Economy -
  • Minister allays fears over free-fall of Nigerian naira
    19 november 2003 12:02:00
    Lagos- Nigeria (PANA) -- Finance Minister Ngozi Okonjo-Iweala has dismissed fears over the free fall of the national currency, the naira, saying such fluctuation in the value of the currency was "normal" at this time of the year. Full text...

  • COMESA trade volumes up by 22 percent
    19 november 2003 11:44:00
    Nairobi- Kenya (PANA) -- The Common Market for Eastern and Southern Africa (COMESA) trade volumes posted an impressive 22 percent growth in 2002, reaching US$4 billion due to increased business activities spurred by the launch of a Free Trade Area. Full text...

  • Private sector warns Nigerian customs against market raid
    19 november 2003 11:24:00
    Lagos- Nigeria (PANA) -- As a two-week ultimatum the Customs department gave owners of supermarkets to dispose of banned goods or face their seizure expired Wednesday, Nigeria's Organised Private Sector (OPS) has warned that a raid on the supermarkets would be "reckless and unhealthy for business and the economy". Full text...

  • COMESA to use local currencies in cross-border trade
    19 november 2003 10:28:00
    Nairobi- Kenya (PANA) -- Finance ministers from the Common Market for Eastern and Southern Africa (COMESA) Tuesday approved the setting up of a facility allowing member states to use their local currencies in cross-border trade. Full text...

  • Poland, Kenya enhance economics ties
    19 november 2003 09:34:00
    Nairobi- Kenya (PANA) -- Poland is to embark on bilateral consultations with Kenya to give trade ties between the countries a new impetus, Polish vice minister for African and Middle East Affairs indicated here Wednesday. Full text...

  • New S. Africa business guidebook hits shelves
    19 november 2003 08:43:00
    Cape Town- South Africa (PANA) -- The eighth edition of the South Africa Business Guidebook 2003/4 has been published, offering an authoritative overall introductory guide for foreign investors and those wishing to explore trade opportunities with South African companies. Full text...

  • 45 nations confirm participation in Afro-Arab Trade Fair
    18 november 2003 21:40:00
    Tunis- Tunisia (PANA) -- Some 45 countries have confirmed their participation in the Sixth Afro-Arab Trade Fair scheduled for December in Tunisia, the local press reported Tuesday. Full text...

  • Kufuor says Ghana attracting more investment
    18 november 2003 19:51:00
    Accra- Ghana (PANA) -- Ghanaian President John Kufuor said Tuesday that investment flow into the country had improved and pledged government's determination to sustain the upward trend. Full text...

  • Ghana unlikely to meet Millennium Development Goals
    18 november 2003 19:33:00
    Accra- Ghana (PANA) -- Ghana might not be able to meet all the targets of the Millennium Development Goals (MDGs), deputy minister of Finance and Economic Planning, Anthony Akoto Osei warned here Tuesday. Full text...

  • East African Community braces for customs union
    18 november 2003 19:09:00
    Dar es Salaam- Tanzania (PANA) -- Tanzania, Kenya and Uganda which comprise the East African Community (EAC) will on 30 November move closer to eliminating trade barriers amongst them after EAC leaders approve a protocol establishing a Customs Union for the region. Full text...

  • Vodacom begins operation next month in Mozambique
    18 november 2003 18:46:00
    Maputo- Mozambique (PANA) -- The South African mobile phone company, Vodacom will start operations early December in Mozambique through its local subsidiary, VM, according to Executive director Andrew Mthembu. Full text...

  • Zimbabwean police arrest 90 over labour strike
    18 november 2003 17:33:00
    Harare- Zimbabwe (PANA) -- Zimbabwean police Tuesday arrested a top official of the country's biggest labour union and scores of other activists for planning to take part in illegal protests against the government. Full text...

  • Kenya plans industrial activity survey in 2004
    18 november 2003 14:46:00
    Nairobi- Kenya (PANA) -- Kenya is planning an ambitious Industrial Activities Survey to determine the number of companies which collapsed due to the effects of two decades of economic decline. Full text...

  • Police patrol Harare streets to thwart labour strike
    18 november 2003 14:05:00
    Harare- Zimbabwe (PANA) -- Zimbabwean riot police were Tuesday patrolling streets in the nation's capital to stem planned protests by workers over growing economic hardships in the country. Full text...

  • Burkina Faso, Taiwan finalising air transport accord
    18 november 2003 11:56:00
    Ouagadougou- Burkina Faso (PANA) -- Burkina Faso and the Republic of China (Taiwan) are finalising two agreements on air transport to bring their peoples closer and make easy the arrival of volunteer Taiwanese workers in the West African state, officials affirmed here. Full text...

  • Nigeria's anti-graft panel prosecutes own official, cop
    18 november 2003 10:42:00
    Lagos- Nigeria (PANA) -- Nigeria's much-criticised anti-graft panel may have woken up from its slumber, if the ongoing prosecution of its own official over allegation of corrupt practices, and a policeman who received gratification, is anything to go by. Full text...

