Tuesday 12 December 2017
(AFP (eng) 12/12/17)
Burundi's government has launched a fundraising drive for elections in 2020, presented as "voluntary" but condemned by rights groups as "organised robbery". Western electoral aid was cut in 2015, when Burundi was plunged into crisis as President Pierre Nkurunziza sought -- and went on to win -- a controversial third term. Between 500 and 2,000 people are estimated to have died in the ensuing turmoil, according to varying tolls. The government launched on Monday the contribution campaign for the next round of polls, calling on people "fulfil this highly patriotic duty". The government adopted a plan in October to revise the constitution that, if voted in by a referendum slated for early 2018, would allow...
(Agence Ecofin 12/12/17)
The African Development Bank has approved last week, a $100 million loan for the development of a bauxite mine in the North West of Guinea. The project is managed by Guinea Alumina Corporation (GAC) subsidiary of Emirates Global Aluminium, and is situated in the region of Boké. The funds will be used to build the mine, establish an export terminal dedicated to the Kamsar Port, and to renovate a 143km-long railway connecting the mine to the port. GAC's project is quite important for the country as it will produce, every year, 12 million tons of bauxite, this in a context where Guinea aims at achieving an annual output of 60 million tons of bauxite, by 2020. Louis-Nino Kansoun
(Agence Ecofin 12/12/17)
If the operators of the radio installations, at Mount Mbankolo which towers Cameroon’s Capital, do not comply with the regulation, the ministry of posts and telecommunication will remove their installations and make them pay for the removal. This warning is in the communique published by Minette Libom Li Likeng, the minister of post and telecommunication, who revealed that some installations are exploited without complying with the standards in place. Such is the case of some illegal operators who operate without...
(Agence Ecofin 12/12/17)
The government of Zimbabwe has turned its words into actions, and quite rapidly at that. Indeed, less than a month after President Emmerson Mnangagwa (photo) has declared in his investiture speech that white farmers expropriated in the framework of the land reform initiated by his predecessor, Robert Mugabe, will be compensated, a first farmer, Robert Smart, just got back his lands which were taken from him and given to a religious close to the former president. “M. Smart, like many...
(Agence Ecofin 12/12/17)
The parliament of DRC has adopted a new mining code which should boost taxes and royalties paid by mining firms operating in the country. The news which was disclosed this week-end, was relayed by many international media such as Reuters and BBC Africa. The revision project was proposed in 2015 but its adoption process was halted in March 2016 due to various objections from mining firms which complained about the fact that it would impact the profitability of investments made...
(Agence Ecofin 12/12/17)
Huawei International has officially started construction works for the first stage of the national fiber optic backbone project, on December 10, 2017. This stage which extends on a distance of 2,001 km was officially launched in Gaoua, in the region of Bafuji, by the president of the Republic, Roch Marc Christian Kaboré (photo). This first phase is estimated to cost CFA50 billion. It was financed via a 12-year loan with a 3-year grace period, backed by the Bank of China...
(Agence Ecofin 12/12/17)
In Senegal, Futurs Médias (GFM) group has launched on December 9, Tv channel l’Obs TV and a sport daily Record. According to Ibrahima Dieng, who is in charge of the two media, their creation results from a partnership between GFM, Kwesé TV and Africanews. “It is an exclusive alliance with the pan-African channel Kwesé Free sport and a partnership with Africanews, the Africa-focused news channel of the Euronews group; the two are likely to boost our editorial offer and consolidate...
(Agence Ecofin 12/12/17)
On December 8, 2018, Cameroon’s national assembly has approved the 2018 finance bill of CFA4513.5 billion submitted by the government. Approved, despite the critics of some deputies of the opposition, the new budget has increased by CFA139.7 billion (3.2%), compared to 2017 budget which was CFA4378.8 billion. Leaning on a 4.2% provisional economic growth, the budget projects an increase of the fiscal pressure on companies with an increase of some duties and taxes amid a drop in oil revenues. BRM
(AFP (eng) 12/11/17)
The World Bank on Friday signed a $1.15 billion loan with the Egyptian government, a final tranche of funds to support economic reforms in the country, the international lender said. The deal was sealed on the sidelines of the "Africa 2017" investment conference which President Abdel Fattah al-Sisi inaugurated Friday afternoon in the Red Sea resort town of Sharm el-Sheikh in Sinai. The loans are provided to support "Egypt's home-grown reform program aimed at powering job creation, ensuring energy security,...
(AFP (eng) 12/11/17)
In Egypt's eastern desert, roads are being carved across vast expanses of sand where the government is building a new administrative capital, a long-cherished project that has failed in the past. The city will be complete with luxury hotels, upscale residential districts, a modern airport and a 345-metre (1,140-foot) tower, touted as Africa's tallest. The work is being carried out about 45 kilometres (28 miles) east of Cairo, between roads connecting the metropolis to the canal city of Suez and...
