Weekly news

27/10/2008 to 31/10/2008

Profit plunges at China’s Chalco- Business Day (RSA)


Aluminium Corporation of China (Chalco), the country’s largest producer, said third-quarter earnings slumped 93% as metal prices dropped and slowing economic growth hurt demand. Full Story.


China power producer posts $63m loss- Business Day (RSA)


Datang International Power Generation, the biggest Chinese power producer listed in Hong Kong by market value, posted a third-quarter loss because of rising coal costs and state caps on power tariffs. Full Story.


Sudan: China working with West- News 24 (RSA)


China, the biggest foreign investor in Sudan, said on Sunday it was trying to work with Western powers to lessen the fallout from war crimes charges filed against Sudan’s president. Full Story.


South–South trade no longer on the periphery of the global economy – Engineering News (RSA)


The current international financial crisis shows that governments and business must work together to manage markets and ensure growth, South African Trade and Industry Minister Mandisi Mpahlwa said last week. Full Story.

Chinese exporters destroy Nigerian textile industry, lament MAN, NTMA- Vanguard (NG)


Manufacturers Association of Nigeria (MAN) and Nigerian Textile Manufacturers Association (NTMA), has raised alarm over the systematic and deliberate destruction of the Nigerian textile industry and economy by unscrupulous Chinese, their textile exporters, and called on the Federal government to engage the Chinese government over the matter. Full Story.


China Buys Algerian LNG Cargo at Record Price to Boost Supplies- Bloomberg (USA)


China bought an individual liquefied natural gas cargo from Algeria last month at a record price to supplement contractual supplies from Australia. Full Story.


Pope ends synod, announces Africa trip, China appeal- Reuters (UK)


Pope Benedict ended a synod of Roman Catholic bishops on Sunday announcing his first trip to Africa as pontiff and urging Chinese bishops whose communist government banned them from attending to persevere amid hardships. Full Story.


African culture events kick off in S. China city- Xinhua (CHI)


A major Chinese-African cultural exchange program — African Culture In Focus 2008 — kicked off in this southern Chinese city on Thursday. The program brought together 147 artists, performers and cultural officials from 25 African countries for 11 days of dance performance, exhibitions and conferences on cultural exchanges in the southern Guangdong Province city that borders Hong Kong. Full Story.


Chinese workers abducted in Sudan- Al Jazeera (QR)


Nine Chinese oil workers have been kidnapped in Sudan, a Chinese diplomat in the capital, Khartoum, has said. Full Story.


Liberia: Vice President Boakai Lauds China Ties- All Africa (USA)


Liberia’s Vice President Joseph N.Boakai has lauded the close ties betweenLiberia and the People’s Republic of China. Full Story.


China condemns Sudan killings- Al Jazeera (QTR)


China has condemned the killing of five kidnapped Chinese oil workers inSudan as an “inhumane terrorist” act. Full Story.


Rebels deny Chinese killings- News 24 (RSA)


The Darfur rebel group accused by Sudan of abducting and killing Chinese oil workers on Tuesday denied any responsibility. Full Story.


China hostages ‘killed in Sudan’- BBC (UK)


Five Chinese oil workers kidnapped in Sudan nine days ago have been killed,Sudan’s foreign ministry has said. Full Story.


Chinese oil workers killed in Sudan- Financial Times (UK)


Five Chinese oil workers taken hostage in Sudan have been killed by their captors in one of the worst losses China has suffered since it began pouring billions of dollars into its quest for African resources. Full Story.


Ugandan president meets with senior Chinese military official- People’s Daily (CHI)


Ugandan President Yoweri Museveni met with Jing Zhiyuan, member ofChina’s Central Military Commission, in Uganda’s southern city of EntebbeSunday night on bilateral ties. Full Story.

Warning over poachers as ivory is sold legally- Independent (UK)


UN allows China and Japan to buy 108 tons in African auctions. Full Story.


Transparency in Europe gets Chinese makeover- Business Report (RSA)


Last week Hans-Gert Poeterring, the president of the European Parliament, awarded the parliament’s top human rights prize to jailed Chinese dissident Hu Jia. Full Story.


21 more high schools come into operation- Journal de Angola (ANG)


In the academic year 2009, more students can join in high school, with the entry into operation of 21 new institutes, constructed under the second phase of the credit line from China. Full Story.


