Harare’s runaway 26471% inflation

Bloomberg

Nasreen Seria

HARARE — Zimbabwe’s economy contracted for the ninth consecutive year last year and inflation accelerated to a record 26471% in November, the highest in the world, central bank governor Gideon Gono said yesterday.
The Reserve Bank of Zimbabwe raised its benchmark overnight lending rate to 1200% yesterday from 975% to help curb inflation, Gono said in an e-mailed copy of his monetary policy statement.

http://www.businessday.co.za/articles/topstories.aspx?ID=BD4A696570

Fidentia director jailed

2 February 2008, 15:27

The first head has rolled in the billion rand-plus Fidentia financial scandal.

A "deeply remorseful" former financial director, Graham Maddock, has agreed to a seven-year jail sentence and R6,3-million fine in return for spilling the beans on his friend, former Fidentia boss Arthur Brown.

http://www.capeargus.co.za/?fSectionId=&fArticleId=vn20080202131853367C331288

Africa summit focus shifts from Kenya to Chad

ADDIS ABABA (AFP) — A summit of African leaders shifted its attention Friday from the crisis in Kenya to Chad, with delegates voicing fears of a major conflict that could scupper peace efforts in Sudan.

The 53-state African Union also elected Gabon's foreign minister, Jean Ping, as the new chairman of its main executive arm, replacing the charismatic Alpha Omar Konare, Mali's former president, who had been at the helm since 2003.

Full Story:

http://afp.google.com/article/ALeqM5i4htKm0379Oq5rlXV6fjVmmsmuwg

After Successful U.S. Suits, Nigeria Takes on Big Tobacco

Sam Olukoya

LAGOS, Jan 23 (IPS) - Cigarette packs sold in Nigeria carry a health warning: ‘‘The Federal Ministry of Health warns that cigarette smokers are liable to die young.’’
But, says the government, this warning has not stopped many Nigerian youngsters from smoking.Taju Olaide, 17, told IPS that he unaware of the warning because he is uneducated and therefore cannot read what is printed on the cigarette packs he buys.

‘‘I don’t care about what they write on the cigarette packs because I cannot read. What is important to me, is the cigarette inside the pack.’’ Another youngster, Uche Okeke, told IPS that even though he has read the warning, he is not bothered by it. ‘‘I don’t believe smoking cigarettes makes me liable to die young. Many old people who smoke are alive and well.’’

The youth presents a huge market in this West African country with its 135 million inhabitants. Just more than 40 percent of the Nigerian population is below 14 years of age.

Full story:
http://www.africanewssearch.com/olink.php?ARG1=http://www.ipsnews.net/africa/nota.asp?idnews=40885&ARG2=275734

Standard Bank expands to Angola

January 31, 2008, 09:45

Standard Bank plans to invest millions of dollars in Angola to set up a commercial and investment bank and offer retail banking services. Standard has applied to the Angolan government to convert its current representative office into a fully-fledged bank.

Full story:
http://www.africanewssearch.com/olink.php?ARG1=http://www.sabcnews.com/africa/southern_africa/0,2172,163411,00.html&ARG2=276551

Port officials arrested after DR Congo boat disaster

LUBUMBASHI, DR Congo (AFP) — Police have arrested two port officials at Kalemie in southeastern DR Congo for alleged negligence after a ferry disaster claimed 17 lives and left dozens of people missing, police said.
"By order of the district commissioner, agents Morisho Awabo and Katanda Kyessa have been arrested for failing in their duty," Sadiki Kandolo, the officer in charge of the probe into the accident, told AFP.

Full story:
http://afp.google.com/article/ALeqM5h2KeU0zh1P7LD-cGVq2B8fc0lHSw

Milk price-fixing trial to start

Wed, 30 Jan 2008
Prosecution procedures into alleged price-fixing by certain South African milk producers will begin next week, the Competition Commission said on Tuesday.
Eight dairy companies investigated for alleged price-fixing will be involved in pre-hearings next week, said the commission's head of enforcements and exemption, Thulani Kunene.

Full story:
http://business.iafrica.com/news/843328.htm

Steel giant appoints woman CEO

31 January 2008
Nku Nyembezi-Heita has been appointed chief executive of Africa’s largest steel manufacturer, ArcelorMittal SA

Full story:
http://www.sowetan.co.za/News/Article.aspx?id=696145

Zuma charms the JSE

Michael HamlynThu, 31 Jan 2008

Continuing his charm offensive to reassure businessmen and the investment community that his ascent to the leadership of the ruling party signifies no threat to the economy — rather the reverse — Jacob Zuma on Thursday faced the bulls, bears and stags of the Johannesburg Securities Exchange.

