Weekly news

09/02/2010 to 16/02/2010

All last week’s China Africa developments:

*  Ecobank and Bank of China partnership to boost trade- Business Daily (KEN)
16/2/2010
Kenya’s trade transactions with China and South Africa are set to grow even stronger as a local bank has signed an agreement with the Bank of China and is to start operations in South Africa. Full Story.

*  India’s Bharti places $10b bid for Zain Africa- Business Daily (KEN)
16/2/2010
Kuwait-based mobile phone firm Zain’s acceptance of a $10.7 billion offer for its Africa operations promises a major realignment of the wireless telecoms landscape on the continent, analysts said, citing a possible renewal of market share wars in countries such as Kenya. Full Story.
*  Libyan firm acquires South Sudan’s Gemtel- Monitor (UGA)
15/2/2010
The agreement comes on the back of the conclusion of a Shs600 billion (about $300 million) financing deal that LAP signed with the Industrial and Commercial Bank of China (ICBC) to boost its investment appetite in Africa. Full Story.


*  Shell Could Sell over $10bn in Assets- This Day (NGA)

15/02/2010
When asked about Chinese approaches to the Nigerian government, newly-appointed CFO, Mr. Henry, told analysts on a conference call that the oil major would resist the Chinese move. Full Story.

*  Chinese Buses Were ‘A Very Bad Deal’- Club de Mozambique (MOZ)
15/2/2010
The publicly-owned Maputo bus company, TPM, has recognised that the import in 2008 of five Chinese manufactured buses running on natural gas was “a very bad deal”. Full Story.

*  Textile: Nigeria Loses $325m to Smuggling Annually- This Day (NGA)
15/02/2010
Nigeria loses a staggering of $325 million every year due to evasion customs duty and Value Added Tax by smugglers of textile material the Nigerian Textile Manufacturers Association (NTMA) has disclosed. Full Story.

*  China Continued to Invest in Country- Times of Zambia (ZAM)
15/2/2010
China has in recent years proved that even when the chips are down, it is able to provide direction just like it did during the global economic meltdown last year. Full Story.

*  Mine reinstates workers- News 24 (ZAF)
14/02/2010
Chinese-owned NFC Africa Mining reinstated 79 miners suspended for suspected sabotage at its Chambishi copper mine, a Zambian newspaper reported on Sunday. Full Story.

*  Mushikiwabo Urges Citizens to Adopt Chinese Saving Culture- New Times (RWA)
13/2/2010
The Minister of Foreign Affairs, Louise Mushikiwabo, has urged Rwandans to adopt the Chinese culture of saving for the future. Full Story.
*  China to Invest in Country’s Power Projects- The Herald (ZBW)
13/2/2010
Harare and Beijing are finalising agreements that could see Zimbabwe’s power generation capacity topping 5 000 megawatts if completed, making the country a net exporter of electricity. Full Story.

*  Road toll increases and its impact on road maintenance in Ghana- Ghana Web (GHN)

12/2/2010
For the first time in over 10 years, the Government announced new road and bridge toll rates that came into effect on February 1 this year, after the legislative instrument was revised by parliament in December 2009. Full Story.

*  Country Signs Deal with France to Install Security Equipment at JKIA- Business Daily (KEN)
11/2/2010
Kenya has reached a Sh9.8 billion financing deal with the French government to help instal key security and other operation equipment at the Jomo Kenyatta International Airport (JKIA) which is undergoing expansion. Full Story.

*  Africa Builds as Beijing Scrambles to Invest- FOCAC (CHN)
10/2/2010
A few years ago, Lukas Lundin, a mining executive, rode his motorbike 8,000 miles from Cairo to Cape Town. His journey, which took just five weeks, meandered through 10 countries, including Sudan, Ethiopia, Malawi, Zambia and Botswana. He was amazed to discover that 85 per cent of the roads he travelled were tarred and of high quality. Many had been built by Chinese companies. Full Story.

*  Phase 2 of optic fibre project continues- New Vision (UGA)
10/2/2010
WORK on the second phase of the national transmission backbone infrastructure project is going on despite a parliamentary directive stopping it, MPs heard yesterday.Full Story.

*  South Sudan may opt to continue oil sharing with north after secession: official- Sudan Tribune (SDN)
10/2/2010
The government of South Sudan (GoSS) is mulling continuing the oil sharing arrangement with the North in a post-secession world to prevent an economic collapse, a senior official in Juba said today. Full Story.

*  British oil firm to prospect oil in Ethiopia- Sudan Tribune (SDN)
6/2/2010
The London based Tullow Oil, is expected to prospect oil in Ethiopia after a deal signed with the US SouthWest Energy which holds acreage in the Horn of Africa country. Full Story.

*  China wary of ICC genocide ruling against Sudan president- Sudan Tribune (SDN)
5/2/2010
The Chinese government today expressed concern over the possible impact of the International Criminal Court (ICC) ruling made this week that paves the way for adding the charges of genocide to the arrest warrant issued against Sudanese president Omer Hassan Al-Bashir. Full Story.

*  Kinshasa’s missing millions- Africa-Asia Confidential (GBR)
February
Over US$23 million in signature bonuses payable on China’s $6 billion Sino-Congolaise des Mines (Sicomines) deal with the Kinshasa government have been stolen according to a probe by a commission set up by the National Assembly. Full Story.

*  Fixing Kinshasa’s broken boulevards- Africa-Asia Confidential (GBR)

February
Agreed in November 2009, the second phase of infrastructure deals associated with theSicomines joint venture is worth US$400 million and is expected to provide Congolese PresidentJoseph Kabila with a list of projects about which he can boast in the 2011 national elections. Full Story.


*  Beijing’s builders are back- Africa-Asia Confidential (GBR)
February
The on-again off-again plan to renovate the railway linking coastal Lagos to Kano in the north may formally start up this year, but questions about the validity of any contract signed between the Chinese companies and the Nigerian government remain until the current political crisis is solved. Full Story.

*  China Union’s clouds have iron linings- Africa-Asia Confidential (GBR)

February
More than a year and two amendments later, progress is finally being made on little-known China Union’s US$2.68 billion deal to redevelop Liberia’s Bong Mines. Full Story.


*  Tullow takes Lake Albert- Africa-Asia Confidential (GBR)
February
In February, after months of political jockeying, Tullow gained control of all of the oil under Lake Albert, allowing it to bring in its preferred partner, the China National Offshore Oil Corporation. Full Story.

Comments are closed.