Africa

Financial News

China Will Give More Market Access to African Products, Wen Jiabao Says China will provide greater market access to African products, Chinese Premier Wen Jiabao said.

Angola Government Seeks $4 Billion in Biggest Sub-Saharan Africa Bond Sale Angola, which vies with Nigeria as Africa’s biggest oil producer, is seeking to raise $4 billion in the sub-Saharan African region’s largest sale of bonds.

China Willing to End Import Duties on More African Commodities, Chen Says China is willing to scrap import duties on more commodities from Africa as part of its plans to strengthen bilateral trade, China’s Commerce Minister Chen Deming wrote in an article in China Daily today.

Eskom's CEO Crisis Should Be Resolved by Government, NUM Labor Union Says South Africa’s government should act to resolve a management dispute at Eskom Holdings Ltd., the state-owned power utility, the country’s largest labor union said.

Growth in South African Foreign Currency Reserves Slows Even as Rand Gains South African foreign currency reserves increased at a slower pace in October than the previous month, even as a surge in the rand threatened to delay an economic recovery.

South Africa Stocks Advance: AngloGold Rises, Hosken, Vodacom Decline South Africa’s FTSE/JSE Africa All Share Index added 35.65, or 0.1 percent, to 25,933.45. The measure lost 1.6 percent in the week, its second weekly drop.

Moody's Concerned by Union Influence on South Africa's Economic Policies The influence of labor unions on South Africa’s government may hurt the economy if it leads to government spending increases that raise the budget deficit and nation’s debt levels, according to Moody’s Investors Service.

National Bank of Kenya's 9-Month Net Income Increases 8.9% as Loans Rise National Bank of Kenya Ltd., a state owned lender, net income in the nine months to Sept. 30 climbed 8.9 percent as loans advanced, it said in an advertisement in Nairobi-based Daily Nation today.

Nigerian Stocks Advance 1.8% : C&I Leasin, GlaxoSmithKline Are Active Nigeria’s benchmark All-Share Index rose 198.51, or 1.8 percent, to 21,517.29, according to data obtained from the Nigerian Stock Exchange’s Web site.

Zimbabwe's Zanu-PF Proposes Law on 51% Local Control of Foreign Companies President Robert Mugabe’s Zimbabwe African National Union-Patriotic Front party plans to introduce a law that will force foreign-owned companies to allocate a majority stake to black Zimbabweans.

General News

Madagascar Political Rivals Agree to Share Power, With Rajoelina President Madagascar’s political leaders agreed last night to end their standoff by creating a transitional government with former Antananarivo Mayor Andry Rajoelina as president and other positions split between the island nation’s four main movements.

Zimbabwean Prime Minister Tsvangirai Says His Party Will Rejoin Government Zimbabwean Prime Minister Morgan Tsvangirai, who withdrew his Movement for Democratic Change from the country’s unity government last month because of differences with President Robert Mugabe, will rejoin the coalition.

Germany to Help Develop Moroccan Solar Electricity, Desalinzation Projects Germany plans to help Morocco develop a water-desalination plant and electricity generators using solar power as part of a larger program to expand the use of renewable energy in the North African nation.

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