Full story:
http://business.iafrica.com/news/848220.htm

Government looking for 40 000 applicants

January 31 2008 at 03:15PM

A vacancy rate of 10,4 percent or 40 594 posts in all 29 government departments was a disaster in waiting, the Democratic Alliance said in Cape Town on Thursday."We don't want a similar situation like we had with Eskom," said party spokesperson on labour, Anchen Dreyer.

http://www.iol.co.za/index.php?set_id=1&click_id=594&art_id=nw20080131125411205C630671

Sasol resumes fuel production

Wed, 30 Jan 2008

Sasol resumed production of normal transportation fuel on Monday night after production was reduced last Friday.

http://business.iafrica.com/news/444835.htm

Ford SA to boost exports

January 30, 2008
Johannesburg - Ford Motor Company of Southern African (Ford SA) plans to invest more than R1.5 billion to expand operations for its next generation compact pickup truck and Puma diesel engine, it said on Wednesday.

The investment will commence in 2009 and be split between its assembly plant in Silverton, Pretoria and engine facility in Struandale, Port Elizabeth. Production of the new diesel engine is scheduled to begin in 2010, followed by production of the new pickup in 2011.

Full story:
http://www.busrep.co.za/index.php?fSectionId=&fArticleId=4230838

Eskom looks to state for power station funding

Government said to be considering request - Bank economist supports the principle January 30, 2008By Ethel Hazelhurst and Donwald PresslyJohannesburg and Cape Town - Eskom has approached the government for help in financing its R1.3 trillion power station building programme.
Although the government's policy is for public enterprises to be self-funding, the request was being considered, ministerial sources said yesterday.

Full story:
http://www.busrep.co.za/index.php?from=rss_&fArticleId=4229499

Beaten SABC hands findings to legal team

Mninawa Ntloko

Deputy Sports Editor

THE bitter tussle over the sale of domestic premiership broadcasting rights appears to be far from over after the SABC indicated yesterday that it would consult its legal team after losing the arbitration dispute with the Premier Soccer League (PSL).
Full story:
http://www.businessday.co.za/articles/dailymailer.aspx?ID=BD4A693828

JSE hurt by power crisis, global worries

THE shortage of power in SA and woes over a global economic slowdown crippled the JSE yesterday, driving it to finish 3,05% lower.

http://www.businessday.co.za/articles/dailymailer.aspx?ID=BD4A693699

Zambia confident it will secure senior AU post

Tue 29 Jan 2008, 15:32 GMT

LUSAKA, Jan 29 (Reuters) - Zambia believes its candidate to run the African Union's secretariat has a strong chance of winning the post, President Levy Mwanawasa said on Tuesday.
Mwanawasa said he was certain Inonge Mbikusita-Lewanika, 64, Zambia's ambassador to the United States, was qualified for the post of chairperson of the African Union (AU) Commission.

Full story
http://africa.reuters.com/wire/news/usnL2919151.html

Libya threatens to withdraw investments in Africa

Panafrica - Libya

Libyan leader Muammar Kadhafi Tuesday warned that Libya could withdraw its investments in Africa and direct them to the Mediterranean if the continent engaged in a racist policy or if it decided to neglect its future.

He did not elaborate.

Full story:

http://en.afrik.com/news11204.html

Awards, foreign investments and development

Ghana in the past week

Among news that made headlines over the past week is the award for the world’s emerging economy as well as the doubling of foreign investments. Another news item that is worth remembering is the African Development Bank’s $16 million loan to finance the construction of a Kempinski Hotel in the capital, Accra, among other stories...

http://en.afrik.com/article12478.html

CAN 2008: Nigerians euphoric about Sekondi ’miracle’

CAN 2008: Nigerians euphoric about Sekondi ’miracle’
from tears to joy

Nigerian football fans quickly moved from anger and disappointment to a pleasant surprise and happiness, after the national team’s qualification for the quarter-finals of the current Nations Cup in Ghana, following a 2-0 win over Benin in Sekondi and Cote d’Ivoire’s 3-0 thrashing of Mali in Accra, both on Tuesday.

