Business

The Sudanese government Tuesday came to an agreement with an international watchdog over discrepancy in oil productivity figures.

A statement from the Sudanese embassy in Nairobi said Global Witness acknowledged that confusion over the actual figures was caused by the use aggregate figures without taking into account the export-oriented net figures.

ZIMBABWE'S much hyped sale of alluvial diamonds has become a damp squib for locals who were hoping for a windfall that would contribute significantly to the revival of the country's economy, which has been in the doldrums for over a decade.

Somali pirates on the early morning hours of Thursday released the Maltese flagged merchant vessel MV FRIGIA that they were holding for the past four months, Radio Garowe reports.

The ship was hijacked on 23 March 2010 and the crew held hostage for 128 days.

The Minister of Finance, Tendai Biti, presented the Mid-Term Fiscal Policy Review to Parliament yesterday.

Although the nation expected a lot from the Minister especially with respect to the debilitating liquidity challenges, it was clear that he had limited fiscal space due to the non-performance of the vote of credit (donor funds) and the inability to sell Chiadzwa diamonds.

PRESIDENT Jacob Zuma has reiterated SA's long-held view and called for international financial institutions to be overhauled to give developing economies a greater say.

Seven weeks after appointing Alhaji Shehu Ladan as the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), President Goodluck Jonathan yesterday relieved him of his duties.

The corporation's Group Executive Director, Refineries and Petrochemicals Mr. Austin Oniwon, was appointed as his replacement.

THE African continent which many international investors describe as too risky to invest in, loses between US$200 billion and US$400 billion annually in capital flight by firms which make super profits through evading or cheating the taxman.

President Museveni this week launched the National Development Plan (NDP) whose drafters say is meant to transform Uganda from a peasant to a prosperous country within the next 30 years.

African economies have shown resilience in the face of global financial adversities, have passed the stress test and can be expected to achieve economic growth this year, says Donald Kaberuka, president of the African Development Bank (AfDB).

Although significant revenues are expected from the Jubilee Field oil production, various analyses suggest the expected revenue will have little impact without the engagement of local companies to render various services.

Acting President Goodluck Jonathan yesterday met with US President Barack Obama at the White House, Washington DC, to discuss issues relating to the Niger Delta, oil industry reform, electoral reform and Nigeria's role in global peace, among others.

Finance Ministers and Central Bank governors from South Africa, Nigeria, Uganda, Tanzania, Senegal and Ethiopia began a two-day meeting hosted by the African Union and the United Nations Economic Commission for Africa, on Monday in Lilongwe, capital of Malawi.

Expectations were once again high in Nairobi last week as news trickled in that CNOOC -- the Chinese state-owned company currently exploring oil in Northern Kenya -- had hit what oil exploration experts described as a "very high concentration of gas."

Cosatu has threatened to "bring the economy to a standstill", if Metrorail carries out plans to increase train fares on April 1.

The fare increase, the first since 2003, will see customers paying between R40 and almost R100 more than the current prices for a Metroplus monthly ticket.

President Kibaki and Prime Minister Raila Odinga will meet MPs on Tuesday to help broker a deal over the draft constitution.