Zambia’s government expects to conclude talks with potential buyers of Vedanta Resources Ltd.’s local copper unit within a month, President Edgar Lungu told Bloomberg.His comments preempted a hearing by Zambia’s High Court on Thursday on the state’s bid to liquidate the asset after a dispute between the government and the Indian company. The stand-off has rattled investors, with yields on the Eurobonds of Africa’s second-biggest copper producer surging to new records last month.
Zambia’s government moved to liquidate Konkola after Lungu accused the company of cheating on its taxes and lying about its expansion plans. Vedanta, majority owned by Indian billionaire Anil Agarwal, says it’s a loyal investor that has spent $3 billion on the operations. The liquidation doesn’t amount to nationalization, and the government stepped in because the company had failed, said Lungu.
Mines Minister Richard Musukwa has sought to head off investor concerns that the government’s dispute with Vedanta threatens other foreign-owned businesses, describing the dispute as “an isolated case.”
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:
الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين
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Business Maverick: Ramaphosa says Eskom too vital to failIn his first state of the nation address since leading his party to victory in a May 8 election, Ramaphosa said Eskom's financial position remains a matter of grave concern. And YESS he did so much to save eskom. I very well remember this article of almost 5 years ago. Give him another 5 and he'll fixit. He's very very hands on, on his bankaccounts, house in Fresnaye and his business. For the rest ? F the poor and the entire country.
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Business Maverick: Rico: Cartoon Friday
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Business Maverick: Stocks Rise to Record as 10-Year Yield Hits 2%: Markets WrapU.S. stocks rose to a record, while sovereign bonds extended gains and the dollar slumped after central banks around the world continued a shift toward easier monetary policy. Oil surged amid rising tensions with Iran.
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BUSINESS MAVERICK: Cash Paymaster Services’ potential R1.3bn largesse from social grants agency thwartedBefore the end of its contract in 2018 to distribute social grants to more than 10-million beneficiaries, Cash Paymaster Services, a subsidiary of JSE-listed technology company Net1 UEPS, wanted to extract a cool R1.3bn claim from state coffers. It launched a lawsuit against the SA Social Security Agency (Sassa), the custodian of social grants, because it still wanted to play a meaningful role in the social grant system. However, Judge Robert Nugent ruled in favour of Sassa this week, rejecting CPS’ claim. At least we managed to dodge ONE bullet. It's slightly better than nothing, and yet it doesn't feel like anything.
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Business Maverick: Friday, June 21: Five Things You Need to Know to Start Your DayDonald Trump again downplayed an Iranian attack after a Navy drone was shot down, and oil surged the most in three years on the news. Xi Jinping makes a landmark visit to North Korea. And the quant known as Mr. Bear turned bullish at just the wrong time. Here are some of the things people in markets are talking about today.
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Business Maverick: Walmart Pays $282 Million to End Long-Running Bribe ProbesWalmart Inc. agreed to pay $282 million in penalties and a Brazilian unit admitted to violating a U.S. anti-bribery law, providing a relatively subdued ending to a seven-year investigation that spanned the globe and at one point looked poised to yield record foreign-corruption fines.
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