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Ivory Coast Weighs Cocoa Tax Cuts to Lift Farmer Pay

Ivory Coast Weighs Cocoa Tax Cuts to Lift Farmer Pay

Ivory Coast is considering cutting taxes on buying and and exporting of cocoa to allow for an increase in the minimum price paid to farmers in the upcoming season, according to a person familiar with the matter. The world’s biggest producer of cocoa is unlikely to raise the minimum price that it allows merchants to […]

African Petroleum To Take Gambian Dispute To Court

African Petroleum To Take Gambian Dispute To Court

African Petroleum Corp plans to go to court to resolve its dispute with Gambia, the Norwegian-listed company said on Monday, after the government stripped it of its rights to explore for oil in two offshore areas. “It is a matter of regret that it has come to this; however, we are confident in our legal […]

South Africa’s Petrol, Diesel Pump Prices To Rise In September

South Africa’s Petrol, Diesel Pump Prices To Rise In September

The retail price of petrol and the price of wholesale diesel in South Africa will increase from Sept. 6, the energy department said. The price of petrol will rise by 67 cents to 13.72 rand per litre in the commercial hub of Gauteng province, while diesel will go up by 44 cents to 11.70 rand, […]

IMF Approves One-Year Extension to Ghana’s Credit Program

IMF Approves One-Year Extension to Ghana’s Credit Program

The International Monetary Fund has approved a one-year extension of Ghana’s $918 million credit-facility program after a review of the nation’s progress on monetary and fiscal reforms. The extension will give the West African nation more time to achieve targets such as narrowing the budget shortfall. The IMF approved a payment of $94.2 million to […]

Botswana’s Ailing Copper Town Gets Lease of Life From Texas

Botswana’s Ailing Copper Town Gets Lease of Life From Texas

Brite Star Aviation of Texas has signed an agreement with several Botswanan government agencies to build a 1.4 billion pula ($139 million) manufacturing and assembly plant in Selebi-Phikwe, the north-eastern mining town devastated by the closure of its copper and nickel mine. Brite Star, a closely held company based in Fredericksburg, plans to arrange funding in […]

Steinhoff’s African Listing Overshadowed By Europe Woes

Steinhoff’s African Listing Overshadowed By Europe Woes

A German investigation into alleged accounting fraud by senior managers at Steinhoff’s European operations couldn’t have come at a worse time for its top shareholder Christo Wiese. The South African retail magnate is about to split Steinhoff’s African businesses so investors can better judge the value of its faster-growing ones in the United States, Europe […]

Libya’s Oil Disruptions Widen as Two More Fields Halt Output

Libya’s Oil Disruptions Widen as Two More Fields Halt Output

Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production. El Feel, or Elephant, stopped production, Wessam Al-Messmari, an office manager for the Petroleum Facilities Guard that is protecting the field, said Sunday by phone. State-run […]

Zambian President Tells Glencore Unit To Accept New Power Prices

Zambian President Tells Glencore Unit To Accept New Power Prices

  Zambian President Edgar Lungu has told Glencore’s Mopani Copper Mines (MCM) unit to accept higher electricity prices caused by the removal of state energy subsidies, his spokesman said on Saturday. Copperbelt Energy Corp. (CEC), which buys power from the state-owned electricity company and sells it to mines, slashed the supply to Mopani to 94 […]

Central Bank Balance Sheets Are Headed For A Great Divergence

Central Bank Balance Sheets Are Headed For A Great Divergence

A brief convergence this year in the dollar value of the balance sheets of the Federal Reserve, the European Central Bank and the Bank of Japan has passed and the trio are now set to take very different paths. After all three touched $4.5 trillion in April, they’ve split, mostly due to a rally in […]

AngloGold Ashanti Swings To H1 Loss On Job Cuts, Lawsuit

AngloGold Ashanti Swings To H1 Loss On Job Cuts, Lawsuit

South Africa’s AngloGold Ashanti reported a first-half loss on Monday on costs related to layoffs and money set aside for litigation, but stuck to its full-year targets. Shares in Africa’s biggest gold miner were down 3.2 percent to 130 rand at 0903 GMT, while the wider sector was off 1 percent. AngloGold said it made […]