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Business Africa

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  • HARARE, Aug 31- Africa's richest man, Nigeria's Aliko Dangote, said on Monday he plans to open a $400 million cement plant in Zimbabwe, a major boost for the southern African country that is desperate for foreign investment. "We've already decided to invest into Zimbabwe, that's why we are here. He held meetings with Zimbabwe's President Robert Mugabe and Vice...

  • *Israeli energy stocks plunge on Egypt find. MILAN, Aug 31- Eni's "supergiant" gas find off the coast of Egypt bolsters its top-flight exploration credentials and gives the Italian energy group access to easy reserves that fit its strategy of seeking growth without sacrificing dividends. It is looking to reduce its stake in its Mozambique gas discovery and does...

  • *Discovery comes as Egypt struggles to meet energy needs. "Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural-gas finds," it said, adding that it had full concession rights to the area. It also represents a major boost for Egypt, where power cuts caused by gas and oil shortages have often...

  • Shares in the South African division of ArcelorMittal slumped 23 percent in Johannesburg to a 13- year low of 9.01 rand after the news. ArcelorMittal said in a statement that trading conditions had continued to worsen since it started reviewing its long steel business in July, adding that higher South African import duties would only bring relief over the...

  • ArcelorMittal said in a statement that trading conditions have continued to worsen since it started reviewing its long steel business in July, adding that the higher import duty will only bring relief over the medium to long term. ArcelorMittal said it had started discussions with unions about the closure of two mills, cutting as many as 400 jobs, at its plant in...

  • A natural gas production platform.

    Italian energy group Eni said it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast.

  • LONDON, Aug 30- Libya's National Oil Company and Central Bank chairmen engaged in another round of blitz meetings with oil majors in London in a renewed effort to stop its rival wooing its clients. The head of the Tripoli- based NOC, Mustafa Sanallah, said he and Tripoli- based Central Bank Chairman Saddek El-Kaber held meetings with 26 oil firms over the course of...

  • ROME/ MILAN, Aug 30- Italian energy group Eni said on Sunday it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast, predicting the find could help meet Egypt's gas needs for decades to come. The find follows other significant gas discoveries in the Mediterranean in recent years, including by Egypt's neighbour Israel,...

  • NEW YORK— A billion people logged in to Facebook on a single day this week, marking the first time that many members used the world's largest online social network in a 24- hour period. The number amounts to one-seventh of the Earth's population. But CEO Mark Zuckerberg, who founded the network in his Harvard dorm room 11 years ago, reflected on the occasion with a...

  • KINSHASA, Aug 28- Power shortages at a new Chinese-run copper mine in Democratic Republic of Congo could delay the expected October start of production or force output targets to be cut, the mine's deputy director said on Friday. Chinese firms Sinohydro Corp and China Railway Group Limited are building roads and hospitals worth $3 billion in exchange for a 68...

  • LONDON, Aug 28- Raghad al Sous braved bombings in Syria to keep studying at school before fleeing in 2013 to rejoin her mother, who had been granted refugee status in Britain. Across Europe, employers have largely welcomed a stream of young and often well-educated foreign workers who are helping to offset the ageing of the population. The situation is less clear...

  • *Olam to use funds for key acquisitions. *Olam to issue new shares to Mitsubishi at S $2.75/ share. SINGAPORE, Aug 27- Mitsubishi Corp's decision to spend $1.1 billion for one fifth of Olam International is a key vote of confidence that will allow the Singapore agri-trader to exploit M&A opportunities thrown up by the slump in the global commodities market.

  • JOHANNESBURG, Aug 27- South Africa- focused platinum producer Lonmin Plc said on Thursday it expected full-year underlying cash costs to stay below its guidance, indicating that its deep cost-cutting measures were beginning to bear fruit. Lonmin said its unaudited cash costs were at 10,499 rand per PGM ounce at the end of July on a year-to-date basis and are...

  • South African prototype may solve solar power problem Thursday, 27 Aug 2015 | 11:40 AM ET

    JOHANNESBURG— By thinking small, a group of South African scientists may have pioneered solar technology that has stumped Internet giant Google. The Helio100 project, based at Stellenbosch University in the Western Cape province, is a cost-effective heliostat that harnesses solar power to generate electricity. The device was designed specifically with...

  • NAIROBI, Aug 27- Power lines connecting the east African states of Tanzania, Uganda, Rwanda, Kenya and Ethiopia are expected to be completed within the next three years, helping improve supplies and power trading, a senior Kenyan official said on Thursday. A high voltage line between Ethiopia and Kenya will be ready in 2017, a Kenya- Uganda link will be complete by...

  • Review: 'Metal Gear Solid V' a technical, tactical marvel Wednesday, 26 Aug 2015 | 11:28 AM ET

    In an early mission in "Metal Gear Solid V: The Phantom Pain", the player is tasked with assassinating a corrupt colonel who's up to no good. While such a chore is standard fare for a video game, "Phantom Pain" provides dozens of ways to off the military leader. After a lengthy prologue, the vengeance-seeking mercenary is unleashed on free-wheeling renditions of...

  • JOHANNESBURG, Aug 26- South Africa's mining industry, unions and the government have committed to a broad plan to stem job losses, including boosting platinum by promoting the metal as a central bank reserve asset, according to a draft agreement seen by Reuters on Wednesday. Brazil, Russia, India, China and South Africa comprise the BRICS. The gravity of the...

  • LONDON, Aug 26- Britain's WPP, the world's biggest advertising company, said it was on track to hit its demanding full-year sales target after solid first-half demand in mature countries helped to offset a slowdown in China. WPP, which handles the advertising needs of brands such as Ford and Unilever through agencies including JWT and Ogilvy& Mather, posted...

  • *AGOA offers Africa duty-free access to U.S. markets. *Africa remains far too reliant on resource. *Kenya, Ethiopia building manufacturing sectors.

  • LAGOS, Nigeria— The chairman of Nigeria's corruption-fighting Economic and Financial Crimes Commission is appearing before the Senate to answer accusations that he diverted billions of dollars. The accusations come as the commission has been pursuing new President Muhammadu Buhari's pledge to stamp out Nigeria's rampant corruption.