Category: INTERNATIONAL
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Zimbabwe Should Prepare for Asteroid Mining
A mining research expert says Zimbabwe’s platinum industry could suffer if current efforts by international scientists to source the metal from outer space are successful. Lyman Mlambo, chairman of the Institute of Mining Research at the University of Zimbabwe, said asteroid mining could have far-reaching effects on Zimbabwe’s platinum industry. On September 8, the National…
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Nigeria: MTN Refutes U.S.$14 Billion Illegal Repatriation Allegation
MTN has hit back at allegations emanating from Nigeria’s senate that it illegally moved almost $14bn out of the West African country. The company is accused of repatriating the funds over 10 years starting in 2006, according to Dino Melaye, the politician who made the motion. The four banks involved in the alleged illegal transfers…
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Algeria: Natural Gas, Oil Industry Challenges Emphasized in Ief Declaration
Final Declaration of the 15th International Energy Forum of Algiers (IEF15) has stressed the importance of natural gas, noting that oil industry is facing “structural challenges” because of the falling prices. In the final declaration distributed to reporters following the Forum’s works, held behind closed doors, the participants emphasized the key role of natural gas…
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Egypt: Strong Bilateral Relations Promote China-Egypt Investment Cooperation – Egypt’s Trade Minister
Egyptian Minister of Trade and Industry Tarek Kabil said on Tuesday that the strong bilateral relations between the two nations will promote China-Egypt investment cooperation and his country is seeking more Chinese investments in his country. “Egypt is a good investment hub and we expect more Chinese investments in the near future,” Kabil told Xinhua.…
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Nigeria: Crude Oil Slumps One Day After OPEC Deal to Cut Output
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday. This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it…
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Asia stocks slide as Deutsche sours mood, oil pulls back
t index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 1 percent and was on track for a 0.9 percent drop for the week. But it is poised for a 1.7 percent gain in September, and a 9 percent jump in the third quarter. On Thursday, Wall Street lost about 1 percent as Deutsche Bank shares…
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Kenya, Uganda set to position E. Africa as the next oil frontier
Kenya and Uganda are set to position East Africa as the next oil development frontier, Bloomberg Intelligence has said. The note based the findings on the discovery of several onshore deposits. They include the billion-barrel potential at Uganda’s Lake Albert and Kenya’s South Lokichar Basin. “While early-stage, with full development not expected until 2020 or…
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Ivory Coast increases cocoa farmer price by 10 pct
Ivory Coast increased the minimum price farmers must get for a kg of cocoa beans for the 2016-17 crop by 10 percent to 1,100 CFA ($1.88), a government spokesman said on Wednesday, the first day of the new season. The world’s top cocoa producer recorded port arrivals of 1,565,000 tonnes of beans in 2015-16, down…
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Zimbabwe: Money Supply Increases – RBZ
Zimbabwe’s money supply growth increased by 1,71 percentage points to 14,84 percent in July from 13,13 percent in June due to increased foreign exchange inflows during the tobacco selling season. According the Reserve Bank of Zimbabwe (RBZ)’s latest monthly economic review, annual growth in money supply was on the back of increases in demand and…
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Tanzania: Nigerian Firm Eyes 1.4trn/ – Power Project in Dar
Nigerian company, Egbin Power Plc, has expressed interest to invest 630 million US Dollars (about 1.4trn/-) in construction of a natural gasfired power plant in Tanzania. The major boost to the country’s power generation is the newest public-private partnership project expected to turn around the energy sector in the East African nation. Speaking to Tanzanian journalists…