Thursday 25th March 2010
QUOTE OF THE DAY
“…Partnerships – whether with local farmers’ associations or international institutions such as the World Bank and African Development Bank – are the key to ensuring the Green Revolution takes root across the continent and unlocking Africa’s enormous agricultural potential.” Kofi Annan, Chair of the Board Alliance for a Green Revolution in Africa and former Secretary General to the UN speaking to the Daily Monitor
AFRICAN POLITICS
Constitution: Senate set to pass 35 Amendments – This Day (NG)
25 March 2010
The Senate voted yesterday, by two-thirds majority, to approve independent candidature to liberalise the political space. It also approved the removal of panel indictment as basis for disqualifying candidates from election. Full story
China wants to evolve military cooperation with Angola - ANGOP (ANG)
24 March 2010
A high rank delegation from the chinese defense ministry arrived wednesday on a four day official visit to identify possible fields of cooperation with the angolan government. Full story
EU forces frees ‘Somali’ pirates - BBC (UK)
25 March 2010
The EU's naval force has freed six Somali pirate suspects, a day after they were captured trying to hijack a vessel off the East African coast. Full story
Botswana ruling party dissidents to form new party – AFP (FR)
24 March 2010
Three top members of Botswana's ruling party are set to form a rival faction, officials said Tuesday, accusing President Ian Khama of undermining democracy with his heavy-handed leadership. Full story
Former United Nations Secretary General Kofi Annan Arrives in Kenya – AHN (US)
25 March 2010
United Nations Secretary General Kofi Annan arrived in Kenya on Tuesday for a four-day visit during which he is expected to chair a meeting of the Alliance for a Green Revolution in Africa (AGRA), of which he is chairman of the board of directors. Full story
AFRICAN ECONOMY
Parliament receives policy on budget – The Standard (KEN)
24 March 2010.
The annual rate of inflation fell from 14.6 per cent in February 2009 to 4.7 per cent in January. This is contained in the Budget Policy Statement tabled in Parliament yesterday which also shows annual inflation during the review period dropping to 8.5 per cent, down from 16.8 per cent. Full story
Red-tape blamed for delay in release of Sh17bn stimulus – Business Daily (KEN)
25 March 2010
The economic stimulus package will not be fully disbursed this financial year, a development which casts doubt on the government’s plan to kick-start the economy through targeted funding. Full story
China, Cameroon Sign Accords on Road, Postal, Energy Projects – Bloomberg (US)
25 March 2010
China and Cameroon signed eight cooperation agreements on projects in the agriculture, energy, road, postal, and information and communications technology industries in the Central African country. Full story
AFRICAN BUSINESS
Banking and Finance
Kenya drops interest rate to enhance access to credit – Business Report (SA)
25 March 2010
A Kenyan central bank rate cut caught the market unawares and would lead to a drop in short-term rates, but there could be a transmission delay to long-term credit, traders and analysts said yesterday. Full story
Oil and Energy
Zuma in Kampala, eyes Ugandan oil – Times Live (SA)
25 March 2010
President Jacob Zuma arrived in Kampala for a two-day state visit, heading a large delegation expected to explore investment opportunities in Uganda's new-found oil wealth. Full story
S.Africa Oil Companies May Collude for World Cup, Bus. Day Says. – Bloomberg (US)
25 March 2010
South African oil companies have been exempted from some competition law provisions to allow cooperation during the soccer World Cup tournament, Business Day said, citing Sou
th African Petroleum Industry Association Executive Director Avhapfani Tshifularo. Full story
Govt shares $4.8bn from excess crude oil account – Vanguard (NG)
25 March 2010
The amount saved from oil windfall in the country’s excess crude revenue account has been further depleted with the sharing of $4.8 billion among the three tiers of government in the country in March. Full story
Metals and Mining
Sinosteel plans to Expand Zimbabwe Ferrochrome Output by 30%
25 March 2010
Sinosteel Corp China’s biggest iron-ore trader, plans to expand capacity at its ferrochrome plant in Zimbabwe by as much as 30 percent, an executive at the company’s African unit said. Full story
Technology and Communications
Nu-World: earning to rise at least 160%– Business Report (SA)
25 March 2010
Nu-World expected an increase in earnings a share of between 160 percent and 170 percent for the six months to February on the back of a restructuring programme, the electronics and appliances company said yesterday. Full story
Bharti Airtel buys Zain’s African assets for Sh693 billion – The Standard (KEN)
24 March 2010
Zain’s ill-fated adventure in Africa is virtually over after its board approved the sale of most of its assets on the continent to India’s Bharti Airtel for $9 billion (Sh693 billion under current exchange rates), sources said. Full story
Transport and Infrastructure
Citadel wins battle for railway firm – Business Daily (KEN)
24 March 2010
A boardroom deal struck with the help of the World Bank has left Rift Valley Railways, the company that runs the Kenya-Uganda railway, in the hands of three shareholders and an Egyptian private equity firm, Citadel Capital as majority shareholder. Full story
Agriculture
Old Mutual, Futuregrowth to Raise 6 Billion Rand Funds for Farms – Bloomberg (US)
25 March 2010
Old Mutual Plc and Futuregrowth Asset Management plan to each raise 3 billion rand for two funds that will buy farmland in Africa. Full story
S.Africa firms launch $408 mln farmland fund – Reuters (SA)
25 March 2010
Two South African asset management firms launched a 3 billion rand farmland investment fund on Wednesday that is expected to help boost agricultural development in Africa's biggest economy. Full story
Africa is capable of feeding itself – Daily Monitor (UG)
23 March 2010
African scientists are developing new and improved crop varieties. The continent’s farmers are enthusiastically putting into practice techniques like drip irrigation to make the best of every drop of water. African governments are making transforming agriculture a top priority. Full story.
AFRICAN ENVIRONMENT
Central African gorillas may disappear via illicit trade– Guardian News (NG)
25 March 2010
A new report of the United Nations (UN) and INTERPOL, the world's largest international police organization has found that gorillas may largely disappear from large parts of the Greater Congo Basin by the mid 2020s unless urgent action is taken to safeguard habitats and counter poaching. Full story
Ivory Stockpile Sale Rejected by U.N. – Epoch Times (US)
24 March 2010
Zambia and Tanzania’s request to hold a one-off sale for their ivory stockpile, valued of approximately $15 million, were rejected during the U.N.'s Convention on the International Trade of Endangered Species of Fauna and Flora (CITES) annual meeting in Doha. Full story
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