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South Africa Eyes BRICS Partners To Build New $10 Billion Refinery

South Africa Eyes BRICS Partners To Build New $10 Billion Refinery

South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo said on Tuesday.   The idea of building a refinery in Africa’s most industrialised economy has been under consideration for almost […]

Mali Expects Industrial Gold Mining To Beat 2017 Forecasts

Mali Expects Industrial Gold Mining To Beat 2017 Forecasts

Industrial gold production in Mali, Africa’s third biggest producer, is on track to exceed earlier forecasts for this year, a government official said on Friday. Mali’s industrial miners produced 46.9 tonnes of gold last year, but the government said in May that production in 2017 would slip to about 45 tonnes as the country waited […]

Lourenco Fires Dos Santos’ Daughter as Sonangol Boss

Lourenco Fires Dos Santos’ Daughter as Sonangol Boss

  Angolan President Joao Lourenco dismissed Isabel dos Santos as chair of state-owned oil company Sonangol as he takes aim at the family of former President Jose Eduardo dos Santos. Africa’s richest woman was relieved of her post along with the entire board of Sonangol, according to a presidential statement. Later Wednesday the government ordered the […]

South Africa’s Debt Costs Leap on Record 3.3 Billion-Rand Sale

South Africa’s Debt Costs Leap on Record 3.3 Billion-Rand Sale

South Africa’s embattled Treasury had no trouble selling a record amount of debt at its weekly fixed-rate auction Tuesday — but at a cost. Primary dealers placed orders for more than three times the amount of debt on sale, snapping up yields as much as 75 basis points higher than were available two months ago. The […]

Euro Economy is Heading Toward a Golden Period

Euro Economy is Heading Toward a Golden Period

Europe is no longer the sick man of the world economy. The 19-nation bloc is already enjoying the strongest growth in a decade and now economists at Credit Suisse Group AG and Oxford Economics are declaring that it’s heading toward a golden period of low-inflationary expansion. The turnaround is striking for a region that plunged from […]

How the ‘Warren Buffett of Arabia’ Built His Fortune

How the ‘Warren Buffett of Arabia’ Built His Fortune

When the Saudi king had dozens of powerful princes and businessmen arrested on Nov. 4 in a crackdown on corruption, none of the names grabbed global attention quite like that of Prince Alwaleed bin Talal. The world’s 61st-richest person, the royal is practiced at grabbing attention. For decades he’s been a celebrity on Wall Street, […]

MTN Takes on Vodacom as Africa’s Biggest Digital Bank

MTN Takes on Vodacom as Africa’s Biggest Digital Bank

MTN Group Ltd. is seeking to challenge rival Vodacom Group Ltd. as Africa’s biggest digital bank by tripling its customer numbers within three years. Already the continent’s biggest mobile-phone company by subscribers, Johannesburg-based MTN is adding about 500,000 active banking customers a month, Chief Executive Officer Rob Shuter, 50, said on Wednesday. About 20 million people use […]

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. “We have a lot of advisers running around getting everything ready,” he said in an interview with Bloomberg TV on Wednesday. […]

Rest Of Africa Weighs On South Africa’s Shoprite Q1 Sales

Rest Of Africa Weighs On South Africa’s Shoprite Q1 Sales

Shoprite increased turnover 6.4 percent in the three months to end-September, buoyed by South African sales, but with weaker commodity prices weighing on in its business in the rest of Africa. Africa’s largest grocer grew South African sales 8.1 percent in the three months to end-September as it kept price increases low amid weak economic […]

Don’t Expect a Big Commodity Shakeup Next Year, World Bank Says

Don’t Expect a Big Commodity Shakeup Next Year, World Bank Says

If you’re trading commodities next year: look for small upticks in oil and crops. But overall, raw-material prices may get stuck in a bit of a lull. That’s according to a report issued Thursday by analysts for the Washington-based World Bank. The bank forecasts an index of energy products to climb 4 percent in 2018, […]

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