Friday 23 June 2017
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Bloomberg 06/08/17)
Libya’s biggest oil field shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. Sharara closed on Wednesday, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Workers are protesting a colleague’s death at the field, halting about 270,000 barrels a day, according to a person familiar with the matter, who asked not to be identified because they’re not allowed to speak to the media. Before the halt, Libya’s oil output was at its highest since October 2014, when the country pumped 850,000 barrels a day. The recent increase, along with higher production from Nigeria...
(Premium Times 06/02/17)
The Organisation of Petroleum Exporting Countries, OPEC, on Thursday said it is too early to determine when production caps should be imposed on Nigeria and Libya. The OPEC Secretary-General, Mohammad Barkindo, said this on Thursday at an economic forum in Russia’s St Petersburg. Nigeria and Libya had earlier been exempted from an OPEC and non-OPEC producing members’ agreement to extend the crude oil production cut by another nine months to allow further rebalancing of the market. The decision took place...
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to...
(Reuters (Eng) 05/18/17)
The head of Libya's National Oil Corporation (NOC) is determined to fend off an attempt by the U.N.-backed government to appropriate energy sector powers, and says settling a related dispute with Germany's Wintershall is a "top priority". In an interview with Reuters, NOC Chairman Mustafa Sanalla also said output from NOC subsidiary Waha Oil Co could rise by some 80,000 barrels per day (bpd) in coming weeks and that staff had returned to parts of the Sirte basin for the...
(Press Tv 05/18/17)
Wintershall, a German oil company, has withheld more than $900 million of Libya’s oil money, a senior Libyan official says, as a row deepens over what role the UN-backed government should have in monitoring and implementing oil contracts. Libya’s National Oil Corporation (NOC) chief Mustafa Sanalla has said Wintershall failed to honor a memorandum of understanding that was signed in August 2010 and extended two concessions granted to Wintershall in 1966 in the East Sirte basin, about 1,000 kilometers south...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much...
(The Guardian 05/17/17)
Libya’s National Oil Corporation chief also claims Wintershall colluded with unlawful efforts by Libyan government to take over sale of oil contracts. A German oil producer has been accused by the head of Libya’s National Oil Corporation of withholding more than $900m (£697m) from the Libyan state and colluding with unlawful efforts by Libya’s UN-backed government to take over the sale of the country’s vastly profitable oil contracts. The power struggle between the NOC and Wintershall – which denied that it owed any money and said it had always met
(Bloomberg 05/16/17)
When the impoverished West African nation of Niger imposed a ban on donkey exports last year, a small community of traders just over the border in Nigeria was devastated. “Before the ban, you could see thousands of donkeys here,” said Mohammed Sani, a 45-year-old trader in the Nigerian town of Jibiya, as he wiped the sweat off his brow. “Now look at them: there’s no more than 50, crippling the business.” Donkeys are being slaughtered at an alarming pace to...
(Bloomberg 05/15/17)
The U.K. Serious Fraud Office sought documents as part of a “pending” probe into a dispute between Societe Generale SA and the Libyan Investment Authority, days after the bank agreed to pay 963 million euros ($1.06 billion) to resolve a related civil-bribery lawsuit. A lawyer for the LIA said at a London court hearing Monday that the SFO, which prosecutes white-collar crime, had given Societe Generale a June deadline to comply with a demand for documents related to the case...
(Reuters (Eng) 05/11/17)
Libya's oil production is running at above 800,000 barrels per day (bpd) for the first time since 2014, the National Oil Corporation (NOC) said on Wednesday, but a commercial dispute with German oil firm Wintershall [WINT.UL] has shut in a further 160,000 bpd. Libya's output could reach between 1.1 million and 1.2 million bpd if political obstacles were removed, the NOC said in a statement. "We are able to produce an average of 1.1 million to 1.2 million (bpd) over...
(Financial Times 05/11/17)
Production recovers dramatically but still well below that of before 2011 uprising. Libya’s production has risen to more than 800,000 b/d for the first time since 2014 but a dispute with German energy company Wintershall is hindering further increases, said the head of the north African country’s national oil company. “We are able to produce an average of 1.1m to 1.2m [barrels a day] over the rest of this year but for this to happen our oil must flow freely...
(Bloomberg 05/09/17)
Libya is pumping the most oil in more than two years as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump in oil. The North African country’s production has reached 796,000 barrels a day, Mustafa Sanalla, the chairman of state producer National Oil Corp., said Monday in a statement. Libya was producing about 700,000 barrels a...
(Voice of America 05/05/17)
As Africa grapples with a severe drought, and famine threatens millions of people, experts at the World Economic Forum on Africa this week in the South African city of Durban say food security needs to be a major part of discussions on advancing the continent economically. The annual World Economic Forum in Switzerland is usually a high-powered event, but at this week’s Africa meeting of the international organization, the continent’s big players are welcoming the humble farmer, now known as...
(AFP (eng) 05/04/17)
French bank Societe Generale said Thursday that net profits were hit in the first quarter by a provision covering the settlement of a long-running legal dispute with Libya's sovereign fund. Societe Generale said in a statement that its net profit fell by 19.2 percent to 747 million euros ($813 million) in the period from January to March, short of analysts' expectations. The decline was largely attributable to a 350-million-euro provision to settle litigation with the Libyan Investment Authority, the bank...
(Reuters (Eng) 05/04/17)
Societe Generale (SOGN.PA) avoided a costly and potentially embarrassing court case on Thursday by agreeing to pay nearly 1 billion euros ($1.1 billion) to settle a long-running dispute with the Libyan Investment Authority (LIA). France's second-biggest listed bank reached an 11th-hour settlement over LIA allegations that trades were secured as part of a "fraudulent and corrupt scheme" involving the payment of $58.5 million by SocGen to a Panamanian-registered company. "By settling this dispute ... we avoid a long trial that...
(The Libya Observer 05/04/17)
Local people sleep outside banks once a week to withdraw a small amount of money in the morning as cash crisis worsens. Libya's Grand Mufti Sheikh Sadiq Al-Gharyani has urged Libyan people to stage mass demonstrations to demand their rights as the country’s economic crisis is going from bad to worse with no government solution in sight. “The people in general are complaining and feel imminent danger because of conspiracies and plots by the international community and some of our...
(Xinhuanet 05/04/17)
The World Economic Forum (WEF) Africa Competitiveness Report 2017 released in Durban Thursday called for urgent policy reforms if the continent intends to create more jobs for its growing young population. According to the report issued at the 27th WEF on Africa, fewer than one-quarter of the 450 million new jobs required in the next 20 years will be created if current policies remain unchanged. The report called for structural reforms in the economies to create more jobs for the...
(AFP (eng) 05/02/17)
Libya's oil production, the country's main source of revenue, rose Monday to more than 760,000 barrels per day for the first time since 2014, the National Oil Corporation said. Oil is Libya's main natural resource, with reserves estimated at 48 billion barrels, the largest in Africa. NOC chief Mustafa Sanalla indicated in a statement that "oil production today, for the first time since 2014, passed the 760,000 barrels a day mark". "The NOC is determined to continue its plan to...

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