Saturday 19 August 2017
(Bloomberg 08/18/17)
The Democratic Republic of Congo suspended value-added tax on imports by mining companies after briefly reinstating the duty, the country’s main business chamber said. Customs authorities had resumed collecting VAT on imports including machinery soon after a July 2016 decree halting remittances expired last month, Federation des Entreprises du Congo Managing Director Kimona Bononge said in a letter to Finance Minister Henri Yav Mulang. The minister has subsequently “resolved the problem,” Bononge said by phone from Kinshasa, the capital. “The finance minister has given an instruction to the DGDA to not collect VAT on imports by mining companies,” Bononge said by phone
(Reuters (Eng) 08/18/17)
A South African court denied on Friday an application by former finance minister Pravin Gordhan for an order that would block the ministry from any involvement in a dispute between banks and the Gupta family, businessmen accused of influence peddling. Standard Bank, Nedbank, FirstRand and Barclays Africa last year closed the bank accounts of companies controlled by the Gupta family following accusations they had undue influence over President Jacob Zuma and the issuing of government contracts. Gupta-owned companies asked Gordhan, an outspoken critic of Zuma and the Gupta family, to intervene and force the banks to reopen their accounts, prompting him to ask the High Court to declare it was outside of the remit of his ministry. A Pretoria high...
(Agence Ecofin 08/18/17)
Chinese firm Chinalco plans to invest $500 million to develop a bauxite project in the Boffa region, Guinea. This was disclosed by the Guinean minister of mining, Abdoulaye Magassouba, who recently visited China. According to the official, the project should focus on the reserves abandoned by mining giant BHP Billiton. Mining is expected to begin at the site in 2018. If effective, Chinalco would expand its footprint in the Guinean mining sector, as it already is active on Simandou iron...
(This Day Live 08/18/17)
The federal government has stated that two private Nigerian firms have been selected to build 217,000 barrels per day refineries in Port Harcourt and Warri under the co-location concept initiated by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. Modalities are also being worked out by the federal government to offer financial support to operators who were licensed to build modular refineries in the country. Kachikwu had initiated the concept of co-location of refineries to ensure that new...
(Andalou Agency 08/18/17)
Egypt fears Ethiopia’s Grand Renaissance Dam will diminish its historical quota of Nile water. Sudanese President Omar al-Bashir on Thursday vowed to prevent any reduction of Egypt’s historical share of Nile water due to Ethiopia’s construction of a massive hydro-electric dam on the Blue Nile River. At a joint press conference held in Khartoum with Ethiopian Prime Minister Hailemariam Desalegn, al-Bashir reiterated his country’s longstanding commitment to a 1959 water-sharing agreement between upstream and downstream states. “Sudan is totally committed...
(Reuters 08/18/17)
TUNIS (Reuters) - Tunisia's interim finance minister, Fadhel Abdelkefi, told local radio on Friday that he was resigning from the government over a conflict of interests case in which he has been fined and handed a suspended prison sentence. Abdelkefi had also been serving since last year as minister for development, investment and international cooperation in Prime Minister Youssef Chahed's government.
(Bloomberg 08/18/17)
A year ago, South Africa’s biggest gold producer was churning cash, sizing up acquisitions and plotting expansion projects. Today, Sibanye Gold Ltd. is making losses and shutting mines. The main difference between then and now? A big rebound in the rand. High costs and labor-intensive operations mean that Sibanye and other South African producers are highly leveraged to one of the world’s most volatile major currencies. Sibanye expects to report a first-half loss of at least $360 million, compared with...
(News24 08/18/17)
Sudan's President Omar al-Bashir said on Thursday that the construction of Ethiopia's controversial Grand Renaissance Dam on the Nile River would not impact water supplies to Egypt as feared by Cairo. Visiting Ethiopian Prime Minister Hailemariam Desalegn, for his part, said the project was a "win-win" for the peoples of all three countries if it was not politicised. Construction of the massive dam on the Blue Nile in Ethiopia has poisoned relations between Cairo and Addis Ababa, with Egypt fearing...
(Premium Times 08/18/17)
Amid increased demand and high prices of grains used as feed mill for the poultry industry, operators in the sector lamented the exporting of maize and soya beans to other countries after every harvest season. The General Manager, Operations, Amo Farms, Mr. Emmanuel Oloruntoba, said this during a media briefing on the natnuPreneur Broiler Out-grower scheme in Lagos on Tuesday. He said, “We are in a situation in Nigeria where we don’t have enough maize and yet during harvest season,...
(Agence Ecofin 08/18/17)
In Ivory Coast, volume of cocoa transported to the ports of Abidjan and San Pedro for the ongoing 2016-17 season stood at 1,925,000 tons at August 13, up more than 33% as compared to last year’s figures (1,444,000 tons). According to Reuters who reported the estimates, 11,000 tons of cocoa were brought to the ports last week. That is close to thrice more than the year before (4,000 tons). The increase in the volumes sustains a trend started some months...
