BUSINESS - The African Mirror

Oct

06

2023

Mozambique drops part of ‘tuna bonds’ claim against shipbuilder Privinvest

BUSINESS

MOZAMBIQUE has dropped a significant part of its claim against Emirati-Lebanese shipbuilder Privinvest over the decade-old "tuna bond" scandal, just days after settling its case against Credit Suisse, London's High Court heard. Mozambique's lawyer Jonathan Adkin said the African country was no longer suing Privinvest and its owner Iskandar Safa for "macro-economic loss". He did not give a figure, but a court filing by Mozambique said the republic had abandoned part of its case representing a "significant element" of the claim's value. Court documents filed last month and this week show the country, one of the world's poorest nations, has…

Oct

06

2023

By The African Mirror

Anglo CEO says miners must make “tough decisions” to remain profitable

BUSINESS

ANGLO AMERICAN CEO Duncan Wanblad said that mining companies have to confront tough decisions such as cutting costs as weak metal prices hit earnings, a day after the group announced plans to shed an undisclosed number of jobs. The industry, including South Africa, where Anglo owns iron ore, platinum and diamond mines, is going through "challenging times", Wanblad said in a virtual address to a South African mining conference. "We know that securing long-term competitive advantage and establishing a more resilient platform involves tough choices along the way," Wanblad said. Weaker metals prices and concerns of a global economic slowdown…

Oct

06

2023

By AHMED ELJECHTIMI

Marrakech prepares for IMF and World Bank meeting a month after deadly quake

BUSINESS

MOROCCANS living just an hour from where the global financial elite will gather for IMF and World Bank meetings next week are homeless and destitute after last month's deadly earthquake, camping amid the rubble of their devastated villages. Near the conference venue in the city of Marrakech, where quake damage was less severe, the old city wall has already been repaired, a fallen minaret has been covered up, rubble has been removed, lawns trimmed and flowers planted. But in the High Atlas mountains where most of the quake's 3,000 victims were killed, villagers live in tents with little access to showers or working toilets, surviving…

Oct

05

2023

By The African Mirror

MTN South Africa’s network availability improves due to battery, generator deployment

BUSINESS

MTN Group's South African arm said its network availability had improved by 15% as a result of ongoing investment to ensure its mobile network operates effectively during the worst power cuts on record. As the national power grid crumbles, leaving Africa's most advanced economy in the dark for up to 10 hours a day, mobile operators including MTN, Vodacom, and majority state-owned Telkom are scrambling to ensure their networks stay up and running. "It's an ongoing battle, but one that we're committed to winning as we fight to provide our customers with a reliable and resilient network," MTN South Africa Chief Executive Charles…

Oct

04

2023

By DUNCAN MIRIRI

Kenya panel urges shutdown of Worldcoin’s crypto project within country

BUSINESS

A Kenyan parliamentary panel called on the country's information technology regulator to shut down the operations of cryptocurrency project Worldcoin within the country until more stringent regulations are put in place. The government suspended the project in early August following privacy objections over its scanning of users' irises in exchange for a digital ID to create a new "identity and financial network". Worldcoin was rolled out in various countries around the world by Tools for Humanity, a company co-founded by OpenAI CEO Sam Altman. It has also come under scrutiny in Britain, Germany and France. The project still has a virtual presence…

Oct

04

2023

By The African Mirror

Gem Trader HB Antwerp ends feud as Botswana weighs diamond sales deal

BUSINESS

HB Antwerp, a Belgian gem processor and trader, said that one of its founding members who was fired last month has been reinstated, amid a pending deal with Botswana for the supply of rough stones. Oded Mansori was reinstated as managing partner and director and all four of the company's founding partners have moved past "internal differences of the last several weeks", HB Antwerp said in a statement issued late on Monday. The three-year-old company said last month that it had removed Mansori following differences in strategy. Botswana, the world's No. 1 diamonds producer by value, has said it wants to buy a 24%…

Oct

03

2023

By MACDONALD DZIRUTWE and LIBBY GEORGE

Analysis: Nigerian reform drive falters, threatening Africa’s biggest economy

BUSINESS

NIGERIAN President Bola Tinubu's lightning-fast reform push after taking office in May sparked hope that his administration would be a business-friendly antidote to mounting economic troubles facing Africa's biggest economy. Fast forward to more than 100 days in office, and the key planks of his economic overhaul - unshackling the naira from its rigid regime, and allowing fuel prices to rise - are coming loose. The naira hit a record low of 1,000 to the dollar on the black market this week, widening the gap with the official rate, which stood at 785 on Thursday. Reuters Graphics Reuters Graphics Petrol pump prices, meanwhile, have…

Oct

03

2023

By MANUEL, MUCARI, SAM TOBIN and KIRSTIN RIDLEY

Mozambique switches focus to Privinvest in ‘tuna bond’ case

BUSINESS

MOZAMBIQUE will turn its attention to pursuing compensation from shipbuilder Privinvest in London, officials said on Monday, after the republic struck an 11th-hour settlement with Credit Suisse over the $1.5 billion-plus "tuna bond" scandal. Mozambique Finance Minister Max Tonela confirmed at a Maputo news conference that Sunday's deal with Credit Suisse's parent UBS and some creditors only covered a 2013 loan to Proindicus, a state Mozambican company, and was "mutually advantageous". "This agreement opens the door to the possibility of restoring the confidence of international investors in Mozambique," Tonela said. The tuna bond case dates back to deals between state-owned Mozambican companies and shipbuilder Privinvest…

Oct

03

2023

By MARCELO TEIXEIRA

Farmers plant more cocoa outside Africa as prices rally

BUSINESS

SCHMIDT Agricola is a large agricultural company producing soybeans, corn and cotton in Bahia, Brazil, one of the country's new-frontier agricultural areas fit for large-scale, high-tech farming. It recently added a new crop to its fields: cocoa. Production of the chocolate-making ingredient is expanding outside of the main growing area in West Africa as farmers in places such as Brazil, Ecuador and Colombia see potential profit in the crop. The rally in prices to the highest level in nearly 50 years is boosting that trend, which could alleviate the current supply tightness in the global cocoa market. It also poses…

Oct

01

2023

By BONFACE ORUCHO, BIRD STORY AGENCY

Local processing requirements set to redefine Africa’s mining sector

BUSINESS

THE recent announcement of a US$500 million lithium refining facility in Ghana is the latest sign that moves by African nations to restrict the flow of unprocessed minerals from the continent may be bearing fruit. Ghana has known lithium reserves of some 35 million tons. Earlier this year, the country passed its Green Minerals Policy, which, amongst other things, restricts raw mineral exports. A consortium led by CAA Mining Ltd, Luxembourg-based Livista Energy and Livista's local subsidiary, Livista Ghana Ltd. has secured a 200-acre plot for the project, according to mining news publisher, Africa Mining Market. CAA Mining's CEO Douglas…