SomaliPress.com

Business

African countries to decide about submarine fiber optic cables

Lome: Ten African countries are meeting hereto explore and work out ways to promote and enhance the access to the deployment and use of fiber optic technologies across parts of West and Central Africa, according to official sources.    The meeting, which began on Wednesday, will deliberate on ways to spur the implementation of the...

Australia to impose financial sanctions against Zimbabwe

Sydney: Australia will consider imposing stronger financial and travel sanctions against Zimbabwe as violence escalates in the lead up to the June 27 presidential run-off election.    'I've made it clear that we are open to consider more sanctions. We are currently giving active consideration to the issue,' Foreign Minister Stephen Smith...

Youths blow up Chevron oil pipeline in Nigeria

Abuja (Nigeria): Armed youths blew up a Nigerian crude oil pipeline operated by U.S. major Chevron, a militant group said on Saturday, cutting more output from the world's eighth largest oil exporter.    The Movement for the Emancipation of the Niger Delta (MEND) said it was contacted by youths claiming responsibility for Thursday's...

Nigeria's oil reserves to dry up in 43 years

Lagos (Nigeria): General Manager of Nigerian Agip Oil Exploration, Richard Ogunde, on Friday in Nigeria's southwest Ogun State said Nigeria's oil reserve had only 43 years to dry up, according to the News Agency of Nigeria on Saturday.    Ogunde made the disclosure in a lecture at the Tai Solarin University of Education in Ogun State. He...

Nigeria to draw over $10 bln from oil savings

Nigeria: Nigeria will withdraw more than $10 billion from its excess crude oil account to develop its dilapidated power infrastructure and give state governors their share of the savings, the finance minister said on Thursday.    Shamsuddeen Usman told reporters the government would use $5.37 billion from the account -- swelled by record...

S Africa cautioned over fuel shortage during 2010 World Cup

South Africa: South Africa faces possible fuel shortages during the 2010 Soccer World Cup, a government official hints in a discussion at parliament. "In the third quarter of 2009 we are expecting that South Africa won't be able to supply our inland (fuel) needs unless something drastic is done," Nhlanhla Gumede, deputy director of...

African nations calls for land and water management for food security

Nairobi: African countries have adopted a document calling for a consistent approach aimed at alleviating the alarming food crisis in the continent. Nearly 140 delegates from 37 African countries, who met June 16-18 in Nairobi ahead of the high level meeting of UN Food and Agriculture Organization (FAO) Regional Conference for Africa, resolved...

Shell closed oil field in Nigeria after attack

Lagos (Nigeria)---Royal Dutch Shell said it shut down production from an offshore oil field that produces about 200,000 barrels per day after the most powerful militant group in Nigeria launched an attack on an installation there Thursday. The group also said it captured an American worker on a supply vessel in the area of the rig. A leader of...

Leaders calls for more invest in Africa's infrastructure

Kampala: Ugandan President Yoweri Museveni urged member countries of the Organization of the Islamic onference (OIC) to invest in Africa's infrastructure, a sector economic which is stalling the continent's economic growth. Museveni, who was opening the OIC Business Forum here on Monday, said while there are efforts to construct a railway...

S Africa heads for tough time after spiraling food cost

Johannesburg: South Africa, the continent's economic powerhouse, is braced for a slowdown after a stretch of solid growth, as higher interest rates coupled with rising food and fuel costs are set to bite. Growth in the first quarter measured 2.1 percent on a 12-monthbasis, down sharply from 5.3 percent in the last quarter of 2007, government...

Kenya ready to launch new development plan

Nairobi: The Kenyan government said it will launch a new blueprint for the country's economic development next week. Planning Minister Wycliffe Oparanya told a news conference in Nairobi that President Mwai Kibaki and Prime Minister Raila Odingawill on June 10 launch Vision 2030, a long-term plan to transform the lives of Kenyans. Oparanya...

Nigeria ousts oil giant Shell, many hails

Nigera: The planned removal of oil giant Shell from southern Nigeria's Ogoniland will finally give the impoverished region a chance to develop, the son of executed activist Ken Saro-Wiwa said on Thursday. Saro-Wiwa was hanged in 1995 by Nigeria's then-military government for leading protests against Royal Dutch Shell over pollution and a...

Biofuels must be concern for African nations - Annan

Rome: African nations should be wary of growing biofuels on prime farm land or risk uprisings triggered by food shortages, former U.N. Secretary-General Kofi Annan said on Wednesday. "African governments trying to produce biofuels, whether from sugarcane or other products, have to be careful to protect their essential farm lands," he...

No quick remedi for Nigeria power supply

Nigeria: Nigeria will not be able to generate enough electricity for its population until at least 2015, President Umaru Yar'Adua has said. Speaking live on television, the president answered critics who said he had been slow to address the problem. Nigeria is the eighth largest exporter of oil but cannot generate enough electricity to meet...

Canadian company aims oil exploration in Somalia soon

Somalia: A Canadian company will soon begin exploring for oil in northeastern Somalia, a regional minister said Sunday, despite Somalia having neither a stable government nor a law governing such projects. A ship belonging to Africa Oil Corp. and carrying oil exploration equipment has docked at the port of Bossaso, and the Canadian company will...