Wednesday 23 August 2017
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15 percent, ending more than 90 years as a major presence in the continent as it shifts its focus back to Britain and the United States. The losses from the sale of unwanted assets including the Africa business showed the costs...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with Jean David Mihamle.
(Voice of America 07/25/17)
European and African ministers are meeting in Tunisia about efforts to regulate the flow of refugees from Africa to Europe, primarily along the deadly central Mediterranean route originating in Libya. In a declaration Monday in Tunis, the capital, the ministers said they agreed on a multi-pronged approach to the crisis, including informing people about the risks of illegal migration and the possibility of voluntarily returning home, addressing why migrants leave home and beefing up actions against human traffickers. Participating in the meetings were interior ministers from Algeria, Austria, Chad, Egypt, France, Germany, Italy, Libya, Mali, Malta, Niger, Slovenia, Switzerland, Tunisia and Estonia, which currently holds the EU Council presidency. Through the first half of 2017, nearly 84,000 migrants arrived in...
(Reuters (Eng) 07/24/17)
South Africa's Tongaat Hulett said on Monday it will build a refinery at its Mozambican sugar mill to process brown sugar into white sugar, in a country which has a shortage of refined white sugar. The sugar producer said it will build the 500 million rand ($39 million) refinery at its Xinavane Mill, north of Maputo, with the first production expected in September 2018. Mozambique is a net importer of sugar, although consumption is lower than in neighbor Zimbabwe, the company said. "Production from the Xinavane Refinery will replace imports and the refinery design will provide for efficient future expansion to match growth in the local market and in export opportunities," said the company in a statement. The Johannesburg Stock...
(AFP (eng) 07/21/17)
The 2019 Africa Cup of Nations will expand from 16 to 24 teams and be staged in June and July, the Confederation of African Football (CAF) announced on Thursday. The tournament has traditionally been held in January and February, with the timing of the tournament a source of frustration to European clubs forced to release players in the middle of the season. The CAF executive committee confirmed the changes to the format following a two-day symposium in Rabat, although the tournament will continue to be held every two years and exclusively on African soil. The decision to increase the number of teams mirrors a similar one taken by UEFA to expand the European Championship, with 24 nations taking part at...
(AFP (eng) 07/20/17)
Mozambique must fill in "critical information gaps" over $2 billion of secret government loans, the International Monetary Fund said Thursday, in a scandal that has damaged the nation's economy. At the end of a 10-day mission to Mozambique, IMF officials expressed dissatisfaction with continuing uncertainty about debts built up by state-owned companies from loans by foreign banks including Credit Suisse. A recent audit by New York-based forensic accountants Kroll concluded that $500 million of the $2 billion was still unaccounted for. "Critical information gaps remain unaddressed regarding the use...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread and protracted period of policy easing. This will provide a boost to growth," said John Ashbourne, Africa analyst at Capital Economics. Ghana, which agreed a three-year fiscal discipline deal with the International Monetary Fund in exchange for aid in 2015,...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30 million mobile-banking customers, giving them “a very sizeable platform on the continent,” he said. Vodacom’s purchase of the Safaricom stake from U.K. parent company Vodafone Group Plc gives the South African company access to the fast-growing M-Pesa platform, which processed...
(AfricaNews 07/18/17)
Japan has frozen US$100 million in donations and loans to Mozambique due to the scandal of undisclosed loans by two public companies, the head of Japan’s International Cooperation Agency (JICA) announced in Mozambique, sources say. Katsuyoshi Sudo, quoted by African Press Agency APA, said the funds will be released after the Mozambican government reaches an agreement with the International Monetary Fund (IMF), which has frozen aid to Mozambique until an audit of the loans is published. It is further reported that JICA representative also said that economic relations between Japan and
(Reuters (Eng) 07/18/17)
Three years after he risked his life crossing the Mediterranean Sea from Libya to Italy on a small boat crammed with migrants, 22-year-old Sow Muhammed can hardly believe his luck. The former street hawker from Guinea now works as a caterer in Venice, rents his own apartment, and sends money back home regularly to his mother and siblings in the West African nation. "I am happy I came to Europe, and my family is also happy," he told the Thomson Reuters Foundation as he packed up leftovers at a training event for people who work with refugees, where he had served a menu which included traditional African dishes. "I talk to my family frequently, ask them their needs, and help...
(APA 07/17/17)
Mozambique’s presidfent Filipe Nyusi has launched a new $110 million gas fired power plant station in Macarretane in the southern province of Gaza, APA can report on Monday. According to local media report, the Kuvaninga power project, which was launched on Saturday, is a public private partnership composed of Mozambican investors, with technical and financial assistance from South African partners and its construction commenced in 2014. Kuvaninga will supply 40 megawatts of electricity to the southern grid which is run by the publicly owned electricity company EDM. The gas comes from the Temane field in Inhambane province, operated by the South African petrochemical giant Sasol. For EDM, the Kuvaninga project comes as a lifeline to rescue it from major financial...
