issued late on Thursday. The government has been making efforts to keep…

May

11

2024

By BRETT SILBERG

Global economics and domestic financial policies

BUSINESS

A look at the scenarios that could shape investors’ financial strategies in the coming months. As we navigate the intricate landscapes of global economics and domestic financial policies, it is important to reflect on the scenarios that could shape our financial strategies in the coming months. In SA, the political climate is heating up with the upcoming general election. Recent polls suggest a significant shift, with the ruling African National Congress (ANC) potentially receiving less than 51% of the vote. Such an outcome could lead to the first coalition government, which would fundamentally alter our country’s political and economic trajectory.…