Africa

Financial News

De Beers Revises Mining Plans for South Africa, to Cut Size of Workforce De Beers, the world’s largest diamond company, revised its mining plans for South Africa and said it is to cut jobs at its six mines there because of the slowdown in the global economy.

Xstrata, Merafe Raise Ferrochrome Production Cuts to 1.37 Million Tons Xstrata Plc and Merafe Resources Ltd. extended production cuts to 80 percent of capacity with the closure of a further six ferrochrome furnaces because of poor demand for the steelmaking raw material.

South African Stocks Advance After Morgan Stanley Raises Recommendation South Africa’s main stock index advanced, snapping seven days of declines, after Morgan Stanley recommended investors add to holdings of the country’s equities on the outlook for earnings.

Nigerian Labor Unions to Unite Ahead of Government Talks on Minimum Wage Nigeria’s two labor unions are to present a united front to government in forthcoming talks about a new minimum wage, said Peter Esele, president of the Trade Union Congress.

Nigerian Ministers Called to Economy Meeting, South Africa's Manuel Says Nigerian President Umaru Yar’Adua called an “urgent” meeting of Cabinet ministers to discuss the “economic crisis” in the country, South African Finance Minister Trevor Manuel said.

Cameroon Signs Trade Agreement Giving Duty Free Access to European Union Cameroon signed a trade agreement with the European Union giving it duty free access to the bloc, EU Trade Commissioner Catherine Ashton said.

Foschini Says Sales Growth in December Was `Above Expectations' at 9.9% Foschini Ltd., South Africa’s third- largest publicly traded clothing retailer, said revenue climbed 9.9 percent in December as business beat its expectations.

Nigeria, UAE Sign $16 Billion Infrastructure Investment Deal, ThisDay Says Nigeria signed a $16 billion investment agreement with the United Arab Emirates to improve infrastructure in the West African nation, ThisDay reported, citing Justice Minister Michael Aondoakaa.

General News

South African, Mozambican Leaders to Hold Talks About Zimbabwe Deadlock Kgalema Motlanthe and Armando Guebuza, the presidents of South Africa and Mozambique, will travel to Zimbabwe on Jan. 19 to try and break an impasse that has prevented the formation of a coalition government.

Kenyan Leaders Appoint Team to Manage Relations in Coalition Government Kenyan President Mwai Kibaki and Prime Minister Raila Odinga appointed a 12-member team to manage “the affairs of the grand coalition,” according to an e-mailed statement from the presidency.

Ugandan Rebels Kill More Than 600 Civilians in Congo, Rights Watch Says The number of civilians killed by Ugandan rebels in northeastern Democratic Republic of Congo rose to more than 600, Human Rights Watch said.

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