Full story:

http://en.afrik.com/article12503.html

Germany Invites Entrepreneurs to Invest in Angola

Luanda, 01/30 - German government announced Tuesday in Luanda it is mobilising its businesspeople to invest in Angola, as part of a programme aimed at boosting bilateral relations.

The German ambassador to Angola, Bernd Morast, who was speaking at the end of an audience with the first deputy speaker of the National Assembly, João Lourenço.

http://www.angolapress-angop.ao/noticia-e.asp?ID=592044

Arms loot: Army retires Maj-Gen
Vanguard Online Edition - Wednesday, 30 January 2008

© Vanguard Online Edition

Stockbrokers predict sustainability of Afribank’s growth trend
Vanguard Online Edition - Wednesday, 30 January 2008

© Vanguard Online Edition

Chadian rebel conflict threatens EU force: observers

NDJAMENA (AFP) — EU peacekeepers deploying to protect Darfur refugees face tough terrain in eastern Chad, where rebels fighting the African nation's government warn European troops against interfering in the conflict.

The 3,700-strong EU peacekeeping force launched Monday has a limited mandate that includes protecting refugees from Sudan's Darfur region, as well as people displaced by the insurgency in Chad and the northern Central African Republic.

But the conflict between Chad's government and rebels poses risks. Clashes have continued despite a peace accord signed last year between Ndjamena and rebel leaders.

http://afp.google.com/article/ALeqM5h_03IXUozcYbuKF7vjg5npYIi74w

EU force chief warns Chad, CAR rebels not to interfere

BRUSSELS (AFP) — The commander of the EU's new peacekeeping mission to Chad and the Central African Republic warned rebel groups Tuesday not to interfere with its efforts to protect refugees from strife-torn Darfur.

"We have a very clear mission. If the rebels are not interfering with our mission, it is no business of ours," Irish General Pat Nash told reporters in Brussels. "That is where we take action, if they interfere with our mission."

http://afp.google.com/article/ALeqM5hgk7A2XaeelC0804537W4YFa3vtA

Sierra Leone leader seeks foreign investment

Sierra Leone leader seeks foreign investment

Wed 30 Jan 2008, 7:18 GMT

By Giles Elgood

LONDON (Reuters) - Sierra Leone is looking for investment from the international community to help it recover from a decade-long civil war, its president said on Tuesday.

Sierra Leone is in a "very terrible situation" after the civil war that ravaged the West African nation from 1991 to 2002, Ernest Bai Koroma said during a visit to London.

http://africa.reuters.com/business/news/usnBAN026280.html

Alliance for a Green Revolution in Africa

SPONSOR WIRE
25 January 2008
Posted to the web 25 January 2008

Nairobi

Soil Health Program plans balanced, sustainable approach to restoration of soil fertility as exhausted lands pose major threat to food production

Determined to revive the grossly depleted soils of sub-Saharan Africa, which are a major underlying cause of poverty and hunger, the Alliance for a Green Revolution in Africa (AGRA) today announced a US$180 million five-year program to restore the fertility of Africa's soils.

http://allafrica.com/stories/200801250469.html

Portland changes name to La Farge Cement Malawi

BY HENRY MCHAZIME
09:49:23 - 28 January 2008

LOCAL cement manufacturer La Farge Portland Cement Friday announced it has changed its name to La Farge Cement Malawi migrating to the company’s global brand.

Announcement the change at a press briefing in Blantyre Managing Director Sjoerd Grueter said the move is a sign of growing commitment and confidence by the La Farge group in Malawi.

http://www.dailytimes.bppmw.com/article.asp?ArticleID=8101

I'll name 419ers in Nat'l Assembly — Aliyu

Written by Emmanuel Aziken & Laide Akinboade

Monday, 28 January 2008

SENATOR Nuhu Aliyu who, last Wednesday, said the National Assembly was harbouring some fraudsters, yesterday, repeated his charge but vowed to submit the names of such fraudsters only to the Senate President or the Speaker of the House of Representatives. http://www.vanguardngr.com/index.php?option=com_content&task=view&id=5361&Itemid=0

Rhodium jumps to record high of $7,050/OZ

28 Jan 2008 09:36

LONDON (Reuters) - Prices of precious metal rhodium surged to a record high of $7,050 an ounce on Friday as the market fretted about supplies from South Africa where a power crisis has hit metals production, traders said.

http://www.moneyweb.co.za/mw/view/mw/en/page1408?oid=188908&sn=Detail