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September 4, 2018 3:45 PM Nigeria hits MTN with $2bn tax bill

Africa’s largest mobile phone operator, MTN, says it has been hit with a $2bn (£1.5bn) tax bill by Nigeria just days after the country’s central bank slapped the company with an $8bn fine. As a result of MTN’s woes in its most lucrative market, the company’s shares have dropped by about 20% in under a week. MTN says the office of Nigeria’s attorney general 30

August 28, 2018 8:02 AM Caledonia, Fremiro in talks over Blanket

Caledonia Mining Corporation Plc has announced that it has entered into a Memorandum of Understanding (MOU) with Fremiro Investments (Private) Limited (Fremiro) with the intention to purchase Fremiro’s 15 percent shareholding in Blanket Mine (1983) (Private) Limited (Blanket). Caledonia will acquire Fremiro’s shareholding in Blanket for a gross consideration 28

July 2, 2018 5:33 PM Cadence Minerals agrees to invest in Zulu lithium project

LONDON — A British company, Cadence Minerals, has signed a conditional heads of terms agreement to acquire up to a 30% stake in Zulu Lithium Mauritius Limited (Mauco), a wholly-owned subsidiary of Premier African Minerals. Under the agreement, Cadence will invest up to $5,1m in Mauco, the parent company of Zulu Lithium (Private) Ltd, which owns the Zulu Lithium 32

June 11, 2018 6:04 AM Ziscosteel sale awaits shareholder approval

Shareholders of the Zimbabwe Iron and Steel Company (Ziscosteel), will hold an extraordinary general meeting on June 28, to approve a transaction that will see the steelmaker’s assets sold to Chinese investor Tian Li (Hong Kong) Limited. Approval of the transaction will bring into effect the revival of the country’s largest steelmaker, which closed shop in 2008 after 44

April 10, 2018 2:51 PM ZSE closes week in the black

The Zimbabwe Stock Exchange (ZSE) closed last week in the black as indices remained flat with the Top Ten Index marginally rising. The Top Ten Index was buoyed by gains in heavies Delta, Econet and Old Mutual, gaining a marginal 0,07 percent despite losses in conglomerate Innscor as gains in the trio managed to maintain the index in the black 34

March 25, 2018 10:50 AM The week Facebook’s value plunged $58bn

Facebook ended the week $58bn lower in value after its handling of a historic data breach. Its founder Mark Zuckerberg apologised for data breaches that affected 50 million users. The apology did not stop investors from selling shares in Facebook, with many wondering just how bad the damage would be for the social network. The breach was called a “light 27

March 14, 2018 5:04 PM North Korea’s Kim Jong-un outsmarted Trump

A year ago when Donald Tramp assumed the post of president of the United States, he accused the administration of Barak Obama for having a very soft position on North Korea. The new man at the White House promised to solve the North Korea problem by the use of “fury and fire”. However, today it is obvious that the leader of North Korea Kim Jong-un skillfully 39

March 2, 2018 2:14 PM James Makamba dragged to court

A war veterans group — Magamba Echimurenga Housing Trust (Magamba) — has dragged businessman James Makamba and nine other entities to the High Court demanding an order barring the tycoon from continuing to sell shares in a firm that owns a stake in Telecel Zimbabwe (Private) Limited (Telecel). In summons filed on Tuesday, the Trust claims it owns a 24 percent 33

February 21, 2018 11:06 AM Manhunt for Duduzane Zuma: 10 facts you need to know

The close ally of the Gupta brothers, Duduzane Zuma’s whereabouts are not yet known. Duduzane along with Atul Gupta are sought by the Hawks after the elite crime-fighting unit raided Duduzane’s Saxonwold mansion on Wednesday, 15 February, but couldn’t find him. 1. Duduzane was the director of Oakbay Investments and Oakbay Resources and Energy in association 50

February 18, 2018 2:50 AM ZSE extends seven-week losing streak

HARARE — The Zimbabwe Stock Exchange All Shares index extended the seven-week losing streak after dropping a further 1,32% in the week to close at 88,86 points. The top 10 indexes also lost 1,61% to settle at 88,86 points on losses recorded by several heavyweight counters. Market capitalisation fell 1,33% in the week to close at $8,46 billion from $8,58 billion 26