  • African statisticians face MDGs challenge
    18 november 2003 10:21:00
    Addis Ababa- Ethiopia (PANA) -- Increased efforts should be made to develop statistics in Africa for the formulation and monitoring of policies in the interest of the poor and the most vulnerable groups, the UN Economic Commission for Africa (ECA) has observed. Full text...

  • Sao Tome anticipates 5 percent growth in 2004
    18 november 2003 09:24:00
    Sao Tome- Sao Tome and Principe (PANA) -- Economic growth in Sao Tome and Principe next year would be in the region of 5 percent and an the inflation rate at about 9 percent, Prime Minister Maria das Neves told Parliament here Monday while presenting the draft budget for 2004. Full text...

  • Ghana Vice president pleads for fair global trade
    17 november 2003 22:34:00
    Accra- Ghana (PANA) -- Ghana's Vice President Aliu Mahama on Monday reiterated a call for fair and open global trade for the economies of developing countries to grow. Full text...

  • Standard Chartered gain pushes index up
    17 november 2003 22:05:00
    Accra- Ghana (PANA) -- Huge gains by Ghana's Standard Chartered Bank made the Accra bourse index to reach an all time high on Monday. Full text...

  • Wade blames leaders for Africa's huge debt
    17 november 2003 21:57:00
    Dakar- Senegal (PANA) -- Senegalese President Abdoulaye Wade on Monday attributed Africa's huge indebtedness to the complicity between the continent's leaders and certain creditor nations. Full text...

  • Paris to host business information forum on Gabon
    17 november 2003 20:15:00
    Libreville- Gabon (PANA) -- The France-Gabon Association, AFG and the Paris Chamber of Commerce and Industry will organise in the French capital 8 December, an information forum on investment potentials in Gabon. Full text...

  • Rwanda steps up rural development
    17 november 2003 19:40:00
    Kigali- Rwanda (PANA) -- Rwanda Monday in Kigali launched a national programme, PDL-HIMO, to boost job-creation and development of infrastructure in rural and disadvantaged urban areas. Full text...

  • Cote d'Ivoire, EU fail to reach fishing agreement
    17 november 2003 18:54:00
    Abidjan- Cote d'Ivoire (PANA) -- Cote d'Ivoire and the European Union failed to reach a fishing agreement covering the 2004-2007 period at the end of weeklong negotiations which ended here Sunday, a reliable source told PANA in Abidjan Monday. Full text...

  • Aga Khan unveils $34.4 million investment plan
    17 november 2003 18:18:00
    Nairobi- Kenya (PANA) -- Prince Amyn Aga Khan will make a capital increase of US$34. Full text...

  • Mbeki due in Nairobi Wednesday for investment conference
    17 november 2003 17:31:00
    Nairobi- Kenya (PANA) -- South African President Thabo Mbeki arrives here Wednesday to attend the official opening of a crucial Kenya national investment conference, an official revealed Monday. Full text...

  • Harsh economic state leaves Zambians little to eat
    17 november 2003 16:28:00
    Lusaka- Zambia (PANA) -- Most Zambian families have reduced the intake of meals as a way of adapting to the harsh economic realities facing the country, which has seen formal employment dwindle to a mere 300,000 out of a population of about 10. Full text...

  • Nigeria's spending outstrips receipts
    17 november 2003 15:11:00
    Lagos- Nigeria (PANA) -- Nigeria's foreign exchange inflow through the Central Bank in the first seven months of this year amounted to 11. Full text...

  • COMESA ministers discuss regional payment system
    17 november 2003 13:09:00
    Nairobi- Kenya (PANA) -- Finance Ministers from the 20 Common Market for Eastern and Southern Africa (COMESA) member states convened here Monday to discuss monetary integration policies to create a Payments and Settlement System (REPSS) for the regional economic block. Full text...

  • Cape Town's waterfront to get new 6-star luxury hotel
    17 november 2003 13:00:00
    Cape Town- South Africa (PANA) -- Kerzner International Limited announced at the weekend that it had entered into an agreement with Cape Town's famous Victoria Full text...

  • Uganda bankers want code of conduct as fraud mounts
    17 november 2003 12:24:00
    Kampala- Uganda (PANA) -- Stung by mounting cases of fraud in the banking industry, Ugandan professional bankers are demanding the enactment of a code of best business practices and corporate governance principles to counter the menace. Full text...

  • Zimbabwe labour union begins strike actions Tuesday
    16 november 2003 17:21:00
    Harare- Zimbabwe (PANA) -- Zimbabwe's biggest labour union said Sunday it has planned a series of nationwide strikes this week to protest against growing economic hardships in the country. Full text...

  • Transaction in Nigerian govt securities up
    16 november 2003 16:16:00
    Lagos- Nigeria (PANA) -- The volume of transaction in Nigerian government securities increased slightly this past week as a total of 32. Full text...

  • New measures to curb money laundering in Nigeria
    16 november 2003 16:12:00
    Lagos- Nigeria (PANA) -- The Central Bank of Nigeria (CBN) has introduced measures to stop Nigerian banks from being used as channels of money laundering and other financial crimes, CBN governor Joseph Sanusi disclosed. Full text...

