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Nation Enters First Recession Since Democracy in South Africa

Africa's biggest economy, that of South Africa, contracted by a shock six percent in the first quarter of this year, confiming that the country has slid into its first recession in the democratic era. After contracting by 1.8 percent in the last quarter of 2008, real gross domestic product (GDP) at market prices dropped by 6.4 percent, the...

Diamond Sold For Record U.S. $9.4 Million in South Africa

A seven-carat blue diamond discovered at the Cullinan diamond mine near Pretoria has been sold in Geneva for a record price of nearly U.S. $9.5 million. The owners of the mine, Petra Diamonds, said in a statement Wednesday that the price fetched at a Sotheby's auction - $1.3 million per carat - set "a new record price per carat for any gemstone...

Crisis - ADB Earmarks $2.5 Billion for Country, Others

African Development Bank (ADB), yesterday said it was ready to launch a $2.5 billion package, including a $1.5 billion (UA974 million) Emergency Liquidity Facility (ELF) and $1 billion (UA650 million) Trade Finance Initiative (TFI), as part of measures to cushion effects of the global economic crisis in the continent, including Nigeria. In its...

Civil Society Urges Obama to Adopt New Peace Strategy in Sudan

Three prominent American civil society advocacy groups have marked President Barack Obama’s first 100 days in office by issuing an open letter calling on him to build a coalition with China, the Arab League, the African Union and Europe with the objective of developing a set of “carrots and sticks” to bring peace to Sudan. “A global consensus...

Carson Outlines Obama Administration's Policy Priorities in Africa

On President Barack Obama's 100th day in office, his nominee to be the top administration Africa policy official, Ambassador Johnnie Carson, told the Senate Committee on Foreign Relations that, if confirmed as Assistant Secretary of State for Africa, he will pursue a broad, but focused, agenda to protect U.S. interests and promote African...

Nigerian Fuel Scarcity Bites Hard Nationwide

THERE is seeming confusion over the current status of government's deregulation of the downstream sub-sector of the Nigerian oil, resulting in the scarcity of petroleum products across the country. The scarcity has resulted in long queues at filling stations in Lagos metropolis and nearby Ogun State last weekend, following the stoppage of loading...

Obasanjo Not Yet Cleared, Says EFCC in Nigeria:

The Economic and Financial Crimes Commission (EFCC) has said it is still investigating the allegation of corrupt practices against former President Olusegun Obasanjo. This is contrary to the claim by the ex-president that he remains the only former leader that has been investigated by both the EFCC and Indep-endent Corrupt Practices and Other...

Kano State Government and Pfizer Agree On Settlement Terms

Kano State Government and United States drugmaker, Pfizer Inc. have agreed on the broad terms of an out-of-court settlement in a multi-billion-dollar lawsuit over a 1996 drug trial, lawyers for both parties said yesterday. Kano State sued the world's largest drugmaker in May 2007 for $2 billion in damages over the testing of the meningitis drug...

U.S. - Nigeria Trade Hits $42.2 Billion

Nigeria is now the 14th largest goods trading partner of the United States with $42.2 billion in two-way goods trade last year, THISDAY can report. This comes as the country's Trade Representative, Ambassador Ron Kirk , during a meeting with Minister of Commerce, Chief Achike Udenwa , stated that Nigeria had taken tremendous steps to improve its...

'G20 Should Use Crisis as Opportunity to Fix Inequity'

The daunting task of making Africa the centre of attention awaits Ethiopia's Prime Minister Meles Zenawi when the Group of 20 (G20) rich and emerging economies meet in London tomorrow. Invited by the host country, Zenawi, who chairs the New Partnership for Africa's Development (NEPAD), is the only African leader apart from South Africa's President...

Annan Sounds Alarm on Global Economic Crisis in Africa

A high-level panel of African leaders and development experts headed by former United Nations Secretary-General Kofi Annan issued a call Friday for reforms of global governance structures to help Africa weather the international financial crisis. In a publication timed to influence next week's critical summit of leaders of the G20 nations in...

Representatives of the oil unions will meet government officials of Nigeria on Monday

Representatives of the oil unions will meet government officials on Monday in hopes of averting a workers strike over security fears in the restive Niger Delta, a senior union official said yesterday. Petroleum, Energy and Gas Senior Staff Association of Nigeria (PENGASSAN) and its sister group National Union of Petroleum, Energy and National Gas...

Zimbabwe’s New Unity Govt Spells Out Economic Recovery Plan

Zimbabwe’s new unity government has published an ambitious short-term economic recovery plan which portrays a vivid picture of the extent of the crisis it faces and estimates the cost of addressing its most urgent priorities at U.S. $5 billion. A 121-page report outlining the plan, entitled “Short Term Emergency Recovery Programme: Getting...

Country's Oil Production to Grow By 600,000 Barrels in Nigeria

THERE are high indications that Nigeria's oil production would grow by another 600,000 barrels of oil equivalent per day (boed) by 2013 from which the present production output is expected grow by another 175,000 barrels of oil per day by the end of May 2009. This is coming on the heels of a successful oil discovery at the Akpo oil field on Oil...

AfDB to Increase Lending to U.S. $11 Billion in Africa

As discussions continue on ways to tackle the impact of the global financial crisis in Africa, the African Development Bank (AFDB) has decided to increase its annual lending to $11 billion to help countries in dire need. President of the AFDB, Mr. Donald Kaberuka, made the Bank's position known at the two-day conference organised by the government...