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Reuters

Audley Capital plans fund after C$650m windfall

24th November 2010 Hedge fund firm Audley Capital plans to launch a natural resources fund after netting what looks set to be C$650 million ($638,5-million) from last week's bid by Walter Energy for Western Coal Corp. The new fund will debut on Dec. 1 with an estimated $50 million in seed assets and focus on... 

Construction industry in crisis – MBSA

23rd November 2010 South Africa's construction industry is in a crisis with more job losses in the sector expected, the Master Builders Association of South Africa (MBSA) said on Tuesday. In a statement MBSA president, Jean-Marie Talbot, said the MBSA, which represents more than 4 000 contractors, regarded "the... 

Zambia FDI pledges rise fourfold in Jan-Nov

23rd November 2010 Foreign direct investment (FDI) pledges to Zambia in the first 11 months of 2010 jumped to $4,3-billion from $959-million for the whole of last year, a government body said on Tuesday. Zambia Development Agency (ZDA) director for export promotions Glyne Michelo told Reuters the surge in interest... 

India's Bharti says no plan to delist Zambia unit

22nd November 2010 Bharti Airtel has no plan to delist its Zambian unit Celtel Zambia from the Lusaka bourse, the head of the Indian telecom's international business told Reuters on Monday. Bharti, which currently owns about 78% in the unit, on Friday offered minority shareholders 710 kwacha per share of the unit.... 

India court upholds order banning state iron-ore export

19th November 2010 An Indian state high court ruled on Friday to uphold an order banning exports of iron ore from the southern Karnataka state, a decision that could hurt supply of the mineral from the world's third largest exporter. The Karnataka High Court's ruling also upheld an order preventing the movement of... 

Africa growth seen at 6% in 2011 – AFDB president

19th November 2010 Africa is likely to see gross domestic product growth of 6% next year and 6,5% in sub-Saharan Africa, African Development Bank president Donald Kaberuka said on Thursday. "I think next year Africa will be growing at six percent. In sub-Saharan Africa it will be six and a half percent," he told... 

Glencore 9-month net profit up 42%, debt rises

18th November 2010 Glencore, the world's biggest commodity trader, posted a 42% jump in nine-month net profit to $2,5-billion on Thursday, mainly due to higher commodity prices, and cut its debt burden. Privately held Glencore, which is preparing to become a listed company after issuing a $2,2-billion convertible... 

SA lowers repo rate, room for more cuts limited

18th November 2010 South Africa's Reserve Bank cut its repo rate by 50 basis points as expected on Thursday, saying the outlook for domestic inflation had improved while the economy was still struggling and the rand remained strong. Governor Gill Marcus said the scope for monetary easing was limited, but... 

DRC copper output to rise 25% next year

17th November 2010 Exports from the Democratic Republic of Congo's southern copperlands will rise 25% to over one-million tons next year due to renewed investor confidence following a government mining contract review, the top official in the province told Reuters. Moise Katumbi, governor of Katanga province, said... 

China's Xi in SA for minerals, investment

16th November 2010 Chinese Vice President Xi Jinping began a trip to mineral-rich South Africa on Tuesday aimed at securing resources for the Asian economic power, looking to extend its influence in the African continent. Beijing sees global mining power and regional financial services leader South Africa as a... 

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