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Africa


Financial News

Rand Set For First Weekly Drop in Three on Concern About Currency Strength The rand declined for the first week in three as South African labor unions, politicians and the central bank raised concerns that its 25 percent rally against the dollar this year was harming the economy.

Kenyan Government Extends Sale Deadline of Infrastructure Bond Until Dec.1 Kenya, east Africa’s biggest economy, has extended the deadline for investors to buy its second infrastructure bond to Dec. 1, the central bank said today in a statement in Nairobi-based Daily Nation.

Commodities to Attract Record $60 Billion Inflows This Year, Barclays Says Commodities will likely attract a record $60 billion this year as investors seek to diversify their assets, Barclays Capital said.

Ghana Cuts Benchmark Lending Rate by Half-Point to 18% as Inflation Slows Ghana’s central bank cut its benchmark lending rate for the first time in almost three years after the country’s currency pared losses, helping to slow inflation.

South African Stocks Decline For a Third Day, Led by Highveld, Sasol, BHP South Africa’s FTSE/JSE Africa All Share Index fell or a third day, declining 129.96, or 0.5 percent, to 26,929.25 in Johannesburg.

CNPC, Sudan Sign Agreements on Oil Refinery Expansion, Crude Exploration China National Petroleum Corp., the nation’s largest oil company, signed agreements with Sudan to expand a refinery in Khartoum and swap oil production assets.

Sasol Approves $13.3 Million for Projects to Cut Emissions by 760,000 Tons Sasol Ltd. approved 100 million rand expenditure on energy-efficient projects to reduce greenhouse- gas emissions by 760,000 metric tons a year, the company said in its 2009 sustainability report released in Johannesburg today.

East Africa Portland Cement's Shareholders Back Bond Sale, Nation Reports Shareholders of East African Portland Cement Co., Kenya’s second-biggest maker of the building material, approved plans to issue a 3 billion-shilling ($40.2 million) bond, the Daily Nation reported.

Africa Will Spend $112 Billion on Aircraft Purchases by 2028, Airbus Says African airlines will need 959 large aircraft at a cost of about $112 billion between now and 2028 as annual passenger growth increases faster than the global average, Airbus SAS said.

Remgro Sees First Half Headline Earnings Per Share Falling As Much As 70% Remgro Ltd. said it sees first half headline earnings per share falling by between 66 percent and 70 percent compared with a year earlier.

General News

Mozambique Requires $17 Billion to Upgrade Infrastructure, World Bank Says Mozambique needs to invest $1.7 billion annually for the next decade to upgrade public infrastructure so it reaches the level of that in most developing countries, the World Bank said.

U.S. to Raise Inspections of Ethiopian Food Aid Amid Opposition Complaints The U.S. will increase inspections of food aid deliveries to Ethiopians after complaints by members of the country’s opposition that its members are routinely denied access to foreign aid, a U.S. State Department official said.

Guinea Mediator Compaore Wants Military Junta to Lead Transition, RFI Says Burkinabe President Blaise Compaore, who has been appointed to mediate an end to the political crisis in Guinea, has proposed the military junta lead a transitional government in the country, Radio France International reported.


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