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BRICS Bank to Boost South African Loans by as Much as $600 Million

BRICS Bank to Boost South African Loans by as Much as $600 Million

The New Development Bank plans to lend as much as $600 million more in South Africa this year in an effort to spread funding more evenly across its five member states. The lender, backed by Brazil, Russia, India, China and South Africa, started operations in 2015 to support infrastructure projects and sustainable development initiatives in […]

President Buhari Soon To Sign African Free-Trade Agreement

President Buhari Soon To Sign African Free-Trade Agreement

Nigeria is one of Africa’s two largest economies, the other being South Africa. Buhari’s government had refused to join a continental free-trade zone established in March, on the grounds that it wishes to defend its own businesses and industry. The administration later said it wanted more time to consult business leaders. “In trying to guarantee […]

IMF says Cameroon’s Economic Growth To Rise To 4 Percent in 2018

IMF says Cameroon’s Economic Growth To Rise To 4 Percent in 2018

Cameroon’s economy is expected to grow 4 percent this year, up from 3.2 percent in 2017 due to the start of natural gas production and construction work for an upcoming soccer tournament, the International Monetary Fund (IMF) said.   Growth was slower in 20 17 because of a sharp decline in oil output but new […]

U.S. Backs Ivory Coast Project to Produce Power From Cocoa Waste

U.S. Backs Ivory Coast Project to Produce Power From Cocoa Waste

Ivory Coast plans to produce the world’s first energy from cocoa shells by 2020 after the largest producer of the chocolate ingredient clinched U.S. backing to assess the project. The U.S. Trade and Development Agency will fund a feasibility study for a plant producing as much as 70 megawatts from cocoa waste, officials from the […]

South African Fuel Prices To Rise By More Than 1.5 pct In July

South African Fuel Prices To Rise By More Than 1.5 pct In July

The retail price of petrol in South Africa will rise by more than 1.5 percent from July 4, while the price of wholesale diesel will rise by 1.8 percent, the energy department said on Sunday. The price of petrol will rise by 26 cents to 16.02 rand per litre in the commercial hub of Gauteng […]

Egypt May Have Issued Last LNG Tender, Paving Way for Exports

Egypt May Have Issued Last LNG Tender, Paving Way for Exports

  Egypt may have just issued its last LNG tender, setting the stage to resume exports next year. Imports of liquefied natural gas may stop in the fourth quarter, allowing for exports to start early next year as Eni SpA’s Zohr and other gas fields boost production in the country and help to draw more […]

Why South Africa Is Ripping Up Its Mining Rules Again

Why South Africa Is Ripping Up Its Mining Rules Again

South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, the government revised its mining charter in 2017 to require that companies give more […]

Gold Street Is Where South Africa’s Mining History Goes to Die

Gold Street Is Where South Africa’s Mining History Goes to Die

The death rattle of the industry that once symbolized South Africa can be heard in the town of Carletonville—on Gold Street. That’s where Paseka Selemela has been guarding cars since 2010, when the scaffolding business he worked for closed. Prior to that, he was an assistant at a now-shuttered mine owned by AngloGold Ashanti Ltd. […]

South Africa’s Grid Under Pressure As Electricity Workers Protest

South Africa’s Grid Under Pressure As Electricity Workers Protest

South Africa’s power grid was under pressure on Friday, with controlled blackouts possible, due to workers protesting over pay, a test of new President Cyril Ramaphosa’s efforts put the state electricity provider back on a stable financial footing. A spokesman for Eskom, which produces more than 90 percent of South Africa’s power, said the grid […]

China’s Tsingshan Mulls $1 billion Steel Plant in Zimbabwe

China’s Tsingshan Mulls $1 billion Steel Plant in Zimbabwe

China’s unlisted Tsingshan Holding Group on Monday signed a $1 billion outline agreement with Zimbabwe to build a steelmaking plant there after completing a feasibility study. President Emmerson Mnangagwa’s government is trying to woo foreign investors, especially in mining, as part of efforts to revive an economy that suffered in the later years of Robert […]

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