Moroccan Venezia Ice will soon launch the brand into international expansion. Indeed the company has just announced that the Saudi investment fund Swicorp has become the majority shareholder. It indicated that this new arrival in the capital of the company is part of its expansion strategy which will require an investment of over 125 million dirhams. This financing will be used to improve its...

The foreign exchange reserves of Algeria are standing at USD 159.027 billion at the end of June 2015 against USD 193.269 billion at end June 2014, the Governor of the Bank of Algeria, Mohamed Laksaci, announced on 8th September. The foreign exchange reserves were at USD 178.938 billion by the end of December 2014. Mr Laksaci explained this "strong tightening" of official foreign exchange...

Tunisia will ask for a new aid program for a minimum of USD 1.7 billion from the International Monetary Fund (IMF), with the economy of the country struggling to get back to form due to an unstable climate of social security, the Governor of the Tunisian Central Bank, Chedly Ayari, announced on 9th September. "Yes, we are going to ask for a new plan", Mr. Ayari declared during a joint press...

Guinea-Bissau is going back to the political crisis it just exited. New Prime Minister Bacito Dja (photo) announced, on 9th September, his resignation, after the invalidation of his appointment by the Supreme Court. Mr. Dja, whose government was sworn in on 7th September, was appointed in August following the deposition of PM Domingos Simoes Pereira by President José Mario Vaz. "The president...

South Africa has declared that it is keen on resuming the imports of Iranian crude as soon as sanctions against the country are removed.  “For South Africa if there’s a process of doing that lawfully, tomorrow we will do it, if there are no obstacles to that,” South Africa’s Deputy Foreign Minister Nomaindiya Mfeketo told Farsnews. A South African Petroleum Board is expected to...

The first «KINSHASA INTERNATIONAL FORUM - KINFOR16», a Business networking event will take place in Kinshasa, Democratic Republic of Congo (DRC) with hundreds of Belgian, European and Congolese entrepreneurs as well as high-level officials to address economical, commercial and partnership issues. Africa Rise, BIK and the country’s Conseil Economique & Social (CES) are co-organizers....

Morocco's oil refiner Samir has said that it made a 2.17 billion dirham ($223 million) H1 loss upset by maintenance in January and February. Reuters report Samir, controlled by Corral Petroleum Holdings, recently announced plans to halt production at its 200,000 bpd Mohammedia refinery. Morocco's tax administrations have since then seized the company's bank accounts in pursuit of a 13 billion...

Sasol an integrated energy and chemical company based in Johannesburg, South Africa has announced that Professor Jürgen Schrempp, who has served on its board for 18 years, will step down as director and lead independent director at its annual general meeting in December 4. Schrempp, who was best known internationally for his role in the DaimlerChrysler merger in 1998 and also for his leadership...

Nigeria has lifted a ban on 113 vessels into its territorial waters, according to a letter from the NNPC seen by Reuters. The letter, which was dated September 8, stated that the president had approved the consideration of all incoming ships subjected to a letter guaranteeing that they are free and will not be used for any illegal activity. The letter also added that the president had directed...

Morocco's oil refiner Samir has said that it made a 2.17 billion dirham ($223 million) H1 loss upset by maintenance in January and February. Reuters report Samir, controlled by Corral Petroleum Holdings, recently announced plans to halt production at its 200,000 bpd Mohammedia refinery. Morocco's tax administrations have since then seized the company's bank accounts in pursuit of a 13 billion...