Saturday 18 November 2017

Gabon

(Huffingtonpost 02/06/16)
The beautiful and resource rich continent of Africa has for many years been portrayed by Western media as hopeless, futureless, poverty-stricken, corrupt, under-developed, and in many other unpleasant ways. However, not all these things present a true reflection of how blessed the continent is. It is true that the continent is faced with immense socio-political and economic challenges. It is also true that the continent has the longest list of leaders who have long overstayed in power and continue to plunder much needed resources while ignoring the endless needs and complaints of the poor masses. Some of the longest serving power hungry leaders who have tarnished the image of this great continent include President Teodoro Obiang Mbasogo of Equatorial Guinea;...
(The Wall Street Journal 02/06/16)
From Rwanda and South Sudan to Zambia and The Democratic Republic of the Congo, African coffee growers are watching market trends tilt in their favor, as retail giants shift from high volume to high-flavor beans. The rise in demand for specialty coffee, which now accounts for one of every two cups in America, has compelled retailers to dive deeper into Africa, bringing on board growers in riskier markets such as South Sudan, Burundi and Congo. Demand for specialty coffee in Europe is also on the rise and now accounts for least 40% of supply, traders say. As a result, specialty coffee volumes in the region are on the rise, now accounting for nearly 30% of the total production in Africa...
(Independent Online 02/06/16)
Addis Ababa - Politicians were to blame for high airfares that prevented Africans from travelling around their own continent, Mossadek Bally, founder, chairman and CEO of the Azalai Hotel group said. Bally, who was part of a panel in the closing session of the three-day US-Africa Business Summit in Addis Ababa on Thursday, said it was easier for Africans to take a plane to fly to Dubai or Paris on holiday than within Africa. “Just because we have all these politicians, they all want their borders, their states, their national airlines, the prices are so high, and they are restraining Africans from travelling on the continent,” he said. Bally said he once had to go to Lusaka, Zambia, for a...
(AFP (eng) 02/05/16)
The International Monetary Fund said Wednesday the plunge in oil prices will force significant fiscal adjustments on Africa's oil exporters. The IMF said the 70 percent fall in crude prices over the past 18 months has been a "formidable shock" to sub-Saharan African oil exporters like Nigeria and Angola, given their heavy reliance on oil receipts in state revenues. "While most oil producers have low levels of debt and adequate levels of reserves, the massive oil price decline makes adjustment to the new environment inevitable," an IMF spokesperson said in an emailed statement to AFP. The Fund said it is working with the affected countries on how to adjust economic policies in response to the fall in oil income. "These...
(Xinhuanet 02/05/16)
(Xinhua) -- Cooperation in the health sector with China has helped reduce disease burden in Africa while strengthening the continent's capacity to respond to new infections, said a senior African Union (AU) official. Mustapha Sidiki Kaloko, AU Commissioner for Social Affairs, said in an interview with Xinhua Sunday on the sidelines of the AU Heads of State Summit in Addis Ababa, that China has contributed immensely to modernization of health infrastructure in Sub-Saharan Africa. "China has been a dependable partner in our endeavor to upgrade the health infrastructure to enable us respond to both the traditional and emerging pandemics," Kaloko said, noting that cooperation between two sides has produced stunning results as evidenced by a decrease in infectious diseases that...
(Xinhuanet 02/04/16)
(Xinhua) -- The Chinese economy may be slowing down in its industrial and manufacturing sectors, but the growth in its consumption and services sector is still adequate to push growth in African countries which depend on trade with China, analysts said Wednesday. Jonathan Stichbury, the East Africa CEO of Pine Bridge Investments, a financial services advisory and wealth management firm, said despite the talk of a Chinese economic slowdown, the 6.9 percent growth rate recorded by China in 2015 still remains much higher by the Asian regional standards.
(Bloomberg 02/04/16)
When then-President Bill Clinton visited Africa in 1998, he praised “a new generation of leaders” as champions of a dawning “African Renaissance.” Uganda’s Yoweri Museveni was one of them: Two years before, he’d been elected president after a decade as a military ruler. Museveni is again running for president -- at the age of 71, after abolishing constitutional limits on presidential terms. He refers to the East African nation’s oil reserves as his own, holds a public holiday to mark when he seized power in a coup 30 years ago and is expected to easily win a fifth term in the Feb. 18 elections. Over the past few months, long-serving leaders in Rwanda, the Republic of Congo and Djibouti also...
(Xinhuanet 02/03/16)
(Xinhua) -- Chinese funding to the African Union (AU) that was announced during the Forum on China-Africa Cooperation held last year in South Africa, is important for establishment of the African Standby Force, a senior UN official Dr. Carlos Lopes has said. "Setting up a force is always very difficult. And if the Chinese were convinced to provide funding for the initial stages, then the whole process will be easy," Lopes who is the Executive Secretary of the UN Economic Commission for Africa (ECA) told Xinhua in an interview during the 26th AU summit that ended on Sunday in Ethiopia.
