Sunday 25 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...
(Reuters (Eng) 06/07/17)
Global oil traders Vitol and Gunvor [GGL.UL] are interested in buying Mozambique's struggling state-owned fuel distributor Petromac, local media reported on Wednesday. An executive at Switzerland-based Gunvor and a senior investment manager at Vitol told Zitamar News, a Maputo-based news website, they are interested in the cash-strapped firm. Petromac has struggled to reliably supply Mozambique with fuel due to cash shortages and the government has warned it is among the state institutions that pose a risk to the southeast African country's financial stability. Fuel distributors operating in Mozambique include France's Total, Portugal's Galp and BP. Petromac holds around 40 percent of the distribution market.
(Bloomberg 06/02/17)
Eni SpA led a group that signed off on a $7 billion investment in a project to export natural gas from Mozambique. The country’s President Filipe Nyusi and Eni Chief Executive Officer Claudio Descalzi attended a ceremony in the capital Maputo on Thursday to formally approve the Coral South liquefied natural gas project. Once built, the floating LNG plant, with a capacity of about 3.4 million tons a year, will draw gas from the Rovuma Basin where Eni made its...
(Reuters (Eng) 06/02/17)
Italian energy company Eni signed an $8 billion deal on Thursday to develop a gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia. Developing the Coral South field, discovered in May 2012 and operated by Eni, requires building six subsea wells connected to a floating facility capable of producing about 3.4 million tonnes of liquefied natural gas (LNG) per year, Eni said. The project would cost $8 billion and LNG exports were expected to start in 2022, Eni said.
(Xinhuanet 06/02/17)
President of Mozambique Filipe Nyusi launched on Thursday in Maputo a 6 billion U.S. dollar project, including an installment of a floating liquefied natural gas (FLNG) facility in Cabo Delgado province, northern region of the country. Located in the Area Four block at Rovuma Basin, the project of Coral gas field is a joint venture by energy giants sponsored by China National Petroleum Corporation (CNPC), the Portuguese energy company Galp, the Korean Kogas, the Italian ENI and the Mozambican ENH...
(APA 05/23/17)
The Mozambican Minister of Mineral Resources, Letícia Klemens, has said South Africa's petrochemical giant Sasol is investing $2.4 million in the construction of a gas processing plant in Mozambique, APA can report on Tuesday. According to local media reports, Klemens made the announcement on Tuesday during a visit to the petrochemical company, and that the new project is to start in 2019. State-controlled daily newspaper Noticias says Sasol is currently investing in the opening of new natural gas wells and in the assembly of new pipelines, and consequently in the increase of production and the infrastructure for the domestic gas processing and light oil.
(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...
(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...
(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...
(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...
(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...
(Bloomberg 05/02/17)
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa. Aramco, as Saudi Arabian Oil Co. is known, is building refineries in the kingdom and in Asia to help it increase sales and purchases of gasoline, diesel and other products to more than 2 million barrels a day, said Ibrahim Al-Buainain, chief...
(Macauhub 04/28/17)
A magnetite transport train that has been tested on the Ressano Garcia railway since 1 April has made it possible to reduce the number of trucks that arrive daily at the port of Maputo, said Mozambique’s Minister of Transport and Communications. The train, consisting of 75 wagons of 60 tonnes each, carrying 4,500 tonnes of magnetite per trip “is not only contributing to reducing congestion of National Road Number Four (EN4), but also improves the logistics chain,” said minister Carlos...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet...
(AFP (eng) 04/26/17)
A squad of Mozambican forest rangers made their first arrest just minutes after arriving at a checkpoint near the northern port city of Pemba. Nicolau Moises, the forestry department chief in Cabo Delgado province, one of Mozambique's top timber-producing regions, quickly seized a truck piled high with freshly-cut bamboo stalks. The driver of the vehicle was accused of breaking an annual 90-day ban on logging -- just one tactic in Mozambique's battle against deforestation. That moratorium has been extended a further three months. Tropical forests cover more than half of the southern African country's landmass but China's insatiable appetite for rare types of wood to feed its furniture industry
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will...
(Bloomberg 04/20/17)
WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile-payment platforms and expatriates send cash home. The seven-year-old company, in which Facebook Inc.-backer Accel Partners LP invested $40 million in 2014, will this year open a regional office in South Africa, its largest market on the continent in terms of money-transfer value, founder and Chief Executive Officer Ismail Ahmed said in an interview. Another site will start...
(AFP (eng) 04/18/17)
The International Monetary Fund on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. "Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016," the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating drought had affected...
(Xinhuanet 04/18/17)
Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund (UNFPA) Regional Director Dr Julitta Onabanjo told Xinhua in Nairobi that remittances are important source of income for many African families. "The diaspora therefore complements government efforts to lift many families out of poverty," Onabanjo said on the sidelines of the First Africa-China Conference on Population and Development. Onabanjo said that Africans in the diaspora also bring back...

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