Africa

Kenyan retailer Naivas said that it had ended its talks with Massmart, a Wal-Mart Stores Inc. subsidiary in East Africa.

The Aluminum Corporation of China Ltd or Chalco had announced the sale of its shareholdings in the Guinea venture with Rio Tinto.

Analysts predicted that the Bayerische Motoren Werke (BMW) AG's move to withdraw its expansion plans in South Africa could affect the country's economy.

Angola would be imposing a 10% tax on oil firms operating in the country. Angola, the second largest oil producer in Africa, would levy a consumption tax on oil companies.

Latest News

The government of South Africa had planned to obtain a 20% free stake in each of new oil development projects.

Libyan Prime Minister Ali Zaidan had been kidnapped by a revolutionary group from Tripoli and was taken at dawn into an unknown destination, said a Bloomberg report.

MTN and Vodacom may be forced to cut back its business should no compromise be met on mobile termination rates.

Abraaj Group would put an undetermined amount in AIS Group. The Abraaj Group had announced last Monday a decision to invest in one of its funds in the African Industrial Services Group.

Vodacom Group, MTN Group and Telkom would have their respective fortunes change because of the latest regulatory guidelines issued in South Africa.

Sonatrach's purchase of Petroceltic International's Algerian assets increased the value of the latter's stock.

The Abraaj Group made its first investment in Cote d'Ivoire to back African Industrial Services Group.

ZCCM Holdings said it would be offering stock for sale to existing stakeholders to help pay off debt and fund new investments.

Under the joint venture agreement, Essar Energy can exercise a USD5 million option to sell its shareholdings in the joint venture project with the Kenyan government.

Nigerian President Goodluck Jonathan handed control of 14 power companies formerly owned by the state to private investors.