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Miner Lonmin Narrows H1 Loss, Trims Spending Target

Miner Lonmin Narrows H1 Loss, Trims Spending Target

Lonmin said on Monday it narrowed its first-half operating loss and lowered its spending target for the year as the platinum miner prepared for a merger with Sibanye-Stillwater.   The London-listed miner, which is being bought by Sibanye-Stillwater, reported a first-half operating loss of $32 million compared with a loss of $181 million a year […]

Ghana’s Cocobod Seeking $1.5 bln From China’s Eximbank- CEO

Ghana’s Cocobod Seeking $1.5 bln From China’s Eximbank- CEO

Ghana’s Cocobod is seeking up to $1.5 billion from China’s Eximbank to improve farms and install irrigation systems and other projects, the regulator’s chief executive Joseph Aidoo said on Wednesday. China will also grant the West African country $35 million to help build a 40,000-tonne state-run cocoa processing plant, Aidoo told reporters at the start […]

IMF Warns Of Rising African Debt Despite Faster Economic Growth

IMF Warns Of Rising African Debt Despite Faster Economic Growth

Sub-Saharan African nations are at growing risk of debt distress because of heavy borrowing and gaping deficits, despite an overall uptick in economic growth, the International Monetary Fund warned on Tuesday. The sober assessment comes as African countries continue to tap international debt markets and issue record levels of debt in foreign currencies, spurred on […]

Record Bond Sales Await Nigeria as Firms Flock to Raise Debt

Record Bond Sales Await Nigeria as Firms Flock to Raise Debt

Nigeria’s securities regulator is preparing for record bond issuance from companies seeking to benefit from lower interest rates and an economy on the mend. The bond bonanza comes as Africa’s biggest oil producer recovers from a 2016 contraction, with the International Monetary Fund predicting an expansion of 2.1 percent this year. It will also mark […]

Egypt Population Surge Must Be Met with Job Growth, IMF Says

Egypt Population Surge Must Be Met with Job Growth, IMF Says

Egypt needs to embrace policies that strengthen the private sector and promote job growth in order to cement the gains realized from sweeping economic revival efforts, the International Monetary Fund said. At the same time, the government can’t afford to delay in moving ahead with cuts in costly energy subsidies or risk straining the budget […]

Ex-Tax Agency Boss Receives Disciplinary Charges

Ex-Tax Agency Boss Receives Disciplinary Charges

South Africa’s presidency served disciplinary charges on former tax agency head Tom Moyane for alleged misconduct that was in violation of his duties and responsibilities.  Retired Constitutional Court Judge Kate O’Regan will preside over the disciplinary inquiry, which relates to “alleged leadership and organizational failures,” the presidency said in an emailed statement Friday.  President Cyril […]

Mutharika Says Economy To Grow By 6 Percent in 2019

Mutharika Says Economy To Grow By 6 Percent in 2019

Malawi’s economy will grow by as much as 6 percent in 2019 from a 4 percent expansion expected in 2018, President Peter Mutharika said on Friday, in remarks ahead of the presentation of the national budget in parliament. Malawi, which is heavily reliant on financing from foreign donors, mostly Britain, other European Union countries and […]

Vedanta Chairman Told Anglo Not To Sell South African Assets

Vedanta Chairman Told Anglo Not To Sell South African Assets

The chairman of Vedanta Resources Plc, who is also Anglo American’s biggest shareholder, said on Monday he had convinced Anglo not to sell off key assets in South Africa. Indian industrialist Anil Agarwal has an almost 20 percent stake in Anglo through his family trust Volcan Investments and has played down speculation that he is […]

IMF Approves New Three-year Loan Arrangement For Malawi

IMF Approves New Three-year Loan Arrangement For Malawi

The International Monetary Fund (IMF) has approved a new three-year $112.3 million loan arrangement for Malawi to assist the southern African country’s economic and financial reforms. In a statement late on Monday, the IMF said the approval would enable the immediate disbursement of about $16 million, with the remaining amount to be phased over the […]

World Bank Approves $180 mln Loan Guarantee For Kenya’s Energy Sector

World Bank Approves $180 mln Loan Guarantee For Kenya’s Energy Sector

The World Bank approved a $180 million loan guarantee on Monday for Kenya Electricity Generation Company to help strengthen the financial position of the state-run company, which produces more than 70 percent of the country’s electricity. The guarantee will help in long-term commercial financing of up to $300 million to refinance part of KenGen’s existing […]