Friday 18 August 2017
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal of establishing a true partnership for the future", Lighthizer said. "By lowering barriers and tackling other constraints that impede trade and investment, we are poised to see U.S.-Africa trade flourish", he said, underscoring that "much...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year, while exports gained 3 percent to 47 billion U.S. dollars. Transport equipment has become a bright spot in China's exports to African countries, with that of ships, trains and aerospace equipment up 200 percent, 161 percent and 252 percent respectively,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(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...
(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...
(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...
(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...
(Voice of America 07/18/17)
Foreign fishing vessels, many from China, prowl the waters off West Africa every day. They capture millions of fish — catches that used to go to local boats. The fish are then shipped to China, Europe and the United States, satisfying a global demand for seafood and fueling a multibillion-dollar industry. Foreign trawlers from Asia and Europe have cost West Africa's economy 300,000 jobs and $2 billion in income, according to John Hocevar, a marine biologist with Greenpeace. However, what to do about the problem — and possible damage to regional fish populations — has eluded experts and officials. Chinese presence Exact numbers are difficult to come
(APA 07/17/17)
Consumer prices in Senegal declined by 1 percent in April 2017 compared with the previous month, according to data from the Directorate of Forecasting and Economic Studies (DPEE). “This is mainly explained by lower prices for healthcare (less 1.1 percent) and food and non-alcoholic beverages (less 2.4 percent),” the Dakar-based body noted. However, on an annual basis, the general level of consumer prices rose by 2.1 percent during the period under review, mainly as a result of food and non-alcoholic...
(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...
(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,...
(Reuters (Eng) 07/07/17)
Chinese and French companies are bidding to help Gambia build up its Atlantic port Banjul to be what industry sources say could be a rival to neighboring Senegal's Dakar. It would be one of the first major structural changes in Gambia following the end of President Yahya Jammeh's more than 20-year rule in January. State-owned China Communications Construction Company (CCCC) (601800.SS) says one of its subsidiaries has made a bid for a 140 million euro ($159.91 million) contract Gambia has...
(Agence Ecofin 06/27/17)
In Senegal, the Santhiou Mekhe solar power plant, which is said to be the largest in West Africa, has been commissioned on June 23 by President Macky Sall. Named after the region in which it is built, the plant has a capacity 30MW and was devepoled by French company Solairedirect, Engie’s arm in charge of solar energy. Electricity produced at the plant will be sold to SENELEC, the country’s power utility under a 25-year agreement. The project for the infrastructure...
(Reuters (Eng) 06/24/17)
Air Senegal SA has ordered two ATR 72-600 aircraft in a 50 million euro ($56 million) deal as the new flagship carrier seeks to build up a fleet ahead of its launch later this year, the ministry of tourism and air transportation said on Thursday. Toulouse, France-based ATR, a partnership between Airbus and Italy's Leonardo, will deliver the two turboprop planes in November, the ministry said. Air Senegal was formed in April 2016 with 40 billion CFA francs ($68 million)...
(APA 06/14/17)
Gambia's Interior Minister Mai Ahmed Fatty has disclosed that negotiations are at an advanced stage for The Gambia to source electricity supply from Senelec, the national electricity company of Senegal. Fatty spoke to reporters in Banjul at the end of a day-long cabinet meeting. Speaking on behalf of the Information minister who is out of the country, Fatty announced that the government is working on normalising the erratic water and power supply being experienced at the moment in most parts...
(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...
(Voice of America 06/08/17)
It was almost sunset as fishermen guided their boats back onto the beach at Joal, Senegal, after a long day at sea. At first glance, it looks as though they'd collected a good day's haul, but their nets were full of small sardinella, known locally as yaabooy. Fisherman Mamdou Lamine had caught just one bucket of mackerel. He held one up next to a yaabooy to show how much bigger it was — and there are many more yaabooy than...
(RFI 06/02/17)
Senegal's growing oil sector received a 25-million-euro boost from the World Bank on Wednesday to help it negotiate complex oil and gas contracts. But the oil boom has sparked concerns the country may not keep its commitment to the Paris climate deal. Producers say Dakar could be sitting on upwards of one billion barrels of petrol with production slated to begin in 2021. While the world waited Thursday for President Donald Trump to decide whether the US would stay committed...
(Reuters (Eng) 06/01/17)
The World Bank will provide $29 million to help Senegal as it negotiates oil and gas contracts with producers, it said on Wednesday. Oil firms including BP and Total are developing previously untapped oil and gas fields off Senegal's Atlantic coast that could bring billions of dollars of profits to the impoverished country in the next decade. But many citizens have expressed concern that a lack of transparency and the terms of recent contracts mean that the financial benefits may...

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