The International Energy Agency (IEA) has extended its global oil market outlook until late 2017 as major oil producing nations prepare to gather for talks in Algiers on Wednesday. This is coming after the Agency on September 13, 2016 announced that oil supply will exceed demand at least through H1 of 2017. “We don’t see the oil market re-balancing until late 2017 provided there’s no...

The World Bank in its report entitled “Migration and Development: A role for the World Bank Group” said remittances to developing countries have tripled public development aid to $432 billion in 2015. Despite migration affecting welfare of migrants, their households’ as well that of the community they left, and that of host country, it has a few advantages of which benefits of...

Hyperdynamics Corporation has received an improved exploration risk assessment of the Fatala 1 and Buried Hill 1 deepwater prospects, increasing its chances of a successful drilling operation offshore Guinea. According to the company, the assessment is coming after the reprocessing of 3D seismic data by eSeis on the two prospects, by means of a more advanced technology that produced perfect...

Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, has signed three new petroleum agreements worth $595 million for the Egyptian General Petroleum Corporation (EGPC).The deal, which was with the Italian Egyptian Oil Company (IEOC), a subsidiary of Eni and BP, is for the exploration and production of oil and natural gas as well as the drilling of 12 new wells to produce...

The world’s largest hotel operator Marriott has announced plans to double its workforce in Africa and the Middle East by 30,000 people over the next three years. “Within three years, we are going to grow to 90,000 rooms across the region,” said Mariott’s president for Africa and the Middle East. The company which has been very active in Africa and in East Africa especially over the past...

Shell Petroleum Development Company of Nigeria (SPDC) has again shutdown the Trans Niger Pipeline, which carries Bonny Light crude, as a preventive measure after a fire was seen. Operated by SPDC, the 28” pipeline was initially shutdown in June and was later reopened. The Trans Niger Pipeline (TNP) conveys approximately 180,000 bopd to the Bonny Export Terminal and is amongst the gas liquids...

Red meat prices in South Africa should rise, thus worsening inflation on food products. This is due to farmers’ current efforts to rebuild their herds after massive slaughters as they faced the worst drought of the century. Indeed, as El Nino phenomenon reduced pastures and cut maize output drastically, thus pushing prices of livestock feed off the roof, farmers were forced to slaughter more...

US private equity firm Carlyle Group has announced in a statement released on Sept 26, that it will acquire majority stake in South African supplier of promotional products and clothing Amrod, as it aims to expand its activities to other markets. Funds for the acquisition will come from Carlyle Sub-Saharan Africa Fund, the same source added. The transaction, whose amount was not disclosed, is...

In Cote d’Ivoire, press leaders recently asked the government for a tax relief. The request was made after a seminary that gathered them on September 22-23, 2016 in Yamoussoukro, the capital. The requested tax reform should allow press companies to benefit from a number of measures, of which the cancellation of tax arrears from the firms’ creation to December 31, illegibility to the...

In his article entitled “Quel Gâchis!” (What a waste!) published on Sept 24, 2016 on the website Libre Algérie, Smail Goumeziane, writer and former Algerian minister of trade said the “brain drain” of more than 500,000 Algerian executives who have migrated, has cost the nation about $165 billion in 30 years. To assess the financial impact of the “brain drain” which he...