Thursday, 20th February 2020


Articles related to business

SA turns to China for Coega refinery

South African national oil company PetroSA said on Monday it had partnered with China’s Sinopec Group to push along the building of its Coega refinery, originally slated to cost $9-$10bn and produce 400,000 barrels a day.
The Mthombo project, in the industrial port of Coega near Port Elizabeth on South Africa’s south coast, has been in the pipeline…

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Mozambique govt gives Shell nod to buy Cove

Shell moved a step closer to acquiring Cove Energy after Mozambique gave the deal the green light, removing one of the conditions of a takeover which will see the oil major access East Africa's huge gas reserves.
British oil explorer Cove said on Thursday that it received written confirmation from Mozambique's government consenting to Shell's $1.8…

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SA Rand falls to fresh 5-month low

The rand hit a fresh five month low against the dollar on Friday, falling in line with other emerging market currencies hit by another bout of risk aversion stemming from a frail global growth outlook and concerns about Europe’s banks.
The rand was trading at R8.4460 at 06:36 GMT, down 1.24% against the greenback from Thursday’s close of R8.34.…

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Glencore under fire over Congo as investors meet

Commodities trader Glencore faced calls for greater transparency around its deals in Congo, one of its most promising but most controversial jurisdictions, as it prepares for its first shareholder meeting since listing.
Anti-corruption campaign group Global Witness, in a new memo reviewing mining transactions in Congo since 2010, said Glencore…

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Africa Finance Corp eyeing $3 bln deals

Africa Finance Corporation (AFC), a Lagos-based development financier, is considering potential investments worth $3 billion across sub-Saharan Africa over the next year, its chief executive said on Monday.
Created in 2007 to help increase much-needed investments in the key infrastructure, transport and heavy industries sectors in Africa, AFC - 46…

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Fraud cost Africa $10.9bn in 2011

Bribery, theft and other kinds of fraud cost African governments and companies at least $10.9bn last year, auditing firm KPMG estimated in a study on Wednesday, a sobering reminder of the challenges facing the fast-growing continent.
KPMG said it arrived at the figure after scouring English-language news reports and databases of fraud cases from…

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