(Agence Ecofin 08/18/17)
At the end of the 2016-17 fiscal year, Ethiopia’s horticultural exports generated $271 million for the economy, according to hortibiz.com. According to the authority in charge of the sector and agricultural investment, this is slightly (+1.5%) above the revenues generated a year before ($275 million) but far below (-41.2% or $190 million) what it targeted revenues for the period. In details, the authority said cut flowers remain the main source of revenues in the sector with earnings standing at about...
(Ghana Web 08/18/17)
President Nana Akufo-Addo has charged the Bank of Ghana to address the weaknesses in the banking sector. According to him, such moves will prevent any adverse spillover effect on the economy. Speaking at the 60th anniversary lecture organized by the Bank of Ghana in Accra on Friday, Akufo-Addo said: “a weak banking system undermines growth and on and this basis, the current weakness in our banking sector needs to addressed forcefully to minimize any adverse financial consequences to unsuspecting savers...
(Agence Ecofin 08/18/17)
Port-Louis, Mauritius’ capital, plans to start exploiting 20,000 ha of agricultural lands it took since 1999 from Mozambique, local website Le Défi média group reported. The lands could not be put to use since due to accessibility issues. An obstacle that has been removed according to Mauritian High Commissioner in Mozambique. “Until recently, one had to cross the Incomati River by boat to access the site. However, about fourth months ago, the bridge promised by Mozambique’s authorities was finally built,...
(Agence Ecofin 08/18/17)
The New Nigeria Development Company (NNDC) in partnership with a Turkish firm plans to invest $15 million in reviving the collapsed Kaduna Textile company in Kaduna state. The Group Managing Director of NNDC, Ahmed Musa, made this known after a meeting with a Turkish business delegation at the NNDC head office in Kaduna. According to Musa, under the partnership, the Turkish firm, Sur International Textile, will provide 35% of the amount, the Federal Government will provide 45% while the Kaduna...
(Bloomberg 08/18/17)
“Nothing is impossible.” These three words are on a plaque that Aliko Dangote keeps on his office desk in Lagos, Nigeria, constantly reminding Africa’s richest man how to approach the world. Dangote, who was worth $12.3 billion as of mid-August, according to the Bloomberg Billionaires Index, is modest in his personal life but bold in business. Presiding over an empire that includes cement, freight, infrastructure, agriculture, and—soon—oil refining, Dangote, 60, possesses a towering ambition that matches the scale of his...
(Reuters (Eng) 08/18/17)
AngloGold Ashanti is considering separating its South African assets from the rest of its portfolio, two sources familiar with the matter told Reuters, three years after shareholders revolted against a similar effort. Africa's top bullion producer has hired Deutsche Bank to evaluate options but discussions are at an early stage, one of the sources said. AngloGold and Deutsche Bank declined to comment. The miner is looking at listing its international assets, which include gold mines in Western Australia and Brazil,...
(2Merkato 08/18/17)
Ethiopia imported a total of 117,032 vehicles in the just concluded fiscal year. The news was disclosed by Ethiopian Transport Authority (ETA). Commenting on the development, ETA’s Public Relation Head, Yigzaw Dagne, said the number might be higher as there might be cars in different states that are not registered within the national database. According to Yigzaw the number of cars being imported Ethiopia have been increasing every year. Following last year’s vehicles import, the number of cars in Ethiopia...
(Agence Ecofin 08/18/17)
A survey on graft released by the National Bureau of Statistics (NBS) on Wednesday reveals that almost one out of three Adult Nigerians pay bribe to civil servants and other public officials. These amount to N400 billion ($1.27 billion) annually. The survey, which was backed by a U.N. agency and the European Union, is based on 33,067 interviews with adults across the country. According to the report, Nigerians spent $1.27 billion; which is equivalent to 39% of the combined federal...
(Ghana Web 08/18/17)
Vice President Dr. Mahamudu Bawumia has directed port agencies and stakeholders at the Tema port to begin the implementation of the Paperless port operations system on pilot basis on Friday 18th August 2017. This is to allow for the agencies to deal with challenges that may arise from the programme and find innovative ways of dealing with it before the general roll-out of the process in September this year. This was disclosed by Acting General Manager in Charge of Marketing...
(Reuters (Eng) 08/18/17)
GB Auto, the Egyptian automotive assembler and manufacturer, expects demand for cars to pick up by the end of 2017 as dealers run down inventories, the company's CEO said on Thursday. Consumer demand in Egypt took a hit in November last year, when the central bank floated the pound currency to secure a three-year $12 billion International Monetary Fund loan, a move which more than halved the value of the currency. The IMF programme is tied to reforms such as...

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