Economy -
  • Accra bourse opens week dull
    24 may 2004 19:45:00
    Accra- Ghana (PANA) -- The Ghana Stock Exchange All-Share Index, the main market gauge of the Accra bourse was up by just 5. Full text...

  • Mozambican Minister wants lower maritime transport cost
    24 may 2004 18:11:00
    Maputo- Mozambique (PANA) -- Mozambican Transport Minister Tomas Salomao Monday called for reduction in maritime transport costs to make the economies of southern African countries more competitive. Full text...

  • Kenyan panel gags ex-president Moi's lawyer
    24 may 2004 17:27:00
    Nairobi- Kenya (PANA) -- Judges probing the multi-million dollar Goldenberg scam Monday barred a lawyer representing former President Daniel Arap Moi from prejudicially discussing proceedings of the inquiry in public. Full text...

  • West African newspaper launched in South Africa
    24 may 2004 16:54:00
    Cape Town- South Africa (PANA) -- The Financial Standard African Standard, a newspaper for the ever-expanding expatriate communities of West Africa living in South Africa, estimated to number around 100,000, has been launched in the country by a leading Nigerian publisher, Millennium Harvest. Full text...

  • IMF pats Algeria over economic reforms
    24 may 2004 15:20:00
    Algiers- Algeria (PANA) -- International Monetary Fund (IMF) has hailed reforms carried out in Algeria to modernise its financial system, which the Fund has described as "stable". Full text...

  • Museveni says African banks stifle growth of trade
    24 may 2004 15:07:00
    Kampala- Uganda (PANA) -- Ugandan president Yoweri Museveni on Monday charged that rustic operations of African banks that demand for unrealistic collateral as surety for credit in trade were thorny issues constraining growth in Africa. Full text...

  • Pakistani firm undertakes seismic surveys in Sudan
    24 may 2004 12:53:00
    Khartoum- Sudan (PANA) -- A Pakistani firm has commenced seismic surveys at a number of sites at Al-Hasahaisa and Kamlin in Sudan in an initial move to oil explorations, official sources said here Monday. Full text...

  • Nigerian fuel dealers explain price hike
    24 may 2004 12:28:00
    Lagos- Nigeria (PANA) -- Nigeria's oil marketing companies have blamed the recent increase in fuel prices on a variety of factors, including rising operational costs, but the country's organised labour has vowed to resist the hike. Full text...

  • Rising oil prices give Nigeria $1.05 billion in windfall
    24 may 2004 11:13:00
    Lagos- Nigeria (PANA) -- Nigeria's economic fortunes are on the upswing as the windfall accruing from the high prices of crude oil in the international market has risen to 139. Full text...

  • Zimbabwe police arrest 13 company bosses in forex fraud
    23 may 2004 18:06:00
    Harare- Zimbabwe (PANA) -- Police in Zimbabwe said Sunday they had arrested 13 directors of a company for siphoning billions of dollars of foreign currency out of the country. Full text...

  • Burkinabe premier at Ema Invest forum in Geneva
    23 may 2004 15:29:00
    Ouagadougou- Burkina Faso (PANA) -- The Prime Minister of Burkina Faso, Paramanga Ernest Yonli, will lead a delegation of officials and business people to the fifth Ema Invest Forum scheduled for 26-28 May in Geneva, Switzerland. Full text...

  • African Finance, Planning ministers set development agenda
    23 may 2004 14:50:00
    Munyonyo- Uganda (PANA) -- African Finance and Economic Planning ministers wound up their annual confab here Sunday with a resolve to adopt dynamic trade policies devoid of domestic bottlenecks. Full text...

  • ADB reports big leap in development assistance
    23 may 2004 14:00:00
    Kampala- Uganda (PANA) -- The African Development Bank (ADB) group registered 11. Full text...

  • African Finance ministers end confab, regret failed Cancun talks
    23 may 2004 12:45:00
    Munyonyo- Uganda (PANA) -- African Finance and Economic Planning ministers concluded their annual meeting here Saturday lamenting the failure, at last year's Cancun WTO talks, to reach consensus on modalities for resolving problem of western agricultural trade barriers and export subsidies undermining Africa's successful integration into global trade. Full text...

  • Algerian govt minister pushes for NTIC industry
    23 may 2004 10:57:00
    Algiers- Algeria (PANA) -- Posts and Information and Communication Technologies minister Amar Tou advocated Saturday for development of the new information and communication technologies (NTIC) industry in Algeria. Full text...

  • ADB President bemoans Africa's global trade share
    23 may 2004 09:34:00
    Munyonyo- Uganda (PANA) -- Failure to harness its competitive advantages in products with high demand, coupled with difficulties keeping pace with technological progress is the root cause of Africa's insignificant share in world trade, African Development Bank President Omar Kabbaj noted here late Saturday. Full text...

