Category: Africa
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South Africa’s Harmony Gold says strike at mine resolved
South Africa’s Harmony Gold has brought all employees at its Kusasalethu mine to the surface and will restart production after an illegal sit-in of nearly 48 hours, the bullion miner said on Friday. About 1,700 workers at the mine situated 70 km from Johannesburg brought production to a standstill on Wednesday, demanding payment of a…
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Uganda: Where Is Uganda’s Oil Money?
The Uganda government is yet to start oil production, but it is already earning money that can be termed as oil related revenue. Over the last two weeks, the discussion in the country has been concentrated around the Shs6b that was paid to 45 public officials for ensuring that Uganda ripped benefits from two transactions.…
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South Africa’s cenbank to weigh in on Barclays Africa bailout report
South Africa’s central bank will give extensive comment to the anti-graft watchdog about a preliminary report claiming Barclays Africa Group benefited from an apartheid-era bailout, Governor Lesetja Kganyago told talk radio 702 on Friday. The Mail & Guardian newspaper reported that Absa, a unit of Barclays Africa Group, could be forced to pay 2.25 billion…
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Nigeria’s NNPC proposes changes to increase deepwater oil revenues
Nigeria’s state oil company has proposed legal amendments aimed at enabling the government to increase royalties and other revenues from deepwater oil production. OPEC member Nigeria has been hit hard by a slump in crude oil prices in the last two years, which helped to push the country into recession. And militant attacks in the…
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Tanzania: Marching Orders for Meat Factory, Mining Investors
President John Magufuli has directed responsible authorities to revoke licences issued to investors for a meat factory and mining in Shinyanga Region. He also revealed his government’s intention to modify the Tanzania Social Action Fund (TASAF) system of issuing money to poor families following the discovery of 55,000 ghost households that were receiving cash transfers…
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Nigeria oil union suspends three-day strike after talks
A Nigerian oil labour union has suspended a nationwide three-day strike over job losses that hit petrol stations and oil tankers, following talks with the government on Wednesday. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is one of several labour unions that have criticised oil companies for sacking workers in the last…
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Tanzania: JPM Hits At Food Shortage Cheats
President John Magufuli has come out strongly in condemnation of unscrupulous businessmen, politicians and the media for creating artificial food shortage. He has also ordered immediate review of the costs estimated for the construction of Simiyu Regional Hospital down from the whopping 46bn/- to around 10bn/-. Addressing a public rally in Simiyu yesterday where he…
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Egypt: Naguib Sawiris Egypt’s Biggest Billionaire Gainer in 2016 – Forbes
Egyptian business tycoon Naguib Sawiris was Egypt’s biggest billionaire gainer in 2016, according to a report issued by Forbes. The net worth of Naguib’s fortune increased $700 million to reach $3.7 billion. He became Africa’s seventh-richest person after he occupied the 10th position in the previous year. In December 2016, Naguib announced that he would…
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South Africa grain industry group sees 2017 maize surplus
South African industry group Grain SA sees a 2017 maize surplus after last year’s drought-induced deficit and its surveys show farmers have planted 2.4 million hectares this season, an 18 percent increase over 2016, its chief executive said on Thursday. “What I’ve learned from our surveys and discussions with the farmers is that we will…
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Uganda’s Debt Accumulation Makes It Vulnerable to Defaulting, Says IMF
Uganda’s expenditure on infrastructure projects using debt has not yet reached levels where the country is at risk of defaulting. In its seventh review of the Ugandan economy under the Policy Support Instrument (PSI) released on Wednesday, the International Monetary Fund (IMF) reveals that much as Uganda is not at risk of defaulting, is considered…