| Africatime
Thursday 23 March 2017
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years, given the recent drop in prices and the emergence of new innovative business models. The EU’s electrification funding initiative, “ElectriFI”, helps to harness and stimulate private sector investment to enhance access to renewable energy. More...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get rejected but the others come," said Flowers, chair of the African Global Economic and Development Summit. "This year it was 100 percent. Every delegation. And it was sad to see, because these people were so disheartened." Flowers estimated that she...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(AFP (eng) 03/03/17)
International watchdog Global Witness on Friday accused Swiss-based mining corporation Glencore of paying more than $75 million to a scandal-hit Israeli businessman with close links to the Democratic Republic of Congo's President Joseph Kabila. "Between 2013 and 2016 mining giant Glencore paid over $75 million to Dan Gertler, a controversial businessman accused of bribing senior officials in Democratic Republic of Congo to advance his mining interests," Global Witness said in a statement. "These payments were due to be (made) to Congo's state mining company Gecamines under the terms of the original contract it had with Glencore," said the environmental and corruption watchdog. Instead, however, they were made to Gertler, whom
(Bloomberg 03/03/17)
Glencore Plc paid more than $100 million previously owed to the Democratic Republic of Congo’s state mining business to a company controlled by billionaire investor Dan Gertler, according to advocacy group Global Witness. It’s the first time the value of the payments made to Gertler have been made public, after London-based Global Witness reported in November that government-owned Gecamines signed over its royalties from the Kamoto copper project in southeastern Congo to Gertler in January 2015. Gertler’s privately held Fleurette Group said the payments were made on instruction from Gecamines to help repay a loan. Glencore’s Katanga Mining Ltd. made the royalty and contractual bonus
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun...
(AFP (eng) 02/14/17)
Mining giant Glencore said Monday it had struck a deal worth nearly $1 billion to purchase shares of two mines in the Democratic Republic of Congo from a controversial Israeli magnate. Switzerland-based Glencore said it will pay Israeli billionaire Dan Gertler's Fleurette group $960 million (905 million euros) for Fleurette's 31 percent share in the Mutanda mine and 10.25 percent stake in the Katanga mine. Glencore, widely regarded as a maverick in the global commodities sector, will assume full control...
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment...
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax...
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication...
(Bloomberg 01/27/17)
The Democratic Republic of Congo’s state-owned Gecamines received at least $33 million to proceed with the $3.8 billion sale of one of the country’s biggest copper mines to Chinese buyers after blocking a deal for eight months. Freeport McMoran Inc. paid the settlement as its share in an agreement to resolve all claims against the sale in May of its 56 percent stake in the Tenke Fungurume copper and cobalt mine to China Molybdenum Co. The agreement was also signed...
(Bloomberg 01/27/17)
Barclays Africa Group Ltd. was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the...
(Xinhuanet 01/26/17)
Adopting African Continental Free Trade Area (CFTA) has been named a major task for the African Union (AU) this year as the 30th session of its Executive Council opened on Wednesday. In her remarks at the opening of the meeting, Nkosazana Dlamini-Zuma, Chairperson of the AU Commission, called for member countries' commitment to meeting the first target in Agenda 2063 of commencing the CFTA by end of 2017. She underlines the need "to do what needs to be done on...
(Cnbc Africa 01/24/17)
While Brexit and the U.S. election dominated headlines in 2016, the African continent witnessed major changes of its own. Its two largest economies were destabilized, with Nigeria being driven into recession and the South African political elite grappling for power. Conflict continued to make news, with the continuation of people trafficking across the Mediterranean and violence in South Sudan bubbling over. Macroeconomic concerns Growth in Sub-Saharan Africa fell to 1.5 percent in 2016 according to the World Bank, which deemed...
(Bloomberg 01/17/17)
The Congolese government has dropped objections to Freeport-McMoRan Inc. and Lundin Mining Corp.’s $3.8 billion combined sales of one of the country’s biggest mines to Chinese companies, bringing an end to an eight-month dispute. Minister of Mines Martin Kabwelulu said by text messages that he had written to all parties acknowledging agreements reached by state-owned miner Gecamines to settle objections to the sales and indicating the state had no further opposition. New terms between the parties will allow Freeport and...
(Bloomberg 01/06/17)
Glencore Plc, the commodities trader and miner headed by billionaire Ivan Glasenberg, is considering increasing its stake in the Mutanda copper mine in the Democratic Republic of Congo. The Swiss firm, which already owns 69 percent of the mine, will make a further announcement if appropriate, it said in a statement Thursday, without elaborating. Israeli billionaire Dan Gertler’s Fleurette Group owns the rest of Mutanda. A spokesman for Fleurette Group declined to comment. Glencore last year completed a debt reduction...

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