(Voice of America 02/03/16)
 
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Investors and power developers from around the world gathered in Washington last week to push ideas and efforts to alleviate the shortages of electricity that plague many African countries. The In-Stream Auger Turbine, which uses flowing water to generate power, was among the technological innovations exhibited at the second annual Powering Africa Summit. “This unit, unlike other hydro-energy projects, doesn't take years to perform,” said Chun Pong Ng of Zoetic Global. “Unlike wind and solar that only deliver when Mother Nature cooperates, these units deliver energy 24/7, nonstop as long as the river flows." His company just signed a 100-megawatt purchasing power agreement with Ghana's electricity company and hopes to deliver the turbines by mid-summer. Another example of innovation: Karpownership,...
(The Economist 02/03/16)
Power corrupts. So too does a resource-rich economy, like Nigeria’s, where easy access to oil revenues opens the door to palm-greasing. Of 168 countries surveyed by Transparency International, an anti-corruption group Germany, in its annual Corruption Perception Index, Nigeria ranks 32nd from the bottom. Whistleblowers sometimes try to estimate how much cash has gone missing from Nigeria’s public purse. In 2014 a respected former central-bank governor lost his job after claiming that $20 billion had been stolen. But this captures only a small share of the damage done by corruption. The much bigger question is where Nigeria could be if its politicians and officials were a little more honest. One answer comes from economists at PricewaterhouseCoopers (PwC). They compared Nigeria...
(Voice of America 02/02/16)
The U.S. House of Representatives on Monday passed the Electrify Africa Act, after nearly two years of trying to get the measure through both chambers of Congress. It now goes to President Barack Obama for his signature. The bill will provide a framework for a major public-private partnership between the United States and sub-Saharan African countries to help millions of people gain access to reliable electricity. House Foreign Affairs Committee Chairman Ed Royce of California said the Electrify Africa Act seeks to address the massive electricity shortage that affects the everyday lives of millions of people. “It is a direct response to the fact that today 600 million people living in sub-Saharan Africa — that is 70 percent of the...
(The Christian Science Monitor 02/02/16)
It is unusual for animals to be added to wildlife population counts in Africa, but that is what has happened. By identifying their tracks and using camera traps that were able to snap images of the big cats, conservationists have confirmed reports from residents near a remote national park in Ethiopia that there are lions in the area. This is a welcome thread of good news for the wildlife conservation community, given that the lion population in some African regions has decreased by half since the early 1990s and is expected to decline by half again in the coming decades. “During my professional career I have had to revise the lion distribution map many times,” Hans Bauer, who led the...
(News24 02/01/16)
 
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Harare - Zimbabwean opposition parties have reportedly described as "absurd" President Robert Mugabe's anti-UN and West speech at the just-ended African Union summit in Addis Ababa, Ethiopia. Mugabe told delegates at the AU's 26th ordinary summit over the weekend that African countries would not hesitate to pull out of the United Nations if steps to reform the international body were not taken. Mugabe said it was time for action, as Africa had been talking and begging for years, for the continent's permanent seat at the UN security council, but had not been heard. "We have asked and asked for Security Council reform," Mugabe, 91, said. Watch as Mugabe speaks below. There are only five permanent UN Security Council permanent seats...
(Voice of America 02/01/16)
A new study about Africa shows the importance of developing roads, electrical grids, health clinics and other forms of infrastructure for promoting development — and reducing poverty. The survey by the polling firm Afrobarometer, a nonpartisan research network, found that more than 20 countries in Africa have improved economic growth and living conditions with active government support. The report found that 22 out of the 33 countries surveyed showed impressive improvements in some of the “development infrastructure” that lifts living standards, such as food, clean water, cooking fuel, health care and income.
(Tanzania Daily News 02/01/16)
Statistics indicate that annual malaria deaths in Africa have decreased from an estimated 764,000 in 2000 to 395,000 in 2015. According to a press statement issued yesterday by the Executive Secretary of the African Leaders Malaria Alliance (ALMA), Ms Johannah-Joy Phumaphi, Africa has achieved historic progress in the fight against malaria over the past 15 years. "Since 2000, malaria mortality rates in Africa have fallen by 66 per cent among all age groups and by 71 per cent among children under 5," noted Ms Phumaphi. Approximately 663 million cases of malaria have been averted in sub-Saharan Africa over the last 14 years. In the wake of recognizing those who made it possible for the continent to make it this far,...
