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Business

Tough Year Ahead For Economy

FALLING interest rates, inflation and petrol prices will bring relief to the embattled economy this year, but conditions for business and consumers are set to remain tough. Global markets are being buoyed by optimism that official rescue packages will pull the world's biggest developed economies out of recession, which would be good news for...

Make Gas Flaring History In Nigeria, Group Urges FG

Executive Director, Environmental Rights Action/Friends of the Earth (ERA), Mr Nnimmo Bassey, has called on President Umaru Yar'Adua to adhere to the December 31, 2008 deadline his administration set to stop gas flaring in Nigeria. He recalled that in 2005, a Federal High Court gave a ruling which declared gas flaring illegal, and urged Yar'Adua...

Mauled Markets In SA End Bad Year With a Whimper

MARKETS are ending 2008 with a whimper, after a severe beating in the second half of the year. Stocks slumped, the rand weakened and the so-called "super cycle" for commodity prices ground to a halt as the credit crunch exploded and predictions for global growth slowed dramatically.And while stock prices are expected to recover next year...

Can Local Investors Beat Foreign Investment In Sudan

Sudan is hoping to use foreign cash to reinvigorate its under-performing agricultural sector, but there is growing disagreement over the extent to which outsiders, rather than local farmers, should be taking control of the industry. In 2007, the government established a Five Year Action Plan for agriculture. The plan highlighted the dangers of...

AP, NNPC to Build Refinery In Lekki, Lagos, Nigeria

The Nigeria National Petroleum Corporation (NNPC), has concluded arrangement to enter into a joint venture partnership with African Petroleum Plc, in year 2009, so as to construct a refinery in Lekki, Lagos. The joint partnership will help alleviate the problem of distribution of petroleum products nationwide, an industry expert had noted. This...

China Union Investment Company Invests U.S.$2.6 Billion Investment for Bong Mines In Liberia

Barely a week following the arrival of Seaboard Corporation with an initial investment of US30million, another company has arrived in the country with a huge investment package. A Chinese company, China Union Investment Company, Limited has arrived in the country with an investment of US$2.6 billion believed to be the largest investment under the...

Organised Private Sector Raises Fresh Alarm In Nigeria

The Organised Private Sector (OPS) has raised the alarm over the continued decline in capacity utilisation in industries and the real sector of the economy. Also, multinational oil and gas exploration and production companies operating in Nigeria are re-appraising their commitment to outstanding projects on the strength of the inability of the...

Nigeria Loses N177 Billion Oil Revenue Due To Global Crisis

The crash in oil prices at the international market has manifested in the depletion of Nigeria's revenue as the nation recorded a drop of N177.52 billion in accruals to the Federation Account last November. The revenue that accrued to the Federation Account from oil, according to a communiqué by the Technical sub-committee of the Federation...

Seaboard Back With U.S. $30 Million Investment In Liberia

Seaboard Corporation, one time owner and operator of the National Milling in Buchanan, Grand Bassa County (Flour Mill) has returned to the country with an investment proposal of over US$30 to US$40 million. Seaboard Corporation, a publicly traded American International Food and transportation company once owned and operated the National Milling in...

Vodafone Targets to Enter Telecoms Market in Nigeria

The largest mobile telecommunications network company in the world, Vodafone Group, has expressed its desire to operate in the Nigerian telecoms terrain. Vodafone, with its headquarters in Berkshire, England, UK has a market value of about £75 billion. It currently has operations in 25 countries and partner networks in a further 42 countries...

Indian Private Investment Reaches $4 Billion in Ethiopia

India today is becoming the single largest foreign investor in Ethiopia with nearly $4 billion in private sector investment, said the Ambassador on Monday. Gurjit Singh, Ambassador of India, on his presentation under the title of "India's role in Ethiopia economy with emphasis on infrastructure sector" said, floriculture and agriculture...

Vodacom, Telkom Take Fight to African Turf

  FOR once Vodacom and Telkom agree on something: they both want to become Africa's biggest supplier of voice and data services. Unfortunately that thrusts them in direct competition to one other, since there is room for only one at the top. But at least those future clashes as they fight for market dominance mean their years of bickering...

Sudan forms anti-corruption commission

Monovia: Liberian President Ellen Johnson-Sirleaf on Friday set up an anti-corruption commission in response to donor calls for tougher measures against graft in the West African country. Signing the law creating the commission, Johnson-Sirleaf described the move as "critical to the realisation of some of the major objectives of the...

Somali govt ties with Medco, Kuwait Energy

Somalia: PT Medco Energi Internasional and Kuwait Energy Co. have formed a petroleum venture with the Somali government, Investor Daily Indonesia reported, citing Hilmi Panigoro, president commissioner at the Indonesian company. Medco and Kuwait Energy will each have 24.5 percent stakes in the venture in Somalia, while the Somali government takes...

Nigeria opts for nuclear energy

Lagos: Nigeria is committed to implementing international nuclear safeguards and safety regime in the process of generating electricity from nuclear power plants, local media reported Wednesday. Shamsideen Elegba, director-general of the Nigerian Nuclear Regulatory Authority (NNRA), said at a training course for lawyers on nuclear safety and...