Monday 23 October 2017
(Reuters (Eng) 10/23/17)
DAR ES SALAAM (Reuters) - Tanzania’s new central bank governor will be tax law professor Florens Luoga, the country’s president said on Monday. President John Magufuli said Luoga would take over in December or January after the tenure of current governor Benno Ndulu expires. “I have decided to appoint a new (central bank) governor from among members of the committees that investigated the mining sector,” Magufuli said. He was speaking at a ceremony to award certificates of recognition to members of two presidential committees that investigated allegations of tax evasion in exports of gold and copper concentrate in the east African country. Luoga currently serves as the deputy vice chancellor of the University of Dar...
(Reuters (Eng) 10/23/17)
Ramat Gan, ISRAEL (Reuters) - Sierra Leone hopes to raise millions of dollars for development projects by auctioning a huge uncut diamond, believed to be one of the world’s largest, in New York in December. It will be the government’s second attempt to sell the 709-carat gem, known as the “Peace Diamond”, after it rejected the highest bid of $7.8 million at an initial auction in New York in May. Over half of the proceeds from the sale will be used to fund clean water, electricity, education and health projects in Sierra Leone, and particularly in the village of Koryardu, in the Kono region in eastern Sierra Leone, where the diamond was discovered. “There’s a reason God gave these diamonds...
(AFP (eng) 10/23/17)
The European Commission on Monday announced a 106-million-euro ($124-million) aid package for Sudan, saying around 4.8 million people needed urgent humanitarian assistance in the African country. The new aid comes at a time when United Nations aid agencies are facing an acute shortage of funds from global donors to meet relief needs in Sudan. The package was announced as EU Commissioner for Humanitarian Aid and Crisis Management, Christos Stylianides, was on a visit to Sudan, including to conflict-hit areas of...
(AFP (eng) 10/20/17)
Thousands of people took to the streets of Benin's commercial capital Cotonou on Friday to protest against President Patrice Talon's economic reforms and the high cost of living. One of the organisers said "more than 10,000" people turned out for the march to the trades union congress building. No official figure was immediately available. The head of the main workers' union in Benin, Nagnini Kassa Mampo, told the crowd: "Public hospitals will soon be privatised, repeated strikes in the education...
(AFP (eng) 10/19/17)
The South African government on Thursday removed the head of troubled state-owned airline South African Airways (SAA), which is deeply in debt and struggling to stay in the air. Chairwoman Dudu Myeni, a close ally of President Jacob Zuma, will be replaced by Johannes Bhekumuzi Magwaza, the finance ministry announced in a boardroom sweep-out. Finance Minister Malusi Gigaba "hopes that the new board... will implement the airline's structural strategy and bring it to financial stability," it said in a statement. The government was last month forced to bail out the loss-making carrier to avoid it defaulting on a 3 billion-rand ($221 million) loan, and refinancing of further debt is under negotiation.
(AFP (eng) 10/18/17)
Sierra Leone said Tuesday it plans to auction off a massive 709-carat diamond at a December sale in New York, aiming to make a clean break with the "blood diamonds" of its past. The stone, which was unearthed in March, is the largest discovered in Sierra Leone in almost a half-century and is between the 10th and 15th largest ever found worldwide, experts say. Sierra Leone authorities told reporters that the massive gem will go up for sale on December...
(AFP (eng) 10/17/17)
Zimbabwe has banned the importation of fruit and vegetables to save scarce foreign currency in the face of a worsening economic crisis, state media reported Tuesday. Agriculture Minister Joseph Made told The Herald that President Robert Mugabe had directed that the importation of horticultural products be stopped "as they waste much-needed foreign currency". "This means that the importation of fruit and vegetables will be stopped immediately." "The foreign currency being wasted on the importation of carrots and grapes will now...
(AFP (eng) 10/16/17)
Angola's new president unveiled a programme of corporate tax sweeteners on Monday intended to boost foreign investment and ease the oil-rich country's dependence on the lacklustre price of crude. "We expect to adopt tax incentives for businesses that invest in the country," President Joao Lourenco said in his first address to parliament since taking office following the August 23 vote. "Our country is in a difficult economic and financial situation due to the drop in oil prices on the international...
(AFP (eng) 10/12/17)
A Nigerian court has ordered the permanent seizure of properties worth some $7 million from the country's former oil minister, who is facing a slew of corruption claims. Judge Abdulaziz Anka, sitting at the Federal High Court in Lagos, on Wednesday ordered the forfeiture of properties in Lagos, Abuja and Port Harcourt. The houses and apartments, valued at 2.6 billion naira and bought through front companies, were linked to Diezani Alison-Madueke and her cousin, Donald Chidi Amamgbo. Anti-corruption investigators found documents at Amamgbo's office that he owned some 18 companies and properties in Britain and the United States, the court has heard. He told Nigeria's Economic and Financial...
(AFP (eng) 10/11/17)
Russia and Morocco hope to cooperate more closely in the energy sector, Russian Prime Minister Dmitri Medvedev said Wednesday during a visit to Rabat. He spoke of a "very promising project to supply liquefied natural gas to meet the needs of the Moroccan economy". "The potential for cooperation is huge," he said during a brief press conference. During his visit the two countries signed deals in the energy, agriculture and hi-tech sectors. "We are discussing further cooperation in the field...