(APA 01/31/16)
Zimbabwean President Mugabe has warned that African countries will not hesitate to pull out of the United Nations if the West continues to block efforts to reform and democratise the organisation, state media reported Sunday. The Sunday Mail said the outgoing African Union chairperson warned that the day was coming when the continent would say enough was enough. It said the no-holds-barred speech “was a tour de force in oratory and gave the world nearly an hour of the Zimbabwean leader at his imperious and peerless best on the international stage.”
(Xinhuanet 01/30/16)
(Xinhua) -- The African Union (AU) on Friday reiterated its commitment to stop the illegal migration of African youth to developed nations alongside child marriages that are a blot to the continent's image. Mustapha Sidiki Kaloko, AU Commissioner for Social Affairs, said at a press briefing that the continental body has focused on innovative measures to contain illegal migration and eradicate child marriages. "The migration crisis in Africa has reached alarming proportions. Our youth are risking lives to enter Europe in the belief there are more opportunities there," Kaloko told reporters on the sidelines of the AU summit in Addis Ababa. He regretted that an exodus of African youth will undermine the continent's quest for sustainable development. The African Union...
(Independent Online 01/30/16)
Botswana has maintained its top rating as the least corrupt African country, followed by Seychelles, Rwanda, Mauritius and Namibia which made it into the top 50 least corrupt countries in the world. The rankings are contained in the “Corruption Perceptions Index” of 2015, released this week by global anti-corruption watchdog Transparency International which analysed perceptions of public sector corruption in 168 countries. [Read the full list here] South Africa is positioned at 61, on par with Senegal and Lesotho, but behind Ghana, while Egypt, Algeria and Morocco are some of the few African countries ranked as suffering from middle level corruption, although visible efforts are being made to uproot the scourge. Somalia was ranked at 168 to be deemed the...
(AFP (eng) 01/29/16)
At the entrance to the sprawling Ivindo national park in central Gabon, wildlife guards in paramilitary uniform scour a fisherman's dug-out canoe, going through his bags of worn clothes and bait. "We're looking for arms and ammunition," one says. Gabon, which along with Democratic Republic of Congo now has Africa's biggest forest elephant populations, is deploying scores of "eco-guards", as they are called, to ward off poachers honing in on a prime continental target. The wild territory in the heart of central Africa's tropical forest basin on the border with Cameroon and the Congo has seen a massive jump in ivory smuggling in recent years. About 11,000 elephants have been slaughtered for their tusks in less than 10 years in...
(Xinhuanet 01/29/16)
(Xinhua) -- The African Union (AU) says the mining sector and intra-Africa trade are critical to ensure that trade and industry play a catalytic role in Africa's transformation agenda. Speaking to the press on Wednesday at the AU headquarters in Ethiopia's capital Addis Ababa, Fatima Haram Acyl, AU Commissioner for Trade and Industry, recalled that the AU heads of states adopted the African Mining Vision (AMV) in February 2009, with a view to making the mining sector more responsive to African economic and social development needs.

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(Sabahi 08/19/14)
Somali security forces on Tuesday (August 19th) arrested 30 suspected al-Shabaab members and seized a cache of illegal weapons in a daytime security operation in Mogadishu's Bakara Market, Somalia's RBC Radio reported. Hawlwadag District Commissioner Ahmed Nur Siyad said the security forces acted on intelligence information. "We have found information [that] the suspected al-Shabaab members were hiding in a house in the market; that is why we went there," Siyad told reporters, adding that security forces seized pistols and other weapons in the operation, which is part of a citywide disarmament campaign. Security officers believe guns were intended for use in assassination operations around Mogadishu.
(Dw-World 08/19/14)
African governments are sealing their ports and airports in an attempt to halt the spread of Ebola. But will fever checks and entry bans really make any difference? With more than 1,100 dead and 2,100 suspected cases of Ebola, authorities in many African countries are holding their breath. Many are nervous, and some have begun to isolate themselves. From Tuesday onwards, Kenya Airways has suspended flights to Liberia and Sierra Leone. Ivory Coast is no longer allowing ships from Ebola-hit countries to pass through its waters. In Nigeria, no one is allowed to board a plane unless their temperature is normal and they have passed the airport's "fever check." "I think the restriction of air traffic is an expression of...
(BBC News Africa 08/19/14)
Africa's elephants have reached a tipping point: more are being killed each year than are being born, a study suggests. Researchers believe that since 2010 an average of nearly 35,000 elephants have been killed annually on the continent. They warn that if the rate of poaching continues, the animals could be wiped out in 100 years. The work is published in the Proceedings of the National Academy of Sciences. Lead author George Wittemyer, from Colorado State University, said: "We are shredding the fabric of elephant society and exterminating populations across the continent." While conservationists have long said the outlook was bleak, this study provides a detailed assessment of the impact this is having on Africa's elephants. The researchers have found...
