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Africa

Mineworkers

Mining revenue may comprise portion of Sovereign Wealth Fund of Zimbabwe- report

Citing a draft of the fund, a report from Bloomberg said the planned Sovereign Wealth of Zimbabwe may obtain a portion of the country's share of mining revenues.

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Trafigura Beheer BV

Trafigura divests stakes in African unit Puma for USD500 million

Switzerland-based Trafigura Beheer BV had put up for sale its stake in Puma Energy for USD500 million. Trafigura sold a part of its interest in the African unit to Angola's Sonangol Corporation and Cochan Ltd.

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Zambia's President Michael Sata

New roads enthuses Zambians but unnerves foreign investors

President Michael Sata's drive to upgrade the country's rough roads, which often become impassable in the rainy season, is popular with many Zambians like Moyo. But foreign investors, who must partly fund such ambitious schemes, are less keen on his costly promises and very public dust-ups with business.

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Kenya's Sewer Systems

Turning sewage into money and power in Africa

Nyeri County and Karatina University in Kenya are working on a project that can turn sewage into biogas that can power the local water pumps and reduce electricity costs.

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Indian Farmers and Laborers

UN report says political will, farmer involvement crucial to biotech success

A report from the UN Food and Agriculture Organization revealed that political will and farmer involvement are crucial for biotech research and innovation to succeed in reducing poverty in developing countries.

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Hilton Worldwide Inc

Top deals of the day - bids, mergers and acquisitions

The following bids, mergers, acquisitions and disposals were reported on Thursday including Omnicom, General Motors, Deutsche Telekom, Devon Energy and others

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Investec Plc

Weaker currency weighs on Investec's profits

A weakened South African rand led to a drop in the profits of specialist bank and asset management group Investec. Profits declined 1.6% due to the diminished performance of the South African currency.

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Prepared lemon grass

SIRIUS FINANCIAL SERVICES ACQUIRES FARMICA AFRICA

Sirius Financial Services, Inc. acquired a new subsidiary, Farmica Africa, a producer of Lemon grass based products including tea, soap, an energy drink, insect repellant and essential oil.

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Barclays

Barclays mulling on sale of index business - sources

The potential sale of the indices platform of Barclays, which includes the Barclays US Aggregate Bond Index, came at the heels of an approach by MSCI, an equity index provider, to acquire the index business.

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Glaxo SmithKline

Glaxo SmithKline completes Aspen stake sale

London-based pharmaceutical giant Glaxo SmithKline (GSK) completed the sale of its 28.2 million shares in Aspen Pharmacare at ZAR250 per share, raising a total of USD694 million in proceeds.

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Endeavor Energy

Private equity-backed Endeavor Energy, Joule Africa to construct USD500 million power project

Texas-based Endeavor Energy announced that it has inked a joint development agreement with Joule Africa to construct the USD500 million Bumbana Phase II Power Project. Endeavor Energy obtained a USD100 million funding from private equity firm Denham Capital.

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Nedbank Group Ltd

Nedbank Group plans to exercise option to purchase Ecobank Transnational Inc stake

Nedbank Group, headed by Chief Executive Officer Mike Brown, said it plans to use its option to acquire a stake in Togo-based Ecobank Transnational Inc valued at more than USD 500 million.

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Nigeria Stock Exchange

Africa not ready for capitalism

Dr. Peregrino Brimah of Every Nigerian Do Something or ENDS said Africa is not ready for Africapitalism at this time. He cited the reasons for this in his essay entitled "Is Africapitalism Good Or Bad For Africa?"

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DEG

German DEG acquires stake in Chase Bank Kenya worth USD10 million

German investment firm DEG bought a stake in Kenyan Chase Bank worth USD10 million. Chase said DEG's investment will be used to finance their expansion, including the creation of new outlets.

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Adcock Ingram

CFR Pharmaceuticals issues formal bid for Adcock Ingram

Chilean drug maker CFR Pharmaceuticals issued a formal bid to acquire 100% of the issued share capital of South African pharmaceutical company Adcock Ingram Holdings Limited for USD1.26 billion.

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