(AFP (eng) 10/11/17)
Sudan's central bank said Wednesday it had received its first overseas fund transfer in US dollars since Washington announced the lifting of a 20-year-old trade embargo against Khartoum. Washington last week announced the lifting of sanctions from this Thursday onwards, saying Khartoum had made progress on conditions set for ending the embargo, in place since 1997. "The transferring of American dollars has commenced after the lifting of sanctions," Sudan's official news agency SUNA said, quoting a statement from the Central...
(APA 10/06/17)
APA-Mbabane (Swaziland) - Fuel prices in Swaziland are set to increase by 2.5 percent midnight on Thursday. The Ministry of Natural Resources and Energy announced on Thursday that retail prices will increase by 0.025 cents with effect from October 5, 2017. Thabile Nkosi, the acting Principal Secretary in the ministry said the latest price rise is the result of increased oil prices which ultimately led to suppliers raising commodity prices. This is the second fuel price increase in Swaziland since...
(AFP (eng) 10/03/17)
Benin's top court has rejected a bid by French group Bollore to recover control of a rail project to link Cotonou with Abidjan, a lawyer for a local firm told AFP. The Supreme Court on Friday "rejected the suit filed by Bollore (Africa Logistics) and the Beninese state in their appeal," said Cyrille Djikui, lawyer for Beninese businessman Samuel Dossou Aworet, who is competing with Bollore. Late Monday, Djikui told AFP that the so-called Echine Dorsale ("Backbone") project to build a line between the port cities in Benin and Ivory Coast was "imagined, conceived and put in place" by Dossou...
(AFP (eng) 10/02/17)
JUBA (Thomson Reuters Foundation) - When Jimmy’s parents finally pulled their son out of the churning river, his body was already lifeless and limp, heavy in the arms of his father. But the eight-year-old’s death – and that of three other boys – could have been easily prevented, had it not been for the price of drinking water in South Sudan’s capital Juba – costing a third of a family’s monthly income. The only school the family could afford was...
(AFP (eng) 10/01/17)
Ivory Coast, the world's top cocoa grower, on Sunday set its minimum rate for farmers at 700 CFA francs per kilo for the 2017-18 crop, a steep drop over the previous year, due to falling global prices. Although production increased 28.5 percent to a record 2.15 million tonnes in the 2016-17 season, world cocoa prices have fallen by more than a third. The minimum price guaranteed to farmers was 1,100 CFA francs (1.68 euros, about $1) per kilo at the...
(Xinhuanet 09/29/17)
With South Africa's "strike season" in full swing, the Department of Labor on Thursday warned against frequent strikes that is harming both the economy and the labor force. In its latest Industrial Action Report, the department said the South African labor market lost a total of 946,323 working days as a result of 122 work stoppages last year. This represents a 4.7-percent increase in working days lost in 2016 as compared to 903,921 days in 2015, according to the report...
(Xinhuanet 09/29/17)
Botswana Foreign Minister Pelonomi Venson-Moitoi said Thursday that the African country and China need each other at a reception celebrating the 68th anniversary of the founding of the People's Republic of China. At the event, Venson-Moitoi said a lot of African countries have benefited from China's development. She also praised China's contribution to the development of education, technology and economy in her country. "The most important thing is that we must have sincerity, and I know we both need each other," she said. Chinese Ambassador to Botswana Zhao Yanbo made a speech at the event about China's achievements in economic and social development, as well as China-Botswana relations.
(Xinhuanet 09/29/17)
The Zimbabwe government has enacted legislation to curb selling of cash by unlicensed dealers, Finance Minister Patrick Chinamasa said in a statement to the parliament on Thursday. The illegal practice has become rampant in the past few months as cash shortages in banks continue in the country. Chinamasa said President Robert Mugabe enacted the Exchange Control Regulations on Thursday. "These regulations will empower the police to arrest anyone trading in currency without a license as it is an offence," Chinamasa said. Because the banks have no sufficient cash for depositors, U.S. dollar notes and bond notes are available on the parallel market but the U.S. dollar is trading at a higher value than bond
(Xinhuanet 09/29/17)
Algeria's fiscal deficit will reach 1,113 billion dinars (about 99 billion U.S. dollars) by the end of 2017, the official Algerian Press Service (APS) reported Thursday. The APS quoted Faisal Tadinit, the general director of the finance ministry, who made the remarks in the Finance and Budget Committee of the People's National Assembly (Lower House) on Thursday. Tadinit explained that the decline in oil prices since mid-2014 has had a significant impact on the low fiscal revenues. In spite of this, the government is continuing its efforts in the field of public investment to keep the economic growth and employment rate
(APA 09/29/17)
A delegation of the International Monetary Fund (IMF), after a two-week stay in Cotonou, has informed President Patrice Talon of its satisfaction with the way the Benin government has met its commitments made April to international financial institutions. “The program approved for Benin is firmly on track and all criteria agreed with the government have been respected,” the head of the IMF delegation Norbert Toé said meeting with the President on Wednesday. The government of Benin has embarked on very...

Pages