(Ips News 08/18/14)
Nairobi — In the rush to save babies from HIV infection and treat their mothers, experts warn that a key element of HIV prevention is being neglected in Africa - contraceptives for HIV positive women. Yet contraception is the second pillar of successful prevention of HIV transmission from mother to child (PMTCT), along with preventing infection among women and babies, and caring for those infected.
(Pana 08/18/14)
All CAF Competition matches in the three countries worst hit by the Ebola Virus Disease (EVD) are to be relocated to neutral grounds, the African soccer's governing body has directed in a circular sent to its 54 affiliated national associations. “CAF will maintain its schedule of matches on the entire continent, except for 3 countries: Guinea, Liberia, and Sierra Leone, which have recorded a great number of cases. 'CAF has decided to ask the three Federations (…) to relocate to a neutral country the matches of their teams participating in CAF competitions, for a period up to mid-September 2014,” the circular said PANA reports that though Nigeria is also affected by the EVD, the country has only recorded 10 cases...
(Pana 08/18/14)
Some 30 handball referees drawn from federations affiliated to the African Handball Confederation (CAHB) are undergoing an internship in Lomé after which they will be upgraded, sports sources in the Togolese capital told PANA here Wednesday. Under the guidance of two experts - Mr. Kueté Tatsabon and Mr. Aimé Mbengue, the referees will be trained in the new rules in handball. In addition to the rules, the training includes modules on technical, physical and psychological aspects of the game, and referee's preparation before a big competition and stress management. The referees are attending the training in two sessions - the first session which began 11 August with referees from Algeria, Egypt, Chad and Togo, attending until 18 August. A second...
(Dw-World 08/16/14)
Companies developing games for mobile phones are springing up in East Africa. Although the mobile gaming market there is growing, financial returns are still small. But the developers aren't easily discouraged. On the display of 11-year-old Kanini's mobile phone, a matatu - one of those notorious Kenyan share taxis - is roaring along a straight road. The yellow-striped minibus passes a stop sign and more cash is clocked up on the taxi meter. "Cool" says Kanini. "You have to dodge all the other road users - trucks, motorbikes, old cars." Then, all of sudden, another minibus appears, a black one. The game ends - in a crash! The mobile game is Ma3 Racer. "Matatus here in Nairobi drive like maniacs...
(Caj News Africa 08/16/14)
Johannesburg — Three countries worst affected by the recent outbreak of the Ebola virus will play their Orange Africa Cup of Nations 2015 qualifiers at neutral venues, the Confederation of African Football (CAF) confirmed on Thursday. "CAF will maintain its schedule of matches on the entire continent, except for 3 countries: Guinea, Liberia, and Sierra Leone, which have recorded a great number of cases. "CAF has decided to ask the three Federations to relocate to a neutral country the matches of their teams participating in CAF competitions, for a period up to mid-September 2014," CAJ News said. The underlying consequence of this decision is the fact that the group phase matches Guinea vs Togo on 5 September 2014, and Sierra-Leone...
( 08/16/14)
On the sidelines of the recently concluded US-Africa summit in Washington DC, American First Lady Michelle Obama met the spouses of the visiting heads of state. Obama highlighted the importance of extending to women the rights that men take for granted. She expressed the belief that famine and disease would be checked only if women – and girls – were given full access to education. "Until we value women and girls, we won't tackle those other problems. Until we prioritise our girls and understand that they are as important and that their education is as important as the education of our sons, then we will have lots of work to do," Obama said. Beyond education, on a continent where young...
(Voice of America 08/14/14)
The African continent is primed for a massive baby boom within the next four decades, a shift that the United Nations’ children’s agency says represents both a challenge and a huge opportunity. By the year 2050, UNICEF predicts in a report released this week, Africa will be home to about 41 percent of the world’s births. By that time, one in four people on this planet will be African. The boom is caused by several factors. Africa is already home to one of the world’s youngest populations – and within the next few decades, those youngsters will reach reproductive age. The continent also has, for many reasons, high fertility rates and has seen a reduction in child mortality, meaning that...
(Voice of America 08/13/14)
A Spanish priest and two Americans - a doctor and a hygienist – who contracted the Ebola virus disease were evacuated from Liberia recently. Lengthy testing of several drugs that may save the lives of hundreds of Ebola patients or vaccinate communities against a future epidemic has never been done because no one has stepped forward to fund the final necessary research. Guinea, Liberia, Sierra Leone and Nigeria are prepared to offer risks that could mean life of death for more than a thousand people. Doctors for all three sought access to Z-Mapp, a drug treatment that has not been tested on humans. Whether the Madrid hospital where 75-year-old Father Miguel Pajares died this morning had time to give him...
