Electron Native: Nokia signs its first official 5G equipment deal i...

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Electron Native: Nokia signs its first official 5G equipment deal i...: Finland’s Nokia said on Friday it signed its first major deal to supply new 5G wireless radio base stations to Japanese telecom operator, ...

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Cap Mining Royalties at 7.5% - Zambia Chamber of Mines

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Zambia’s Chamber of Mines has advised that mineral royalties should be capped at 7.5 percent in the 2020 budget. This is to safeguard the health of the mining sector and promote additional investment. A Zambian Mine. Source : daily maverick.co.za The mining body had this as part of its proposals to the finance ministry. It argued that the 2019 mining tax regime had raised the tax burden on mines to unsustainable and noncompetitive levels. Africa’s No.2 copper producer increased its sliding scale for royalties of four to six percent by 1.5 percentage points and introduced a new ten percent tax when the price of copper exceeded 7,500 dollars per tonne. The scale is adjusted so that royalties are paid at higher levels as commodity prices climb and are reduced as prices fall. The mineral royalty tax should also be tax-deductible for mining firms as making it non-deductible as Zambia does amounts to taxation on revenue not received, it said. The chamber said a proposed swi...
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South Africa's Q2 Growth Beats Expectations, Dodges Recession

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South Africa’s Gross Domestic Product(GDP) has grown more than expected in the second quarter. This has been attributed to a recovery in the mining and manufacturing sectors according to official data on Tuesday. This has given a reprieve to President Cyril Ramaphosa as the economy looks set to dodge recession this year.   The Rand Source: thesouthafrican.com After a downturn in the first half of 2018 when farming plunged, the economy has struggled to regain momentum, posting a shock contraction in the first quarter of this year. Analysts said while the second-quarter GDP print could see South Africa avoid recession in 2019, it was not enough to stop credit rating downgrades linked to debt issues including bailouts for state power utility Eskom. The rand extended gains after the data, firming more than 0.5 percent to a session high of 15.1125. GDP growth in the three months to June was 3.1 percent.’ This comes after a r...
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SportPesa Ends Operations In Kenya

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Kenyan online betting firm SportPesa on Saturday says it will be halting operations due to a drastic hike in taxes on betting stakes.   Sports betting Source: BettingShamnam Online sports betting companies such as SportPesa have grown rapidly in the East African nation in recent years, riding a wave of enthusiasm for sports, with the government saying the gaming industry achieved a combined revenue of 204 billion shillings (2 billion U.S. dollar) last year. That sparked government concern about the social impact of betting, and in May Kenya introduced new gambling regulations, including a ban on advertising outdoors and on social media. This week, parliament voted an amended proposal raising the excise duty proposed in the 2019/20 (July-June) budget on the amount wagered at the time a bet is placed on all betting platforms to 20% from an initial 10percent. SportPesa says it is “disappointed” by the move and that it would s...
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