(Reuters (Eng) 12/11/17)
ArcelorMittal South Africa has chosen the former head of construction firm Aveng to take over as chief executive from next February, the steelmaker said on Monday. Kobus Verster, who was Aveng’s chief executive for nearly four years, served as the steelmaker’s head of finance from 2006 to 2010 and held various other senior positions at the South African unit of ArcelorMittal after 1990. Verster takes the reins from Wim de Klerk, who spent his two years at the helm cutting...
(AFP (eng) 12/11/17)
Chinese electric car manufacturer BYD on Saturday signed an agreement to open a factory near the Moroccan city of Tangiers to build battery-powered vehicles, officials said. BYD will become the third car manufacturer, after Renault and Peugeot of French, to construct cars in the North African state. The memorandum of understanding was signed at the royal palace in the coastal city of Casablanca in the presence of King Mohammed VI and BYD's chairman, Wang Chuanfu, whose company is backed by...
(Reuters 12/11/17)
Russian state nuclear company Rosatom said on Monday a power station it will build in Egypt will cost up to $21 billion and is expected to be finished by 2028-2029. Russian President Vladimir Putin and his Egyptian counterpart Abdel Fattah al-Sisi will sign an agreement on the project on Monday, the Kremlin said. Moscow and Cairo signed an agreement in 2015 for Russia to build a nuclear power plant in Egypt, with Russia extending a loan to Egypt to cover...
(Reuters (Eng) 12/11/17)
South African bourse operator, JSE Ltd, has launched in investigation into whether embattled retailer Steinhoff broke its disclosure rules, it said on Monday. Steinhoff is in the middle of an accounting scandal that has wiped off more billions of dollars off its market value.
(AFP 12/08/17)
Large parts of Malawi have been plunged into darkness as water levels at the country's main hydro power plant fell to critical levels due to a severe drought, the electricity company said Thursday. The impoverished southern African country which relies on hydroelectricity has been hit by intermitted blackouts since last year, but the outages have recently worsened, lasting up to 25 hours. The state-owned Electricity Supply Corporation of Malawi (ESCOM) said power output had been halved as water levels in...
(AFP (eng) 12/07/17)
Senegal opens a flagship new airport on Thursday seven years later than originally planned but with ambitions to become a west African regional hub with a capacity for three million passengers. President Macky Sall will cut the ribbon at Blaise Diagne International Airport (AIBD) at midday (1200 GMT) in the town of Diass, 47 kilometres (29 miles) from the capital of Dakar, while a plane from new airline Air Senegal will make the first symbolic takeoff. Work began in 2007...
(AFP (eng) 12/06/17)
Namibia on Wednesday criticised its listing on a new European Union blacklist of tax havens as unjust and biased, blaming the status on missing a deadline to comply. The southern African desert nation is the only sub-Saharan African country named in a 17-nation list of non-EU tax havens. "Namibia is clearly, by any objective criteria, not a tax haven," said Finance Minister Calle Schlettwein. The listing is "unjust, prejudiced, partisan, discriminatory and biased," Schlettwein charged. The list of non-cooperative tax havens adopted by EU ministers on Tuesday also named: American Samoa, Bahrain, Barbados, Grenada, Guam, Macau, the Marshall Islands, Mongolia, Palau, Panama, Saint Lucia, Samoa, South Korea...
(AFP (eng) 12/06/17)
Two multi-million-dollar penthouses belonging to Nigeria's former oil minister Diezani Alison-Madueke have been seized as part of corruption investigations. A judge at the Federal High Court in Lagos on Tuesday ordered the apartments to be forfeited to the Economic and Financial Crimes Commission until the probe was concluded. Alison-Madueke, who served under former president Goodluck Jonathan until 2015, is at the centre of money laundering and bribery enquiries in several countries. She was arrested in London in October 2015 as part of a British investigation into international corruption, and remains on bail. The 57-year-old Alison-Madueke is one of the highest-profile figures from the former administration being targeted...
(AFP (eng) 12/06/17)
The World Bank on Tuesday approved the latest loan for Egypt of just over $1 billion to support the country's economic reform program and reduce poverty. The loan is the last in a three-part package worth a total of $3.15 billion that started in 2015, the World Bank said in a statement. The loan will support "home-grown inclusive reforms" aimed at shoring up the economy and creating jobs, the bank said. "We are privileged to support the country on its...
(AFP (eng) 12/06/17)
These Tunisian women have some sauce, pooling their resources and a seasoned culinary expertise handed down the centuries from mother to daughter. Their secret? Harissa -- the spicy hot pepper paste used to add zing to dishes traditionally prepared in North Africa's Maghreb region. These days, when Najoua Dhiflaoui prepares harissa, it is no longer just for her family. She and another 150 women are now making money by producing and even exporting their ancestral savoir faire. Harissa, made from...

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