  • Britain becomes major donor to Mozambique
    22 may 2004 19:16:00
    Maputo- Mozambique (PANA) -- Britain has become a major donor to Maputo, giving 30 million pounds (about $48 million) directly to the Mozambican state budget this year, and the figure would rise to 40 million pounds in 2005, a top British official said here Saturday. Full text...

  • ADB meeting to focus poverty reduction
    22 may 2004 18:29:00
    Kampala- Uganda (PANA) -- Africa Development Bank (ADB) President Omar Kabbaj has arrived here for a series of activities that will mark the bank's annual meetings this year. Full text...

  • Distortions in global agricultural trade affects Africa
    22 may 2004 17:35:00
    Munyonyo- Uganda (PANA) -- The global economic and trading system, in which Africa is striving to be integrated, is characterised by a vicious cycle of trade imbalances destroying the livelihood of millions of framers. Full text...

  • Nigerian bourse ends week bullish
    22 may 2004 16:41:00
    Lagos- Nigeria (PANA) -- The Nigerian Stock Exchange (NSE) recorded bullish trading this week with a turnover of 289. Full text...

  • UNECA: HIV/AIDS aggravates Africa's economic woes
    22 may 2004 16:38:00
    Munyonyo- Uganda (PANA) -- HIV/AIDS, a disease found to be weakening the productivity of Africa, is aggravating the woes of its failed economic growth, observed Kingsley Y. Full text...

  • Nigerian currency rallies against US dollar
    22 may 2004 13:10:00
    Lagos- Nigeria (PANA) -- The Nigerian currency, the naira, rallied against the dollar at the official Dutch Auction System (DAS) segment of the foreign exchange market this week, gaining 0. Full text...

  • Technocrats keep eagle eye on economy in election year
    22 may 2004 13:05:00
    Accra- Ghana (PANA) -- The technocrats may be working overtime keeping an eagle eye on the economy as Ghana goes to the presidential poll this year. Full text...

  • Nigeria's apex bank mops 41bn naira from economy
    22 may 2004 12:31:00
    Lagos- Nigeria (PANA) -- A total of 41 billion naira was withdrawn from the financial system by the Central Bank of Nigeria (CBN) this week through the sale of treasury bills, the short-term government securities traded weekly as part of measures to manage liquidity in the system. Full text...

  • Museveni differs with experts on Africa's economic woes
    22 may 2004 11:46:00
    Munyonyo- Uganda (PANA) -- Ugandan leader Yoweri Museveni has said that the woes Africa faces in obtaining economic growth were more external than domestic, noting that the lack of market access to the developed economies was a persistent impediment to the continent's growth. Full text...

  • Morocco rules out fuel price increases
    22 may 2004 11:23:00
    Rabat- Morocco (PANA) -- In the wake of continued rise in prices of petroleum products on the international market, the Moroccan Ministry of Energy and Mining has ruled out price increases on the local market. Full text...

  • Ghana Stock Exchange in modest weekend gain
    21 may 2004 21:15:00
    Accra- Ghana (PANA) -- The Ghana Stock Exchange registered a modest 15. Full text...

  • Japan grants 622 million yens in Cape Verde
    21 may 2004 20:49:00
    Praia- Cape Verde (PANA) -- Japan has agreed to grant Cape Verde 622 million yens to finance an underground water scheme and water supply project in the Cape Verdian island of Santiago. Full text...

  • Zimbabwe to triple asbestos export earnings this year
    21 may 2004 20:25:00
    Harare- Zimbabwe (PANA) -- Zimbabwe is expected to triple its export revenue from asbestos this year to 600 billion Zimbabwean dollars, the Minerals Marketing Corporation of Zimbabwe chief executive, Onisimo Moyo said Friday. Full text...

  • Niger lands 2.4 billion-CFAF Chinese grant
    21 may 2004 20:08:00
    Niamey- Niger (PANA) -- China has granted Niger about 2. Full text...

  • Mozambican Minister hails NEPAD's anti-conflict move
    21 may 2004 20:00:00
    Maputo- Mozambique (PANA) -- Mozambican Foreign Minister Leonardo Simao said in Maputo the New Partnership for Africa's Development (NEPAD) initiative was already yielding positive results, especially in the reduction of conflicts on the continent. Full text...

  • Zimbabwe reduces power import debt
    21 may 2004 19:39:00
    Harare- Zimbabwe (PANA) -- State-run Zimbabwe Electricity Supply Authority (ZESA) said Friday it had paid part of its power import debts owed countries in the region, some of whom had threatened to cut off supplies. Full text...

  • Mauritian foreign reserve up
    21 may 2004 17:42:00
    Port-Louis- Mauritius (PANA) -- Mauritian foreign reserve has risen to 1. Full text...

  • Zambia concludes talks on take-over of state bank
    21 may 2004 16:15:00
    Lusaka- Zambia (PANA) -- The Zambian government has concluded initial talks with the Amalgamated Bank of South Africa (ABSA) over the possible take-over of the ailing state-owned Zambia National Commercial Bank (ZANACO), according to media reports here on Friday. Full text...