  • France, SADC to sign cooperation accord
    16 november 2003 15:58:00
    Paris- France (PANA) -- France and the Southern African Development Community (SADC) will on Monday sign a cooperation framework agreement to formalise partnership they initiated in 1998, an official statement has affirmed here. Full text...

  • Equatorial Guinea's Premier visits Texas
    16 november 2003 14:09:00
    Malabo- Equatorial Guinea (PANA) -- Equatorial Guinea's Prime Minister Candido Muatetema Rivas left Bata Saturday to begin a working visit to the US City of Houston, an official news released said here Sunday. Full text...

  • Nigerian currency depreciates further against US dollar
    16 november 2003 10:16:00
    Lagos- Nigeria (PANA) -- Nigeria's national currency, the Naira, fell further against the US dollar at the second auction of the official Dutch Auction System (DAS) segment of the country's foreign exchange market Wednesday, closing the outgoing week at 136. Full text...

  • Inflation-busting pay-packet at MOZAL factory
    15 november 2003 17:14:00
    Maputo- Mozambique (PANA) -- The management of the MOZAL aluminium smelter on the outskirts of the Mozambican capital Maputo, and the National Engineering Workers Union (SINTIME) have reached an agreement over wages and conditions for the next two years, according to a MOZAL statement. Full text...

  • Uganda's new banknote criticised
    15 november 2003 15:38:00
    Kampala- Uganda (PANA) -- The Bank of Uganda (BOU)'s intention to introduce a 50,000-shilling banknote has met stiff resistance, with its critics saying it will lead to inflation because the smaller denominations will be rendered useless. Full text...

  • Praia seeks special status with EU
    15 november 2003 15:37:00
    Praia- Cape Verde(PANA) -- Cape Verde is mobilising support to be granted a special status by the European Union (EU), officials said in Praia. Full text...

  • Tunisia, Kuwait intensify oil exploration
    15 november 2003 15:02:00
    Tunis- Tunisia (PANA) -- Tunisian and Kuwaiti oil firms have started drilling an oil well to intensify exploration on the eastern Tunisian coast, industry officials said. Full text...

  • Robbers seize multimillion-dollar matte from Zimbabwean firm
    15 november 2003 13:58:00
    Harare- Zimbabwe (PANA) -- Zimbabwe Platinum Mines said Saturday a consignment of matte it had sent to a refinery in South Africa for processing was hijacked on the road by robbers. Full text...

  • Two company chiefs arrested for fraud in Equatorial Guinea
    15 november 2003 13:44:00
    Malabo- Equatorial Guinea (PANA) -- Two managers of a company in Equatorial Guinea's oil industry, have been arrested by the police for allegedly exhorting money from job seekers, State television reported Saturday. Full text...

  • Senior World Bank official due in Nigeria
    15 november 2003 12:40:00
    Abuja- Nigeria (PANA) -- Peter Woicke, Vice-President of the International Finance Corporation (IFC) and Managing Director of the World Bank Group, will visit Nigeria 19-22 November, a statement from the bank's office said. Full text...

  • Chad to set up new airline
    15 november 2003 12:32:00
    N'djamena- Tchad (PANA) -- Chad plans to set up a new air transport company, "Air Tchad" with Air France as the main partner, Chadian Public Works and Transport Minister Adoum Younousmi, has revealed in N'djamena. Full text...

  • Cape Verde, Portugal in tourism co-operation
    15 november 2003 12:11:00
    Praia- Cape Verde (PANA) -- Cape Verde, Portugal and the Canary Islands have signed an agreement for tourism development, official sources said in Praia. Full text...

  • Sao Tomeans discuss oil revenue law
    15 november 2003 10:52:00
    Sao Tome- Sao Tome and Principe (PANA) -- Sao Tome's parliamentary Commission on oil revenue law, has started consultations with the political class and civil society aimed at achieving a consensus on the issue, parliamentary sources said. Full text...

  • WB criticises Kenya's high tariffs on COMESA sugar imports
    15 november 2003 10:43:00
    Nairobi- Kenya (PANA) -- The World Bank has criticised Kenya's high tariffs on sugar imports by other member countries of the Common Market for Eastern and Southern Africa (COMESA), warning that Nairobi could lose in the event of a retaliation. Full text...

  • Cape Verde to set up air charter company
    15 november 2003 09:59:00
    Praia- Cape Verde (PANA) -- Cape Verde plans to set up an air charter company under a partnership between its air company, TACV and Cabo Verde Time, of Italian Holding Turinvest, industry sources said in Praia. Full text...

  • Burundi modifies fiscal and customs regime
    14 november 2003 22:12:00
    Bujumbura- Burundi (PANA) -- Significant cuts in taxes and tariffs come into effect next January in Burundi, as the country falls in with measures enforced within the Common Market for Eastern and Southern Africa (COMESA), government sources said here Friday. Full text...

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