(BBC News Africa 08/13/14)
Africa's under-18 population will swell by two-thirds to reach almost a billion by 2050, a new UN report says. The findings show a "massive shift in the world's child population towards Africa", it says. Its projections indicate that by 2050, about 40% of all children will be in Africa, up from around 10% in 1950. This is despite the fact that child mortality rates in Africa will remain high, it says. The continent currently accounts for about half of child mortality globally and the proportion could rise to around 70% per cent by 2050, according to the Generation 2030/Africa Report released by Unicef, the UN's child agency. However, high fertility rates and rising numbers of women of reproductive age mean...
(Daily Maverick 08/13/14)
12 August is World Elephant Day. In Cape Town this year, conservationists gathered to mark the day by paying tribute to the Kenyan government’s burning of 12 tons of seized elephant tusks in 1989, a move which garnered attention worldwide and led to an international ivory trade ban. The “tusks” burnt by Cape Town conservationists were fake – but the message was very real. By REBECCA DAVIS. It’s a beautiful afternoon in the Blaauwberg Nature Reserve, where the heat is rising. At the centre of the action is a pyre piled with what looks from a distance like an impressive collection of elephant tusks. Flames are leaping, but there’s a small group of firefighters on hand to make sure things...
(Ips News 08/12/14)
Washington — Though West Africa's massive Ebola outbreak may be dominating the spotlight within the global health community, HIV/AIDS remains an enormous issue for Africa as a whole - a sentiment that Washington officials made clear this week in their discussions of legislative and technological setbacks plaguing progress in fighting the epidemic. Despite the World Health Organisation's announcement Friday that Ebola is now an "international public health emergency," doctors, academics and policymakers met Thursday at the Washington office of Kaiser Family Foundation (KFF), a health-policy non-profit, to discuss the similarly urgent threat posed by HIV/AIDS, the subject of last month's 2014 International AIDS Conference in Melbourne, Australia. Uganda's anti-LGBT environment may explain the nation's distinct increase in the number of...
( 08/12/14)
United States President Barack Obama has been urged to stem the flow of the $55.6 billion that has left Africa illegally each year over the last decade, and to address America’s role as a major facilitator of such outflows. The call came from Washington-based Global Financial Integrity (GFI), as African leaders arrived in the US capital for the historic US-Africa Leaders Summit. GFI said that the Obama administration and African leaders should prioritise efforts to curb the illicit capital flight from Africa that has totalled $555.8 billion in the last 10 years. “Illicit financial outflows are by far the most damaging economic problem facing Africa,” said GFI President Raymond Baker, who sits on the UN High Level Panel on Illicit...
(Modern Ghana 08/12/14)
As the youth in Ghana celebrates World Youth day we wish all youth in Ghana Happy youth day. The youth wing of R.P.D would like to caution the NDC government not to mismanage the newly created youth found since the youth of this country has not benefited from any government policy for the past 20 years. A typical example of the waste in tax payers’ money in the name of helping the youth by providing job is SADA, GYEEDA etc. We propose that the Ghc10 million ($2.6m) youth Fund set up to help Ghana’s young start up entrepreneurs should be disbursed on merit. We hope that the Fund will help the youth put their ideas into reality, so they become...
(Xinhuanet 08/12/14)
BEIJING, Aug. 12 (Xinhua) -- China on Monday delivered a second batch of emergency humanitarian aid to three African countries as part of its continued efforts to help them combat the latest round of outbreak of Ebola epidemic, which has claimed nearly 1,000 lives in West Africa. SUPPLIES REPLENISHED A chartered plane carrying supplies from Shanghai in eastern China arrived in Guinea, Sierra Leone and Liberia successively on Monday. The supplies, worth 30 million yuan (4.9 million U.S. dollars), include medical protective clothes, disinfectants, thermo-detectors and medicines. China delivered its first batch of Ebola relief in May, mostly for disease prevention, control and treatment, to Guinea, Liberia, Sierra Leone and Guinea-Bissau. The largest Ebola outbreak ever recorded began in Guinea...
(CNN 08/11/14)
(CNN) -- West African nations are turning to drastic measures in a desperate effort to stem the spread of the deadly Ebola virus. Guinea has closed its border with Sierra Leone, a border police official told CNN. Meanwhile, the Zambian government banned arrivals of people from countries where there has been an Ebola outbreak, as a preventive measure to stop the virus from entering the country. "All delegates from any of the countries affected by Ebola Virus disease are restricted from entering Zambia until further notice," Dr. Joseph Kasonde, Zambia's minister of health, said in a statement Saturday. The virulent virus continues to advance from its epicenter in Sierra Leone to nearby Guinea, Liberia and Nigeria. Other West African governments...
