Africa Briefs
Algeria govt debts owes businesses billions
Algerian President Abdelaziz Bouteflika ordered his government to settle debts owed to foreign and local companies immediately, the presidency said on Thursday.
The debt amounts to around 400 billion Algerian dinars (US$3.50 billion) and most of the affected firms have done construction projects but were not paid.
The decline in oil revenue forced the government to cut spending over the past two years, causing the freezing of projects and complaints from firms about delayed payments. – Nampa/Reuters
Zim bourse slumps after military takeover
Zimbabwe's stock market has shed US$6 billion while its main index has slumped 40% since Nov. 15 when the military seized power leading to the fall of Robert Mugabe, stock exchange data showed.
The Zimbabwe Stock Exchange had been on a rapid rise in the last two months, driven by investors seeking a safe haven for their investment amid fears of a return to hyperinflation in an economy suffering acute shortages of foreign exchange.
But analysts said the market had entered a period of correction on investor optimism of a change in economic policy in a post-Mugabe era. – Nampa/Reuters
Chad sacks finance minister
Chad's President Idriss Deby has sacked Finance Minister Christian Georges Diguimbaye, a government decree showed.
The decree also dismissed Diguimabye's deputy, Banata Tchalet Sow. It gave no reason for the sackings.
Diguimbaye and Sow's dismissal came amid a standoff with Swiss-based commodities giant Glencore over more than US$1 billion the West African country owes it in oil-backed loans. – Nampa/Reuters
Bashir wants nuclear talks with Russia
Sudanese President Omar Hassan al-Bashir told his Russian counterpart Vladimir Putin on Thursday he wanted to discuss nuclear power cooperation with Russia.
China probes children mining in Africa
A Chinese metal trading firm, Yantai Cash, is investigating whether children are toiling in Congolese mines that supply it with cobalt, a key resource for mobile phones and electric cars.
Amnesty International issued a report last week accusing leading technology and electric car companies of failing to ensure that minerals used for batteries are not dug up by children.
Children as young as seven were found scavenging for rocks containing cobalt by researchers in mineral-rich Democratic Republic of Congo, the report said. – Nampa/AFP
SA to stabilise debt in next year's budget
South Africa will implement spending cuts of R25 billion and raise revenue by R15 billion in next year's budget to contain growing debt, Finance Minister Malusi Gigaba told parliament last week.
Gigaba said the extra R40 billion, or 0.8% of GDP, would be used to tackle rising public debt which otherwise could balloon beyond 60% of GDP by 2022. – Nampa/Reuters
Algerian President Abdelaziz Bouteflika ordered his government to settle debts owed to foreign and local companies immediately, the presidency said on Thursday.
The debt amounts to around 400 billion Algerian dinars (US$3.50 billion) and most of the affected firms have done construction projects but were not paid.
The decline in oil revenue forced the government to cut spending over the past two years, causing the freezing of projects and complaints from firms about delayed payments. – Nampa/Reuters
Zim bourse slumps after military takeover
Zimbabwe's stock market has shed US$6 billion while its main index has slumped 40% since Nov. 15 when the military seized power leading to the fall of Robert Mugabe, stock exchange data showed.
The Zimbabwe Stock Exchange had been on a rapid rise in the last two months, driven by investors seeking a safe haven for their investment amid fears of a return to hyperinflation in an economy suffering acute shortages of foreign exchange.
But analysts said the market had entered a period of correction on investor optimism of a change in economic policy in a post-Mugabe era. – Nampa/Reuters
Chad sacks finance minister
Chad's President Idriss Deby has sacked Finance Minister Christian Georges Diguimbaye, a government decree showed.
The decree also dismissed Diguimabye's deputy, Banata Tchalet Sow. It gave no reason for the sackings.
Diguimbaye and Sow's dismissal came amid a standoff with Swiss-based commodities giant Glencore over more than US$1 billion the West African country owes it in oil-backed loans. – Nampa/Reuters
Bashir wants nuclear talks with Russia
Sudanese President Omar Hassan al-Bashir told his Russian counterpart Vladimir Putin on Thursday he wanted to discuss nuclear power cooperation with Russia.
China probes children mining in Africa
A Chinese metal trading firm, Yantai Cash, is investigating whether children are toiling in Congolese mines that supply it with cobalt, a key resource for mobile phones and electric cars.
Amnesty International issued a report last week accusing leading technology and electric car companies of failing to ensure that minerals used for batteries are not dug up by children.
Children as young as seven were found scavenging for rocks containing cobalt by researchers in mineral-rich Democratic Republic of Congo, the report said. – Nampa/AFP
SA to stabilise debt in next year's budget
South Africa will implement spending cuts of R25 billion and raise revenue by R15 billion in next year's budget to contain growing debt, Finance Minister Malusi Gigaba told parliament last week.
Gigaba said the extra R40 billion, or 0.8% of GDP, would be used to tackle rising public debt which otherwise could balloon beyond 60% of GDP by 2022. – Nampa/Reuters
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