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We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.

2020-08-04 06:13:20.0

Government Urges Post-Brexit Drug Stockpiles

The government has urged pharmaceutical firms to have six weeks' worth of drugs stockpiled, in readiness for the end of the Brexit transition period. The Department of Health in a letter to medical suppliers said there would be no extension to the transition period after 31 December.

2020-08-04 06:10:58.0

US Gives Conditions For Boeing 737 MAX To Fly Again

US aviation regulators on Monday spelled out new requirements for the Boeing 737 MAX before the grounded jet is permitted to fly again. The agency in a notice set for a 45-day public comment said the Federal Aviation Administration will require a number of changes to address the unsafe condition of the aircraft.

2020-08-04 06:09:31.0

BP Cuts Dividend As Losses Increases On Poor Oil Demand

BP has halved its dividend and reported a record $6.7bn quarterly loss after the coronavirus pandemic hit global demand for oil. The dividend cut is a blow for UK pension funds, many of whom have large shareholdings in BP.

2020-08-04 06:07:36.0

US Treasury Negotiates Cut Off Tiktok Deal

Donald Trump says the government should get a cut from the sale of TikTok's US unit if an American firm buys it. The US president said he made a demand for a substantial portion of the purchase price in a phone call at the weekend with Microsoft's boss.

2020-08-04 06:04:18.0

South Africa's Rand Steadies As Investors Seek Fresh Recovery Signals

South Africa’s rand firmed slightly early on Tuesday, pausing after a five-session long steep slide as demand for U.S. dollars eased, and waited for new signals on the pace of a global economic recovery that has stalled in recent days. At 0645 GMT the rand was 0.35% firmer at 17.1250 per dollar, having tumbled to a one-month low of 17.3400 on Monday as tepid local economic data and surging coronavirus infections around th

2020-08-04 06:02:33.0

South Africa's Eskom Seeks $221 Million Damages Over Coal Deal

Power utility Eskom and South Africa’s Special Investigating Unit (SIU) on Monday said they had issued a court summons in an effort to recoup 3.8 billion rand ($221 million) they allege was diverted by former Eskom executives and the Gupta family, who ran high profile businesses in the country. The move by Eskom and the SIU relates to the 2015 acquisition of Optimum Coal by the Gupta-controlled company Tegeta Exploration and Resources.

2020-08-04 06:01:18.0

SAB dumps $290 mln investment plans after South Africa alcohol ban

South African Breweries (SAB) on Monday said it was cancelling 5 billion rand ($290 million) of planned investments as a result of revenue losses sustained during a near three-month ban on alcohol sales during the coronavirus crisis. The South African drinks industry has been among the hardest hit by restrictions, which included a ban on the sale of alcohol to the end of May, which was reinstated last month to free up space in hospitals burdened by what officials said were avoidable alcohol-related injuries.

2020-08-04 05:58:05.0

Custodian Investment to Acquire 51% Equity Interest in UACN Property

Custodian Investment Plc has signed a binding agreement with UAC of Nigeria Plc to purchase a 51 per cent equity interest in UACN Property Development Company (UPDC) Plc. In a notification to the Nigerian Stock Exchange (NSE) on Monday, the Group Managing Director, Custodian Investment Plc, Mr. Wole Oshin, said the agreement marked the beginning of a partnership between Custodian and UAC that would achieve both companies’ respective objectives in the real estate industry.

2020-08-04 05:56:05.0

CBN Survey Shows Trade To Drive Growth In August

According to expectations from firms, the retail and wholesale trade sector will drive business expansion in August. The statistics department of the Central Bank of Nigeria disclosed this in its business expectation survey report. The survey was conducted in July.

2020-08-04 05:50:13.0

Eni Says It Complied With Oil Prospecting License 245 Law

Eni, a global oil giant, with operations in Nigeria, on Monday said it complied with the law on issues pertaining to Oil Prospecting License 245. It said in a statement issued by Eni’s subsidiary, Nigerian Agip Oil Company, the international oil firm stated it had published on its website the documents of the judicial investigation into the acquisition of OPL245 in Nigeria.

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Newscast

News Updates

  • Government Urges Post-Brexit Drug Stockpiles

  • US Gives Conditions For Boeing 737 MAX To Fly Again

  • BP Cuts Dividend As Losses Increases On Poor Oil Demand

  • US Treasury Negotiates Cut Off Tiktok Deal

  • South Africa's Rand Steadies As Investors Seek Fresh Recovery Signals

  • South Africa's Eskom Seeks $221 Million Damages Over Coal Deal

  • SAB dumps $290 mln investment plans after South Africa alcohol ban

  • Custodian Investment to Acquire 51% Equity Interest in UACN Property

  • CBN Survey Shows Trade To Drive Growth In August

  • Eni Says It Complied With Oil Prospecting License 245 Law