(Malawi 24 07/17/17)
In an effort to strengthen border relations between Malawi and Mozambique, officials from Zobue and Mwanza borders held an interface meeting at Mwanza District Commissioner’s office. Confirming the development was Mwanza border publicist Pasqually Zulu who said officials from the two sides met on Friday, July 14. Zulu said cross border crimes, general border relationships, ill treatment of the travelling communities by security agencies and lack of proper documentations were key issues that took centre stage during deliberations. In her remarks at the same meeting, Officer in-charge for Mwanza Police Rhoda Manjolo who was also the leader for the Malawi side commended the visitors for coming to the meeting saying the fruits of the meeting will benefit nationals of both...
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced by some countries as the reason they could not sign or ratify the agreement. However their adoption represented a milestone in the negotiation, as it removed the last obstacle to signing and ratifying the agreement," Mangeni said. The tripartite free...
(APA 07/14/17)
The spokesperson for Mozambique National Statistics Institute (INE), Cirilo Tembe said the country's fourth national population census will have a budget of $45 million funded by the government, the World Bank, and cooperation partners, reports said on Friday. According to the official, the World Bank has allocated $25 million dollars, whilst the Mozambican government will provide 10 million dollars and the remainder will be provided by Sweden, Italy and Indonesia. Tembe, who released details of the funding during a meeting with various interested local groups late on Thursday, explained that the census will be carried out by over 96,000 agents and assured everyone that all the necessary logistical conditions...
(APA 07/14/17)
Global Miner, Vale Mozambique SA Brazilian mining major Vale had fixed a vessel to carry a 70,000 metric ton of metallurgical coal cargo from Nacala in Mozambique to Port Kembla in Australia loading on Friday, APA has observed. The company said in a media statement to APA that this would be the first direct shipment of Nacala met coal to Port Kembla. The mining giant said the import of Mozambique coal is symbolic because Australia is the largest seaborne exporter of met coal in the world, the bulk of which is premium HCCs, prized for its high CSR. Australia exported 172 million mt of met coal in 2016, according to a Goldman Sachs January 2017 report, or 66 percent of...
(APA 07/14/17)
The Moroccan ambassador in Mozambique, Abdelali Rahhl says his country would like to develop with Mozambique agricultural cooperation in an integrated perspective, APA has learnt. The diplomat said his country's intention is to strengthen business relations with Mozambique in the areas of fertilizer production, training of agricultural engineers and mechanization of agriculture. Advertisment "We would like to develop agricultural cooperation with Mozambique in an integrated perspective, first, with regard to fertilizers, following the training of...
(APA 07/12/17)
One of the leading hatcheries in Mozambique, Higest says it will start importing hatching eggs for the production of chicks from Europe as of Tuesday. Higest general director, Mario Couto said on Tuesday that, with the importation of hatching eggs from Europe, the company’s offering was expected to normalise within two weeks. The official did not reveal the amount of money to be spent for initial capital investment. The prohibition on the import or transit of live poultry, wild birds and fresh and frozen meat from South Africa, Zimbabwe and Congo is the result of an outbreak of avian influenza. The ban also covers the import of day-old chicks, fertile and consumer eggs, products of poultry origin for use in...
(Cnbc Africa 07/12/17)
"Africa is an awakening giant," according to the former South African President Frederik Willem de Klerk speaking at the World Petroleum Congress in Istanbul. The leader who oversaw the transition of his country's power to Nelson Mandela said Tuesday that the future looks bright for a continent previously blighted by war, famine and a lack of infrastructure. "I believe Africa is an awakening giant and, yes, it is not performing according to what we expected soon enough, but it will perform," he said. De Klerk believes that African countries are primed to take advantage of the world's growing size. "If we look at food shortages for the rest of the world with a growing population, Africa is the solution," he...
(Voice of America 07/11/17)
In the past five years, terrorist attacks have killed nearly 20,000 people across Africa. Two groups, Boko Haram and al-Shabab, accounted for 71 percent of reported incidents and 91 percent of fatalities. But, while these and other militant groups remain active, fatal terrorist attacks across the continent are on pace to fall for a second straight year, and the total number of attacks is running far below 2012 highs. These findings are part of VOA’s original analysis of data from ACLED, the Armed Conflict Location and Event Data Project. ACLED tracks political violence, protests and terrorist events across Africa. Their reports include attacks since 1997 based on data collected from local news media, government statements, non-governmental organizations and published research...
(Bloomberg 07/10/17)
Many cell phone companies are rethinking their headlong rush into the continent. Only Orange is staying the course. Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa, are making it harder for operators such as Vodafone Group Plc, Orange SA and Bharti Airtel Ltd. to grow. Their choice: Pull back or double down. Two companies beating at least a partial retreat are Millicom International Cellular SA, which...

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