China oil co breaks ground on Chad, Niger refineries – Engineering News (RSA)


State-owned China National Petroleum Corp (CNPC) broke ground for new oil refineries in Chad and neighbouring Niger this week, as the company boosts its ties with resource-rich countries in Africa. Full Story.


Busa woos Chinese investors- Business Report (RSA)


Business Unity South Africa (Busa) has called for a new partnership for economic co-operation between Chinese and South African business in Africa.Full Story.


Huawei continues African expansion with training centre in Angola- Business Report (RSA)


Chinese telecoms equipment company Huawei will open another training centre in Angola as it expects bullish growth in sub-Saharan Africa. The company’s revenue from the region last year grew to $2 billion (R22 billion at yesterday’s exchange rate) from $1.6 billion in the previous year. Full Story,


Emerging markets will pull through- Business Report (RSA)


The current global firestorm probably has many more weeks to run but emerging markets are now too big to be allowed to fail, FNB chief economist Cees Bruggemans said on Tuesday. Full Story.

China officials head to Sudan- News 24 (RSA)


China sent officials to Sudan on Thursday to help find at least one missing Chinese worker from a group kidnapped from oil fields near the western region of Darfur, state media reported. Full Story.


UN peacekeeping forces condemn killing of Chinese oil workers in Sudan- People’s Daily (CHI)


The UN peacekeeping forces in Sudan condemned on Wednesday the killing of four Chinese oil workers by armed kidnappers in southwest Sudan on Monday. Full Story.


FG Suspends $3.8bn Rail Contract- This Day (NG)


The Federal Government has suspended the $3.8 billion railway modernisation contract it awarded in 2007, to the Chinese Civil Engineering Construction Corporation (CCECC). Full Story.


Govt suspends $8.3b Lagos-Kano rail project- Guardian (NG)


The Senate Committee on Land Transport was told on Tuesday, in Lagos, that the executive arm of government has suspended the $8.3 billion Lagos-Kano rail modernisation project. Former President Olusegun Obasanjo awarded the contract to China Civil Engineering Construction Company (CCECC). Full Story.


KPC completes Mombasa-Nairobi pipeline at extra cost of Sh400- milllion- Standard (KEN)


The Kenya Pipeline Company (KPC) has completed the Mombasa-Nairobi pipeline upgrade but at higher cost, Energy PS Patrick Nyoike has said. Full Story.


Rwanda: China Important Partner for Country and Africa’s Economic Development- New Times (RWA)


Yesterday, Rwanda and China celebrated years of close economic and trade partnership. China took the opportunity to showcase her many successful investment projects in the country, ranging from the first digital TV signal transmission technology in Africa, a project worth USD 29 million operating under, Star Africa Media Ltd Company. Full Story.


Stakeholders seek ways to revive textile sector…labour may picket Chinese Embassy- Vanguard (NG)


For umpteenth time, National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN), has brought stakeholders together in its untiring effort to halt the fast declining textile industry in Nigeria. Full Story.


Nigeria: FG Warns China Against Using Country As Dumping Ground for Products- Daily Independent (NG)


Federal government on Monday warned the Chinese authorities and their Nigerian trade partners that it would no longer tolerate the use of Nigeria as dumping ground for fake and substandard Chinese products. Full Story.


Angola to pump more- Business Report (RSA)


Angola said on Thursday it expects to boost its oil production next year to around 2 million barrels a day. Full Story.


R25-billion trade target set for 2015- Engineering News (RSA)


The leaders of India, Brazil, and South Africa set a new target for trilateral trade at their recent summit meeting in New Dehli – the objective is now $25-billion by 2015. The three countries form the India, Brazil, South Africa Dialogue Forum (Ibsa) and the current target for trade between them is $15-billion by 2010. Full Story.


Law set up to protect trade secrets- The Daily Monitor (UGD)


“We have heard that China wants to develop the Nile perch and patent it as theirs,” he said, adding, “once we pass this law, I want the government to stand firm and start selling our products with our own names.” Full Story.


The global crisis- Pambazuka News (KEN)


By coincidence last weekend saw a long-planned Asian-European economic summit in Beijing, at a time when many world leaders were looking to China to play a key role in saving the world economy. Full Story.

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