Wednesday 13 December 2017
(Agence Ecofin 12/12/17)
The parliament of DRC has adopted a new mining code which should boost taxes and royalties paid by mining firms operating in the country. The news which was disclosed this week-end, was relayed by many international media such as Reuters and BBC Africa. The revision project was proposed in 2015 but its adoption process was halted in March 2016 due to various objections from mining firms which complained about the fact that it would impact the profitability of investments made in the sector. If no actual detail was given about the amendments, it appears that they are not as significant as those proposed under the initial bill. The DRC which received major firms such as...
(AFP (eng) 12/04/17)
Swiss food giant Nestle announced Sunday that it would close its factory in Kinshasa, capital of the Democratic Republic of Congo, a potential market of 80 million people but one beset by poverty and political instability. "We will close our factory and offices by the end of January and continue developing our economic distribution model through third parties," a spokeswoman for the group told AFP. The decision affects 120 people and Nestle will offer laid-off employees "a series of compensatory measures more favourable than required by local labour laws," she said. Nestle has been in the country since 2009 and opened a factory producing Maggi stock cubes, but has posted losses ever since. The food giant's investment of 15 million...
(Reuters (Eng) 11/29/17)
The electric vehicle (EV) story continues to gather momentum, with even major oil companies scrambling to join the coming green energy revolution. Royal Dutch Shell has just announced a partnership with leading automotive companies to install super-fast chargers on European highways. But as ever more companies sign up to the bright, shiny EV future, there is rising concern about the heart of darkness in this new technology -- you can’t power an EV without a lithium-ion battery and, for now...
(Agence Ecofin 11/27/17)
According to a circular that came into effect on November 20, 2017, Congo’s Minister of Foreign Affairs, Lumeya-Dhu-Maleghi (photo), has put in place new measures to accelerate procedures to secure land deeds and other related documents, in addition to reduce related costs. “Starting from November 20, 2017, and as it was agreed after assessing the various steps associated with procedures during the file processing, 15 working days, instead of 2 to 3 months, this is the maximum delay set to...
(AFP (eng) 11/21/17)
The Democratic Republic of Congo's state-owned mining company Gecamines on Monday accused its foreign partners of "stealing" after its book-keeping was challenged by US and British reports. "For the past 15 years our partners have... cheated us and stolen from us. That must stop," said Albert Yuma, chairman of the board and a close associate of President Joseph Kabila. In July, the British NGO Global Witness described the Congolese mining sector as a "cash machine" for Joseph Kabila's regime, which has been in power since 2001. And in early November American NGO the Carter Center estimated that a total of $750 million (644 million euros), generated by the mining production between 2011 and 2014...
(Reuters (Eng) 11/14/17)
KIGALI (Reuters) - The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday. The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies. The fiscal slump has meant governments have not allowed foreign airlines to...
(Reuters (Eng) 11/08/17)
GUANGZHOU, China (Reuters) - China is depending too much on the Democratic Republic of Congo (DRC) for cobalt, a crucial component in electric vehicle (EV) batteries, and should take steps to ensure security of supply, delegates said at an industry conference on Tuesday. China, the world’s top cobalt consumer, is “over-reliant” on the African country, which accounts for around half of global cobalt supplies, said Wu Lijue, chairman of Guangdong Jiana Energy Technology Co, a supplier of cobalt salts and...
(AFP (eng) 11/04/17)
Some $750 million (644 million euros) in revenue from Democratic Republic of Congo's mines between 2011 and 2014 "cannot be reliably tracked" in the records of the state-owned Gecamines, the Carter Center said Friday. The US foundation, in a report, suggested Gecamines used "its privileged position to generate US$1.1 billion from copper and cobalt deals between 2011 and 2014" yet had failed to reliably account for almost two-thirds of the revenue. Gecamines wields control of the vast nation's "best mining permits", enabling it "to generate substantial revenues from its partnerships, averaging US$262 million per year in royalties...
(Reuters (Eng) 10/31/17)
HARARE (Reuters) - Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders. The IMF said a...
(AFP (eng) 10/18/17)
Rent-a-room giant Airbnb said Tuesday that it had provided accommodation for 1.2 million visitors to Africa over the last year -- double the previous year as tourism expands across the continent. The website now offers more than 100,000 accommodation options in Africa, global public affairs director Chris Lehane said on a visit to Johannesburg. "It's an incredibly rich and diverse continent, an incredibly dynamic place, certainly a big part of our future," Lehane told AFP. Airbnb was founded in 2008...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(Reuters (Eng) 10/10/17)
ABIDJAN (Reuters) - Congo’s mines minister has ordered a joint venture of Chinese investors to stop exporting raw copper and cobalt before processing because of their low value on international markets. Sinohydro Corp [SINOH.UL] and China Railway Group Limited agreed to build $3 billion worth of roads, railways and other infrastructure, with the investments to be reimbursed by earnings from its majority stake in the Sicomines project. Democratic Republic of Congo’s government presented the $6 billion deal - one of...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(The Guardian 09/18/17)
Anna Jones says that, through selling its cocoa cheaply, Africa is exporting its wealth overseas; while Sue Banford claims that the soya moratorium in the Amazon has done nothing to halt deforestation. Only the final paragraph in your article on cocoa farming causing deforestation in Ivory Coast (Forests pay price for world’s taste for cocoa, 14 September) mentioned the most fundamental thing – the farmer’s livelihood, or lack of it. The low value of his (or more likely her) crop...
(Bloomberg 09/15/17)
Societe Generale SA, challenged on its home turf by Orange SA’s push into banking, is fighting back with a new mobile lender in Africa. The French lender started YUP, a new app for smartphones, in Senegal and Ivory Coast and plans to begin operating in four other sub-Saharan countries this year and next, the company said on Thursday. The bank aims to double its client base to 2 million in the region within three years. “Telcos have opened the way...

Pages