(Xinhuanet 08/11/14)
BEIJING, Aug. 11 (Xinhua) -- Chinese President Xi Jinping has sent messages to presidents of Guinea, Sierra Leone and Liberia respectively to show sympathy to the three African countries over the deaths in an outbreak of Ebola disease. In the messages sent to his Guinean counterpart Alpha Conde, Sierra Leone President Ernest Koroma and Liberian President Ellen Johnson Sirleaf on Sunday, Xi expressed sympathy and solicitude for massive human and economic losses caused by the Ebola outbreak in the three countries, and appreciated the governments' efforts to fight against the epidemic. The Chinese president said that China is willing to support the three countries in containing the spread of Ebola. Xi said that, at this difficult time, the Chinese government...
(Pana 08/11/14)
Washington DC, US - US First Lady, Mrs. Michelle Obama on Wednesday in Washington DC, stressed the need for African first ladies and women groups to embrace the youth in their countries in order to share and partake in their hopes and aspirations. In her remarks at the 'Investing in Our Future', a symposium for spouses of African leaders and other women groups on advancement for women and girls in Africa, at the US-Africa Leaders Summit, Mrs. Obama recalled that six weeks ago, 500 young leaders from across Africa arrived in the US to take part in the Mandela Washington Fellowship for Young African Leaders. Mrs Obama said: 'These young men and women are truly extraordinary, and they have already...

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(Reuters (Eng) 09/02/13)
LONDON, Sept 2 | Mon Sep 2, 2013 (Reuters) - Africa-focused mining and infrastructure firm IMIC said on Monday it signed an offtake agreement with Chinese group Hebei Iron and Steel for iron ore produced from the Nkout project in Cameroon, which IMIC is in the process of acquiring. Junior miner Afferro IMIC, which is allied with African Iron Ore Group, run by Afren Plc founder Bert Cooper, says it can build the infrastructure necessary to begin production at its project in Cameroon. IMIC said the offtake agreements will be used as a vital part of financing the project through Chinese partners such as Hebei - the largest steel producer in China. A similar offtake agreement was crucial to African...
(Reuters (Eng) 08/30/13)
PERTH | Fri Aug 30, 2013 (Reuters) - Australia's Sundance Resources (SDL.AX) expects to bring its $4.7 billion iron ore project in West Africa online by early 2018, despite the collapse of a takeover by China's Hanlong Group in April that many expected to doom the project. Giulio Casello, chief executive of Sundance, told Reuters in an interview that the company is also aiming to finalize an equity partner for the project and have off take secured by the end of the year. By early next year, Sundance expects to have selected a contractor for the development. Investors saw little hope for the future of the project when the Hanlong deal fell through, but Sundance has said it was talking...
(Ghana Business News 08/30/13)
Former UN Secretary-General Mr. Kofi Annan is calling for a link between tax authorities in Africa and global reforms to avoid tax evasion. According to the Ghanaian diplomat, African tax authorities suffer more among all regions struggling to prevent the erosion of tax bases. Mr. Annan made this known in an op-ed published by the Australian Financial Review ahead of G20 leaders’ commitment to discuss global tax reform when they meet in Russia next week. The op-ed was also on why Australia should work towards building a better mining partnership with Africa. “Tax authorities in all regions struggle to prevent the erosion of tax bases, but Africa struggles more than most,” Annan said. Mr. Annan stated “automatic information exchanges must...
(The Africa Report 08/30/13)
George Ferreira Vice-president and chief operating officer, Samsung Electronics Africa. Samsung Electronics is preparing to beat its $10bn target for revenue from Africa in 2015. And according to George Ferreira - Vice-president and chief operating officer of Samsung Africa - the company is also looking at the possibility of setting up more assembly plants to avoid tariff barriers. The Africa Report: Is South Africa still your biggest African market, and do you expect it to be so for the new Samsung Galaxy S4? George Ferreira: For the S4, I would say that the South African market is probably on par with the Nigerian market, although I foresee that the Nigerian market should probably overtake the South African market in terms...
(UKzambians 08/29/13)
Leaders from the UK’s African diaspora are being invited to join a powerful new network aimed at supporting sustainable development across the African continent. Working in collaboration with Comic Relief and Unbound Philanthropy, the Royal Society of Arts (RSA) aims to harness the power of the UK diaspora in order to combat persistent levels of poverty and unemployment among their communities in the UK and Africa. Over a period of more than a year, participants will be tasked with identifying and developing a ‘venture’ – business, social enterprise or project – that addresses a particular cause or issue they are passionate about. The new leadership programme will build on individuals’ knowledge and skills and add to the already extensive levels...
