Clontarf Energy PLC and Petrel Resources PLC have said that an agreement with the Government of Ghana has been reached during legal proceedings related to their Tano 2A exploration licence in the country. The two oil and gas exploration and development companies said they have secured a deal which means that they will be provided new land next to their current acreage to replace lost land when a rival rights application by CAMAC Energy Inc overlapped their own licence. The company said that all parties

Microsoft Corp. (MSFT) said it will eliminate as many as 18,000 jobs, the largest round of cuts in its history, as Chief Executive Officer Satya Nadella integrates Nokia Oyj’s handset unit and slims down the software maker. The restructuring, amounting to about 14 percent of its workforce, includes 12,500 Nokia factory and professional positions -- half the number of employees added in the acquisition. At Microsoft, cuts will be in sales, marketing and engineering. The reductions are expected

A Malaysian airliner with 295 people on board has crashed in Ukraine on a flight from Amsterdam to Kuala Lumpur, amid allegations it was shot down. Dozens of bodies are scattered around what is believed to be the wreckage of the jet near the village of Grabovo, a Reuters correspondent reports. Flight MH17 had been due to enter Russian airspace when contact was lost. Both the Ukrainian government and rebels have denied shooting it down in the region close to the Russian border. Russian separatists

Dubai based airline, Emirates, is to commence a fourth daily flight between Dubai and Johannesburg from October 26, 2014. This will bring Emirates’ total number of flights between the two countries to 49 a week. Operated by a Boeing 777-300ER, the flight will depart Dubai at 23:20hrs and arrive at Johannesburg at 05:35hrs the following day. The return flight departs Johannesburg at 09:30hrs and arrives in Dubai at 19:40hrs. The B777-300ER features 354 seats in a three-class configuration - eight

German carrier, Lufthansa, is offering Ghanaian travellers 40 percent discount on fares on its Business and Economy cabins to any destination served by the airline. The offer, which lasts from Thursday July 17 to Friday July 18, is to commemorate the triumph of the German national football team at the just-ended World Cup 2014 held in Brazil from June 12 to July13, 2014. The discount applies to fares only. The Frankfurt-based airline operates flight to and from Accra five days a week, except Mondays

Alhaji Abdul-Basit Fuseini, Deputy Northern Regional Minister, has called on the Metropolitan, Municipal and District Assembly executives (MMDAs) to be proactive and eschew procrastination in the implementation of projects. He explained that the MMDAs’ procrastination retards economic growth, which affects the vulnerable in society and the nation will also not be able to meet the Millennium Development Goals. He said the core mandate of the MMDAs is working to improve the livelihood of the people

Ghana cut its 2014 economic growth target and forecast a wider budget deficit and higher inflation due to falling revenues, the slide of the cedi and declining gold prices, the finance minister said on Wednesday. The country's budget gap will rise to 8.8 percent of gross domestic product, compared with an initially targeted 8.5 percent, Seth Terkper said as he presented a supplementary budget to parliament. He said the government now expected economic growth of 7.1 percent this year, down from

Finance Minister Seth Terkper says the country was unable to meet its key revenue targets as development partners held back on grants and domestic revenue mobilisation efforts were derailed by weak tax collection. Total revenue and grants for the period was GH¢ 19,471.6 million, equivalent to 20.8 percent of GDP, against a target of GH¢ 22,533.4 million, equivalent to 25.4 per cent of GDP. He said the outturn was 13.6 per cent lower than the budget target and 16.8 per cent higher than the outturn