Africa Brief: Zambia considers $1bn eurobond to plug deficit, Renewable energy adds to CIG’s ‘robust results’ and more…
Zuma, Kabila sign treaty for Grand Inga
President Jacob Zuma and his Democratic Republic of Congo counterpart Joseph Kabila have signed a treaty for the construction of the $80bn Grand Inga Project during Mr Zuma’s state visit that is expected to end today. The Grand Inga, expected to be the world’s largest hydropower scheme, is proposed for the Congo River in the Democratic Republic of Congo.
For the full story read, Zuma, Kabila sign treaty for Grand Inga by Sappa published by Business Day 30/10/2013
Zambia considers $1bn eurobond to plug deficit
Zambia, which issued its first international debt 13 months ago, is considering the sale of a record $lbn eurobond to plug a budget deficit that contributed to a credit downgrade. Africa’s biggest copper producer will try to contain some spending to reduce its fiscal shortfall to below the forecast of 8.5% of gross domestic product (GDP) for this year.
For the full story read, Zambia considers $1bn eurobond to plug deficit by Mathew Hill, published by Business Day on 30/10/2013
Renewable energy adds to CIG’s ‘robust results’
Consolidated Infrastructure Group (CIG) yesterday reported “robust” results for the year ended August, as the group benefited from the local renewable energy sector and electrical infrastructure developments in East and West Africa. CIG’s headline earnings per share grew 19% to 137.8c, beating analyst forecasts and sending the share price 6.8% higher to an intra-day high of R22.78. The stock closed 5.07% higher at R22.40.
Excerpt from Renewable energy adds to CIG’s ‘robust results’ by Nick Hedley, published by Business Day on 30/10/2013
Aquarius tumbles on plans for shaft in Zimbabwe
Aquarius Platinum slumped the most in more than four months yesterday on plans to open a second shaft at a joint venture in Zimbabwe, where companies are compelled to cede stakes to local investors.
For the full story read, Aquarius tumbles on plans for shaft in Zimbabwe by Godfrey Marawanyika and Jaco Visser published by Business Day on 29/10/2013.
ZAMBIA : Bourse takes step forward
Zambia’s Bond and Derivatives Exchange planned to start trading currency futures next week after it appointed two banks to handle the clearing and trading.
For the full story, read ZAMBIA : Bourse takes step forward by Reuters, published by The Star Business Report on 29/10/2013
European oil refiners exporting to Africa face new competition
Embattled European refiners face an uphill battle with US and Asian competitors to supply Africa’s rapidly growing appetite for fuel products as transatlantic shipping routes are redrawn. Demand for oil products in Africa, including the north of the continent, is expected to grow by more than 20 percent in the next seven years to 4.4 million barrels a day, according to Vienna-based consultancy JBC Energy.
For the full story, read European oil refiners exporting to Africa face new competition by Ron Bousso and Jonathan Saul, published by The Star Business Report on 29/10/2013
Farming firms do roaring trade in Africa
Agribusinesses in South Africa have seen significant growth in the rest of Africa. With the retail sector booming on the continent, there was a greater availability of and demand for good quality agricultural produce and processed food products than ever before, experts said yesterday.
For the full story, read Farming firms do roaring trade in Africa by Wiseman Khuzwayo, published by The Star Business Report on 29/10/2013
Free trade area will unite Africa, eradicate acronyms
When it comes to trade, Africa is strewn with acronyms. AU chairwoman Nkosazana Dlamini Zuma noted yesterday that the continent would do better if there were fewer and larger regional economic communities. To make the situation more unwieldy, some communities have overlapping membership. There are plans for South Africa to become part of a free trade area (FTA) between 26 countries – with a combined population of 530 million – which belong to three economic communities.
For the full story, read Free trade area will unite Africa, eradicate acronyms by Peter Delonno, published by The Star Business Report on 29/10/2013
Leaders call for action on union
African leaders must move from talk shops about economic integration on the continent to implementing agreements on integration. This message emerged from several speakers at a conference in Johannesburg yesterday, organised by the African Development Bank (AfDB).
For the full story, read Leaders call for action on union by Ethel Hazelhurst, published by The Star Business Report on 29/10/2013