To deal with the anarchic occupation of urban land and speculation, the Togolese minister of Urbanism and Housing, Fiatuwo Sessenou suggests a stricter control. To this end, he designed a “project that aims to deal with this disastrous situation”. The objective here, according to news website Ici Lomé, is sanitize management of urban land by forcing buyers or users to proceed to specific...

Seychelles’ President James Michel announced on September 27, 2016, his resignation from his party “Le Lepep”, as opposition won legislative elections. His resignation will take effect next October 16. It is the first time that the opposition gets the majority in parliament since 1993 when the multiparty system returned. “After 12 years as president, the time has come for me to leave my...

After beating the Johannesburg stock exchange in April 2016, the Casablanca Finance City (CFC) has now dethroned Abu Dhabi’s market thus becoming the MENA’s (Middle East and North Africa) second largest stock market. This was revealed in the Global Fiancial Centers Index (GFCI) released twice a year by British think tank Z/ Yen Group and the China Development Institute. From April, the CFC...

Lucapa Diamonds has generated in its latest sales of diamonds recovered at its Lulo mine, $4.1 million. The firm has sold 2,209 ct at an average price of $1,868 per ct. Its sales thus totaled for the calendar year $32.1 million. Lucapa is set to proceed to another diamonds sale next October. It should on this occasion find buyers for the two type IIa diamonds which it has...

Algeria plans to further open its banking market to private, local and foreign investors. Its government intends to allow state-owned banks to get listed in order to diversify their sources of financing and grow their stock activities, under 2017 state budget project. According to Reuters, under this project, foreign investors will be able to become majority shareholders in Algerian banks, thus...

Yesterday, Morocco’s king Mohammed VI oversaw the signing of a memorandum of understanding with world’s largest aerospace company Boeing who wants to establish in the kingdom a “Boeing industrial ecosystem” in a specialized. Under the agreement, around 123 Boeing suppliers should settle in the Tangiers area, and 8,700 jobs should be created. “This is a very important strategic...

Madagascar Oil has announced the first use of the Tsimiroro heavy fuel oil on the Mandroseza power plant, operated by Symbion Power in Antananarivo, on the Indian Ocean Island of Madagascar. The Tsimiroro fuel oil was successfully used to run one of the Mandroseza power generators and allowed reliable energy production for about 18 hours per day, for 2 days. According to John P. Claussen, the...

Glencore, Trafigura and B.B. Energy, have been selected by Egypt to provide Liquefied Natural Gas (LNG) cargoes for the rest of this year. Trading house Glencore is to provide the cargo for October, while Trafigura and B.B Energy are to provide the November and December shipments respectively. The Egyptian Natural Gas Holding Co (EGAS) earlier this month launched a tender to purchase 202,000t...

As part of efforts to complete a long-delayed project, Eni has announced that it has asked for billions of dollars from banks for the development of the Coral field, in the Area 4 concession off the Mozambican coast. According to sources, banks are expected to reply within three to four weeks with the terms of loans they are to provide. This is one of the last steps before Eni can make a final...

Lucapa Diamond has found at its Lulo mine in Angola a 172.67 ct diamond. The stone is the fifth stone of more than 100 ct recovered by the firm this year, the last being a 104 ct stone last week. Also, it the sixth type IIa diamond found since operations started at the mine. In February 2016, Lucapa recovered at Lulo a 404 ct stone, the biggest ever found in Angola (world’s fourth diamond...