(Voice of America 08/26/13)
DHL calls itself the “logistics company for the world,” providing transportation via rail, road, sea and air. And Company officials see Africa as a place where its business can boom. For that to happen, though, more international companies will need to invest in the continent and base their operations there. DHL’s Sumesh Rahavendra sees that happening. That’s one of the findings from a recent global technological conference sponsored by his company.“There’s quite a bit of evidence to that in terms of global companies starting to set up base in Africa. If you look at the likes of SAP or IBM or Hisense, which is the Chinese company, all of them are setting base in Africa and looking at how specifically...
(The Associated Press 08/26/13)
The United Nations world tourism body said Sunday it has chosen Zimbabwe to lead its Commission for Africa, the continent-wide group for tourism development for the next two years. The U.N. World Tourism Organization said that conflict-troubled Mali also joins the African tourism commission. Zimbabwe and Zambia are co-hosting the 155-nation tourism organization's summit, held every two years, at the resort of Victoria Falls on their common border. The six-day general assembly was formally opened by the two countries' presidents, Robert Mugabe of Zimbabwe and Michael Sata of Zambia. The United Nations said in a statement that July 31 elections in Zimbabwe, bitterly disputed over alleged rigging, "will be respected by the assembly." Australia, Britain, Canada and the United States...
(Reuters (Eng) 08/21/13)
(Reuters) - Tanzania-focused miner African Barrick Gold pinned its turnaround hopes on a new chief executive on Wednesday, appointing industry veteran Bradley A Gordon to replace Greg Hawkins at the helm of the struggling group. The FTSE 250 company, whose poor performance meant it was under pressure even before a gold price rout began in April, said Gordon's appointment would be effective immediately. Gordon, who has worked in the gold mining industry for 30 years, was previously CEO of Intrepid Mines, the Canadian and Australian listed precious metals exploration and development company with primary operations in Indonesia. Analysts welcomed the change, and said Gordon's his lack of African experience was balanced by his ability to manage difficult operations. "The announcement...
(Reuters (Eng) 08/21/13)
LONDON | Wed Aug 21, 2013 (Reuters) - Tanzania-focused miner African Barrick Gold on Wednesday named industry veteran Bradley A Gordon as its new chief executive, succeeding Greg Hawkins who has resigned to pursue other opportunities. African Barrick was under pressure even before a gold price rout began in April, hit by illegal mining, power generation problems and strikes, issues which forced it to warn in February that output would shrink for a fifth straight year. Gordon, who has worked in the gold mining industry for 30 years, was previously CEO of Intrepid Mines, the Canadian and Australian listed precious metals exploration and development company with primary operations in Indonesia. African Barrick initiated a review of its operations earlier this...
(Times of swaziland 08/14/13)
MBABANE – As talks regarding the extension of AGOA post 2015 kicked off on Monday in Ethiopia’s Capital City Addis Ababa, Swaziland and other 49 African countries will be very lucky to see the legislation extended with the same existing terms and conditions, International Business Times has reported. Swaziland is one of the 49 AGOA beneficiaries. AGOA stands for Africa Growth Opportunity Act. AGOA was signed into law in 2000; it offers incentives mostly in the form of duty-free trade access to 49 eligible sub-Saharan economies to liberalise their markets and build connections with American trade partners. The agreement expires in 2015, and US and African officials would be setting fresh terms for its renewal. According to International Business Times,...
(Reuters 08/14/13)
LONDON | Wed Aug 14, 2013 (Reuters) - Iron ore mining group African Minerals (AMIq.L) surprised the market on Wednesday with the abrupt departure of both chief executive and chief financial officer and said it was scrapping expansion plans to focus on existing operations. Its shares fell almost 15 percent despite what some analysts said could prove a positive as the company concentrates on its Sierra Leone mine, Tonkolili. "From the onset it was clear that (Chief Executive Keith)Calder's broader ambition was to grow African Minerals into a diversified miner across West Africa in the near term," Jefferies analysts said in a note. "Perhaps our greatest concern for African Minerals in recent months was that the company would move too...
(Voice of America 08/13/13)
NAIROBI — The United States is keeping a close watch on potential European trade deals with African nations as Washington reviews its own preferential trade initiative with the continent. African ministers and U.S. officials discussed trade relations at a forum Monday in the Ethiopian capital Addis Ababa. The U.S. is considering an extension to the popular African Growth and Opportunity Act, known as AGOA, an American law that allows sub-Saharan African countries to export certain products to the United States duty free. First signed into law in 2000, the act has already been renewed once, and is set to expire in 2015. U.S. Trade Representative Michael Froman has been meeting with African ministers at an AGOA forum in Addis Ababa...
