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Reuters

Zimbabwe cuts 2009 budget revenue estimate

18th March 2009 Zimbabwe's finance minister said on Wednesday the country's 2009 budget revenue estimate had been revised downwards, putting pressure on the new unity government to find ways of saving the ruined economy. Tendai Biti said in a budget revision speech to parliament that he would not be changing... 

Eskom says to apply for tariff increase in weeks

17th March 2009 South Africa's state-owned utility Eskom said on Tuesday it would apply for a tariff increase "in a few weeks", and that it would seek a significant increase from the power regulator. "What we have said is there is a need for a significant increase in electricity tariffs," Eskom spokesman Fani... 

AfDB says needs more capital by 2011 due to crisis

13th March 2009 The African Development Bank (AfDB) says it needs to increase its risk capital by the end of 2011 to meet growing demand from members borrowing due to the current global economic crisis. The bank normally provides loans and grants worth $5,5-billion per year, but expects more countries to turn... 

ARM's coal unit eyes new mine within 5 years

12th March 2009 South African diversified miner African Rainbow Minerals (ARM) expects to launch another mine in South Africa within five years to possibly supply state-owned utility Eskom and for export. ARM's coal unit CEO Mangisi Gule told Reuters in an interview his firm expects to produce a bankable... 

Australia MPs reject bid to sink Rio-Chinalco deal

12th March 2009 Australia's parliament voted overwhemingly on Thursday to defeat a motion aimed at sinking China's proposed $19,5-billion investment in Anglo-Australian miner Rio Tinto. The Greens party, which opposes the investment by state-owned aluminium group Chinalco, had asked the upper house Senate to... 

Chinese, Indian firms step up in mining M&A

10th March 2009 Chinese and Indian firms are increasingly snapping up mining assets as the credit crisis sidelines Western rivals, according to a leading sector investment banker. The turmoil will spark consolidation in areas such as gold, emerging-market steelmakers, and junior miners, said Richard... 

IMF chief promises Africa changes as crisis bites

9th March 2009 IMF chief Dominique Strauss-Kahn told Africans on Monday the Fund's policy advice had not always been right, and promised more streamlined lending practices as economic crisis forces more countries to seek help. Addressing students at the University of Dar Es Salaam, the International Monetary... 

Steel Association sees improved demand by end '09

9th March 2009 Global demand for steel is down around 20% at the moment, but with destocking nearing an end, the industry is likely to see some signs of recovery by the end of the year, a top industry official said on Monday. "I would be very surprised if there were not green shoots out there by the end of the... 

No decision yet on further Opec cut - president

3rd March 2009 Opec has yet to decide whether to cut output further when it meets on March 15 in Vienna and a first step would be to ensure full compliance with existing curbs, the group's president said on Tuesday. "We are going to evaluate the situation and after ... that, some decisions will be taken," Jose... 

Infrastructure to stimulate Kenya '09 growth

2nd March 2009 Kenya's economy will be stimulated by infrastructure development this year and should expand by at least 4-4.5 percent, the east African country's finance minister said on Monday. East Africa's biggest economy grew by an estimated 2-2.5 percent in 2008 -- the lowest rate since 2003 if confirmed... 

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