  • US group sells stake in Tunisian power plant
    21 may 2004 15:11:00
    Tunis- Tunisia (PANA) -- US power company, Public Service Enterprise Group Inc. Full text...

  • Nigeria hikes fuel prices again
    21 may 2004 14:18:00
    Lagos- Nigeria (PANA) -- Nigeria's ever-increasing fuel prices have inched up again as marketers quietly raised the cost of a litre of gasoline from 41. Full text...

  • South Africa to up fuel price in June
    21 may 2004 14:10:00
    Johannesburg- South Africa (PANA) -- South Africa's department of Minerals and Energy Friday said it anticipates fuel price increase effective 2 June, citing a combination of higher international prices for petroleum products and a stronger US dollar for the increase. Full text...

  • Africa's woes more self-inflicted than external - Experts
    21 may 2004 12:25:00
    Munyonyo- Uganda (PANA) -- After a three-day review of a United Nations Economic Commission for Africa (UNECA) Finance Report, experts have admitted that Africa's backwardness was more self- made than external. Full text...

  • Congos' excess oil revenue eases budget deficit
    21 may 2004 11:45:00
    Pointe-Noire- Congo (PANA) -- Bruno Jean Richard Itoua, managing director of the National Oil Company of Congo (SNPC), has said that substantial gains from increased oil prices, now around 42 US dollars a barrel, have enabled the country to bridge its 2004 budget gap estimated at 284 billion CFA francs (517. Full text...

  • COMESA slates first ever business summit for June
    21 may 2004 07:39:00
    Lusaka- Zambia (PANA) -- The Common Market for Eastern and Southern Africa (COMESA) would 6-8 June organise a business summit, the first since the bloc's inception, in Kampala, Uganda. Full text...

  • Zimbabwean firm to begin diamond mining
    20 may 2004 20:28:00
    Harare- Zimbabwe (PANA) -- Mining company Rio Tinto Zimbabwe said Thursday it was opening a 40 million US-dollar diamond mine near the central town of Zvishavane. Full text...

  • Mozambique confident of continued World Bank support
    20 may 2004 18:32:00
    Maputo- Mozambique (PANA) -- Mozambican Prime Minister Luisa Diogo has expressed government's confidence over continued World Bank support to the country's Action Plan for the Reduction of Absolute Poverty (PARPA). Full text...

  • Mozambique raises fuel prices
    20 may 2004 18:04:00
    Maputo- Mozambique (PANA) -- The Mozambican Mineral Resources and Energy Ministry Thursday announced fuel price increases of between two and 6. Full text...

  • Rights groups urge caution in Africa-EU trade talks
    20 may 2004 17:53:00
    Nairobi- Kenya (PANA) -- African civil rights bodies with specific interests in trade negotiations Thursday warned ministers spearheading negotiations on the Economic Partnerships Agreement (EPA) against rushing to secure national interests at the expense of the continent's development. Full text...

  • Defunct Air Afrique's workers in Togo demand wage arrears
    20 may 2004 17:31:00
    Lome- Togo (PANA) -- Personnel from Togolese branch of the defunct multinational airliner, Air Afrique, Thursday in Lome revived their demands for the payment of their wage arrears. Full text...

  • Bank of Zambia financial forum closes shop
    20 may 2004 17:03:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia Thursday ended a two-day national forum for a cross-section of the country's financial managers that was convened to identify, examine and discuss ways of improving performance of the financial sector and its subsequent contribution to the general economy. Full text...

  • Kenyans to get loans to buy state bank's shares
    20 may 2004 16:40:00
    Nairobi- Kenya (PANA) -- Some 13 financial institutions have pledged to provide cheaper loans to Kenyans wishing to take up the government's renounced rights in the country's largest state- owned bank, the Kenya Commercial Bank, by early June. Full text...

  • COMESA makes final preparations for summit
    20 may 2004 16:31:00
    Lusaka- Zambia (PANA) -- The 19-member states grouped in the Common Market for Eastern and Southern Africa (COMESA) are putting finishing touches to the first ever business summit in Kampala, Uganda. Full text...

  • Kenya to benefit from ADB post-conflict fund
    20 may 2004 14:09:00
    Nairobi- Kenya (PANA) -- Kenya is among a number of African countries to benefit from a post-conflict fund envisaged by the African Development Bank (ADB), the bank's president Omar Kabajj said here Thursday. Full text...

  • Moi allegedly bribed in multimillion dollar rip-off
    20 may 2004 13:52:00
    Nairobi- Kenya (PANA) -- Kenyan billionaire Kamlesh Pattni, a key figure in the country's multimillion dollar probe, Thursday revealed that former President Daniel arap Moi allegedly took a 100,000-US-dollar bribe from him, in addition to acquiring shares in a newly set up jewellery company years ago. Full text...

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