(Reuters 08/09/13)
LONDON | Fri Aug 9, 2013 (Reuters) - Goldman Sachs (GS.N) has appointed Alasdair Warren as head of its financial sponsors group for Europe, Middle East and Africa (EMEA), according to a memo seen by Reuters. Financial sponsors, the term investment banks use to describe private equity firms, are regular users of equity capital markets for selling shares in their portfolio companies. London-based Warren, who joined Goldman in 2005 and was named a partner in 2008, was previously head of equity capital markets (ECM), convertibles and equity derivatives for EMEA. Richard Cormack and Christoph Stanger will jointly take on that role, becoming co-heads of ECM and convertibles in EMEA, the memo said. A spokeswoman for Goldman Sachs confirmed the contents...
( FOROYAA Newspaper 08/07/13)
With its abundance of natural resources and large and growing population , Africa is the next frontier for many global companies. However, while investors are keen to get, there's often a wariness on the part of Africans. The BBC's Vineet Khare travelled to Ethiopia to find out about what can be a tricky relationship and how things are not always so rosy. Watch the video...
(Business Daily 08/06/13)
The top-ranking US trade official Michael Froman said on Monday that issues of "reciprocity" will be raised at a US-Africa conference next week in Ethiopia that will consider renewal of the Agoa trade initiative. The African Growth and Opportunity Act, which is due to expire in 2015, gives duty-free treatment to Kenyan textiles and many other African exports to the United States. Agoa is said to be responsible for creating thousands of jobs in the Kenyan textile industry. But as a condition to Agoa's extension beyond 2015, American negotiators may press African countries to give the same preferential treatment to US exports to Africa. Ambassador Froman made clear in a talk at the Brookings Institution in Washington that the US...
(Reuters 08/06/13)
LAGOS/SYDNEY, Aug 6 (Reuters) - Nigeria is gradually opening up to Islamic finance, a move that could bring non-interest banking to over 80 million Muslims and develop one of Africa's fastest-growing consumer and corporate banking sectors. Home to the largest Muslim population in sub-Saharan Africa, Nigeria is trying to establish itself as the African hub for Islamic finance, which follows religious principles such as bans on interest and gambling. In recent months, a string of regulatory initiatives have set the groundwork for products such as Islamic bonds (sukuk), insurance (takaful) and interbank lending products, although there is still only a small number of local market participants. "The potential is there but the market is negligible in Nigeria because we have...
(African arguments 08/02/13)
UK Minister for Africa, Mark Simmonds, has stated that the government will not intervene directly in Barclays Bank's decision to withdraw banking services to Money Service Businesses (MSBs) including those that provide remittance services to Somalia, but said he hoped that a 'market-based solution' could be found. Simmonds stated in a letter dated 18th July to SOAS academic Laura Hammond (and shared with African Arguments) that "the government would not be able to intervene on behalf of a particular company or 'remittance corridor'". He was responding to a letter submitted by Hammond on behalf of 105 academics, researchers and practitioners calling on the UK government to intervene to prevent the collapse of remittance flows into poor and fragile states, particularly...
(Reuters (Eng) 08/02/13)
LONDON | Fri Aug 2, 2013 (Reuters) - The winning investment strategy of 2013 has been simple but extreme: return home to the safety of the biggest, most-traded markets, or venture to the riskiest frontiers from Ivory Coast to Pakistan. Those in the middle of the risk curve - the biggest emerging markets that now account for almost half of the top 20 world economies - have been the big losers. The contrasting fortunes may herald the start of a broader repricing of big emerging economies where a flood of cheap money from developed economies has distorted prices the most. Risk - which dominated global financial markets in the past few years - has played a smaller role in defining...
(This Day Live 08/02/13)
Against the backdrop of the three-day investment roundtable in Cape Town, South Africa, John Iwori, who attended the event, writes that African countries are forging a common front in the shipping and energy sectors of the continent's economy. Working against One Another That most African countries are working at cross purposes is an understatement. In spite of their proximity, they prefer to work against their common interests. They hardly see each other as partners in progress. In fact, they see themselves as enemies. They work against one another for the benefit of the people on other continents, especially those who ruled over them during the colonial era. The undue rivalry among African countries has often robbed the people on the...
(This Day Live 08/01/13)
The World Bank Group committed a record $14.7 billion in fiscal year 2013 (July 2012 to June 2013) to support economic growth and better development prospects in Africa, despite uncertain economic conditions in the rest of the global economy. “The region has shown remarkable resilience in the face of a global recession and continues to grow strongly,” said World Bank Vice President for the Africa Region, Makhtar Diop. “Africa is at the centre of the World Bank Group 2030 goals of ending extreme poverty and promoting shared prosperity, in an environmentally, socially, and fiscally sustainable manner.” The World Bank Group, according to a release from its Nigeria office in Abuja, continued its strong commitment to Africa approving $8.25 billion in...

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