Through a decree from the White House, US President Barack Obama has lifted the economic sanctions imposed to Cote d’Ivoire for over decade now. The sanctions which were imposed in 2006 during President Georges W. Bush’s term included an embargo on arms, assets freeze and a travel ban for some Ivorian politicians who blocked the peace process initiated in 2003. “Côte d’Ivoire has taken...

The European Investment Bank (EIB) plans to lend Morocco €60 million (about 655 million dirham) to co-finance, with the government, a project to develop Casablanca’s second tramway line. The funds will be poured into the construction of the East-West liaison, between Anoual and Aïn Sebaâ, which will extend over 15 km, but also to expand the first line which goes to Lissafa by 2 km,...

German chemist Bayer has announced yesterday that it has acquired US firm Monsanto for €59 billion ($66 billion). Through this, the firm thus becomes the world’s leading pesticide and seed manufacturer. The deal which values Monsanto’s share at $128 comes at end of four months of talks during which the St-Louis firm rejected, three times, Bayer’s offers. Though slightly below...

Junior mining company Vector Resources signed with African Royalty Company an agreement to acquire a 70% stake in the Maniema gold project, in DR Congo, as well as other gold prospects and exploration permits. According to the agreement, African Royalty will forego its rights in the project, by virtue of an agreement it had signed with WB Kasai Investments Congo (WBK), the former owner of the...

South African investment holding Brait SE announced in a statement published on September 14 that it plans to be get listed on the London Stock Exchange. The Malta-based firm also said it intends to move its registered office to the UK, where it owns many flourishing companies including the Ready-to-Wear store chain New Look and health clubs chain, Virgin Active. “Moving to a major...

On September 14, 2016, the Ivorian government announced that it has selected the Italy-Swiss group Mediterranean Shipping Company (MSC) and Emirati Bilal Group for the project to relocate and expand the container terminal of the San-Pedro Autonomous port (South West). “In the framework of the strategic plan for the San-Pedro harbour which is part of the 2016-2020 National Development Plan,...

Ophir Energy in its 2016 half-year results and operational update announced plans to take advantage of the low cost environment by resuming its drilling campaign.The company posted a pre-tax loss of $70million for the first half of 2016 with its revenue amounting to $52million, compared to last year’s $86million. According to Ophir, the Fortuna project in Equatorial Guinea is...

Motorist are to now spend less on fuel after the Energy Regulatory Commission (ERC) announced a reduction in the pump prices of all petroleum products, as a result of the ease in global oil prices. In the recent monthly pricing review, motorists in Nairobi will enjoy a Sh3.74 drop in the price of a litre of super petrol as the commodity now sells at Sh91.39. A litre of diesel dropped by Sh2.05...

Tanzania’s economy is on the right path to growing by 7.2% in 2016 against 7% in 2015, governor of Central Bank of Tanzania, Benno Ndulu announced on September 14. This growth rate slightly exceeds that forecast by the International Monetary Fund, knowingly 7% of Tanzania’s GDP this year. The governor said the rapid growth was due to the construction sector faring better and governance...

In Nigeria, Sokoto Cement will build two power plants with a combined capacity of 60 MW. The plants, which will be completed mid-2017, will run on fossil fuels (most likely coal). The infrastructures will be developed mainly to reduce the operating costs of the firm which has accumulated a load of debts over the past few months. They will also help it boost its production, significantly....