Speaking at a debate organized by the Institute of Political Sciences, International Relations and Communication (ISPRIC), Mali’s minister of domains, Mohamed Ali Bathily bluntly accused mayors, judges and the territorial administration of being the main sources of land speculation in the country. “The jurisdictions take decisions that are best left unknown unless those who attended the law...

French social network, Viadeo, which planned to go global eying emerging markets, Africa included, went bankrupt after failing expansion. The firm on November 29, 2016 was placed under receivership by the Paris Commercial Court. It will be liquidated in three months. Viadeo is a professional social network which positioned itself as the direct rival of U.S. network LinkedIn. However, the company...

South African firm RCL Foods will cut 1,350 jobs at its Hammersdale plant, in the Kwazulu-Natal province, said the Scott Pitman, head of the firm’s consumer division. Pitman said the firm’s decision was driven by cheaper poultry imports, from the European Union, Brazil, and the U.S. mostly, which forced it to reduce prices of its products in the local market, regardless of production costs....

South Africa’s Minister of public enterprises, Lynne Brown, has appointed Matshela Koko acting chief executive officer of state power utility Eskom. “I approved the Board’s request to appoint Mr Koko as acting Group Chief Executive Officer. Mr Koko has a wealth of experience and understands the challenges Eskom faces. His appointment will also ensure continuity at Eskom,” Brown...

The Rwanda government postponed the sale of its 20% interest in I&M Bank Rwanda via the local stock exchange to the first quarter of 2017, Reuters reported on Nov. 29 citing governor of Central Bank, John Rwangombwa. The Rwandan subsidiary of Kenyan lender I&M Bank should have been listed before the end of this yead. Though Rwangombwa did not say why the listing was postponed, experts believe...

Over the first half of 2016, Gabon’s telecom industry generated a turnover of CFA138.1 billion, up 2.3% compared to the first six months of 2015. The figures which are published in the half-year sectoral report of quarterly release from the directorate general of economy and public policy attest that the telecom sector is faring better than last year. In regards to the number of mobile phone...

Crédit du Maroc (CDM) expects a net profit of 256 million dirham ($25.3 million) for the 2016 financial year. This was revealed in a note released by the Casablanca stock exchange, regarding a loan of 500 million dirham which the group is taking on the Moroccan capital market. The increase would be attributable to a 2.6% increase of the group’s net banking product to 2.15 billion dirham. The...

Senegal’s minister of Mining awarded an exploration permit to Bassari Resources for the Makabingui project. The permit, which is renewable, is valid for 5 years. An exploitation firm will be formed, with the Senegal government to get a 10% noncontributory interest in its capital. Bassari said it has been exempted from a number of taxes, for three years. These include export, value added,...

CGG on Thursday announced that the final processed depth volumes from its recent 3D BroadSeis multi-client survey in Gabon’s South Basin are now open for licence. The company which is the technical consultant to the Gabonese Republic’s Ministry of Petroleum and Hydrocarbons, acquired the broadband seismic survey of more than 25,000 km² to support Gabon’s 11th Licencing Round. This survey...

In Kenya, household debt reached Sh907 billion ($88 billion) at the end of 2015, a survey conducted by local firm HTM Capital shows. From 2010, this debt soared by 254%.  “According to our estimates, this increase in debt has been largely driven by the increase in the accessibility of funds via mobile banking services,” the firm said based on data it collected. The figure indicates that...