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The Ugandan unit of South African telecommunications firm MTN Group has denied government accusations it has been understating its revenues and said it was fully meeting all its tax obligations. Relations between the telecoms firm and the East African country have been strained over a series of issues including deportations of its top executives, accusations of under-reporting revenues and delayed renewal of its operating licence. “MTN revenues are independently audited and we remain firmly of the view that all revenues have been correctly accounted for and we are compliant on all tax matters,” MTN Uganda said in an email on…

Embattled minor Barrick Gold Corp. has reached a new agreement with Tanzania that may finally end a punishing multiyear gold-export ban at its subsidiary Acacia Mining PLC that has weighed heavily on the share prices of both companies. The development comes about six weeks after skilled African operator Mark Bristow took over as the new chief executive officer of Toronto-based Barrick. The latest proposal would see Acacia split “economic benefits,” including taxes and royalties from its Tanzanian mines, 50/50 with the East African country. Acacia would also pay Tanzania US$300-million to resolve a long-running tax dispute. While the agreement is…

Uganda has accused the country’s biggest telecoms operator, MTN Uganda of underdeclaring its sales and causing public revenue losses, in a further souring of relations with the South African-owned company. Uganda deported MTN Uganda’s Chief Executive Wim Vanhelleputte last week, the fourth MTN official to be expelled from the East African country in less than a month on accusations of compromising national security. The company is a unit of South African telecoms giant MTN Group, which has also had problems in Nigeria where the central bank last year accused it of repatriating $8 billion without the correct paperwork. The row…

Tanzania has changed the base year it uses to calculate economic output to 2015, and data from the National Bureau of Statistics showed its economy was 3.8 percent larger in that year. The bureau said in a document seen by Reuters on Wednesday it had changed the base year from 2007 previously, and calculated the economy’s size in 2015 at 94.3 trillion shillings ($40.56 billion) at current prices, up from 90.8 trillion shillings ($39.05 billion) using 2007 as the base year. Tanzania last rebased its economy in 2014. The statistics office said that based on constant 2015 prices, Tanzania’s gross…

BRCK, a Kenyan internet provider, has bought rival Surf to become one of the biggest public Wi-Fi networks in sub-Saharan Africa. The terms of the deal weren’t disclosed. The acquisition includes Surf’s U.S.-based parent Everlayer and extends BRCK’s network to more than 2,500 hotspots across the two East African countries, the Nairobi-based company said in an emailed statement. BRCK had 1,500 hotspots before the acquisition, according to Director of Commercialization Christian Doyen. Kenya had 42.2 million active internet subscriptions as at September last year, according to the industry regulator. In January BRCK began fundraising for $10 million in equity and…

The chief executive officer of MTN Uganda, a unit of South Africa’s MTN Group, has been deported from the East African country over national security, police said on Friday. Police spokesman Fred Enanga said Wim Vanhelleputte had been deported and was “destined for Belgium around midnight (Thursday) over … circumstances of national security.” Internal Affairs Minister Jeje Odongo in a letter seen by East Africa Daily said the MTN boss has been expelled indefinitely. The development is the latest headache for the largest telecommunications firm in Uganda after similar deportations of the firm’s three top executives, including; the chief marketing officer,…

Tea exports from India, the world’s second-biggest producer, may shrivel this year as a bumper crop in Kenya raises the risk of oversupply. Shipments could drop by 8 million to 10 million kilograms in the year through March from a record of 256.57 million in 2017-18 as Kenya’s output is likely to rise by as much as 60 million kilograms — a large volume for the world market to absorb, said Azam Monem, director at Mcleod Russel India Ltd. “Once Kenya produces that volume and their prices come down, it will become very difficult for India to compete,” Monem said…

KAMPALA — Ugandans will be able to buy government securities through a mobile money platform in a move by the east African country to become less dependent on commercial banks and institutional investors for its funding. The government said in a statement on Tuesday that the measure, which was approved at a Cabinet meeting on Monday, would boost savings and investment among ordinary Ugandans as well as driving economic growth. Ugandans with mobile money accounts, many of whom had limited access to banks, will now be able to directly buy government debt. The move follows a similar move by Kenya…

Kenya’s Competition Authority of Kenya (CAK) has found popular hair braids ‘Darling guilty’ of abusing its market dominance in the East African country. The owners of Styles Industries Ltd which distributes the hair additional therefore risk spending five years in jail. Darling’s competitor, Solpia Kenya, sought CAK intervention accusing the firm of engaging in restrictive trade practices, including imposing unfair selling prices and conditions on suppliers who sell its products. “The authority commenced investigations against Style Industries Ltd for abuse of dominance practices in violation of Section 24(1),(2)(b) of the (Competition) Act,” said CAK in its annual report for the financial…

Britain’s exit from the European Union will not disrupt Kenya’s horticulture exports to that country, said a senior Kenyan government official, after industry data showed the African nation’s total horticulture exports jumped 33 percent last year. “There will be no market disruption because of Brexit,” Chris Kiptoo, principal secretary at the Ministry of Trade, said at a press conference on Tuesday. United Kingdom, Holland, Germany and France account for a bulk of Kenya’s exports. Kenya earned 153.68 billion shillings ($1.53 billion) last year from horticulture exports, three industry bodies said. Earnings for the sector are expected to rise by at…

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