Business

Mon,23Jan2017

Business

Boost to Algeria's economy through steel plant joint venture

Most of Algeria's steel is imported at the moment. Photo: Reuters/stockDubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 bn steel factory in Algeria, boosting the North African country's drive to diversify its economy and attract foreign investment.

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South Africa's Tiger Brands FY profit up after Nigeria sale

Photo via Tiger BrandsSouth Africa's biggest consumer foods maker, Tiger Brands, reported a 19% rise in full-year profit today, after disposing of a loss-making Nigerian unit.

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Uganda names Sinopec among firms interested in refinery

Uganda's President Yoweri Museveni speaks at an oil conference in Kampala on 22 November. Photo: TwitterOil firms including China's Sinopec have expressed an interest in developing Uganda's planned oil refinery and an investor for the project will be selected by February 2017, a top government official said on Tuesday.

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South Africa slows nuclear power expansion plans

South Africa's Koeberg nuclear power station is seen on the outskirts of Cape Town. Photo: Schalk van Zuydam/AP/SIPASouth Africa's government has slowed its nuclear power expansion plans, according to a draft energy paper, although state energy utility Eskom said the country should stick to its original plan of bringing a new plant online by 2025.

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Drought, weak economy to impact South African food producers in 2017

Lake St Lucia is almost completely dry due to drought conditions in the iSimangaliso Wetland Park, South Africa February 2016. Photo: Reuters/Rogan WardSouth Africa's Pioneer Food, Astral Foods and Rhodes Food expect the severe drought and weak economic growth to weigh on their businesses in the 2017 financial year, the companies said today after reporting results.

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Moody's predicts 2.5% expansion in Nigeria's 2017 GDP if oil output rises

Moody's sign is displayed on the company's corporate headquarters in New York, 2013. Photo: Reuters/Brendan McDermidNigeria's economy can expand by 2.5% next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2m barrels per day, a senior Moody's analyst said.

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Nigeria needs billions in new investment to raise oil output, producer says

Photo: Reuters Nigeria needs at least $14 bn a year in new investment over the next five years to raise oil output to 2.2m barrels a day (bpd) and even higher spending to lift it to 3m bpd, the head of a company producing oil in the country said.

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