Market News Page No. 569| Africa Business News | Afrotrade

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Over 20 Automakers To Set Up Local Assembly Plants In Nigeria

VENTURES AFRICA – The fruits of Nigeria’s Automotive policy continues to grow as the country’s National Automotive Council (NAC) on the implementation revealed that 21 Auto companies have signed commitments with technical partners to set up local assembly operations. The report gave the product lines as; Five Cars and Sport Utility Vehicles (SUVs), six mini-buses, four buses, four pickup trucks, and eight.... Read more »

Posted on : Monday , 8th September 2014

FG sets aside N200bn for power sector liabilities

The Federal Government has set aside N200bn for the payment of outstanding market liabilities and financial obligations in the power sector. The Chairman, Presidential Task Force on Power, Mr. Reynolds Dagogo-Jack, said this in Uyo, Akwa Ibom on Friday while on an inspection tour of power projects in the state as well as Cross River State. A statement issued by PTFP in Abuja on Sunday did not give details of the use of the fund, but.... Read more »

Posted on : Monday , 8th September 2014

Hyundai Targets Greater South African Market Share With New Plant

VENTURES AFRICA – South Korea’s Hyundai Motor Company, through its subsidiary, Hyundai Automotive South Africa has opened a new plant in Benoni, Guateng, as it looks to consolidate its position in a very competitive industry. The automobile company is competing with the likes of General Motors and Toyota for a share of the country’s automobile market whose exports rose 8.2 percent to R102.7 billion ($9.5 billion) in.... Read more »

Posted on : Monday , 8th September 2014

Africa: UN Licences Kick off Search for Underwater Minerals

The International Seabed Authority (ISA) has begun issuing exploration licences for mining the yet untouched floor of international waters raising concerns about potential environmental impacts. The licenses, issued on 21 July, grant prospecting rights for underwater minerals to private and state-owned companies from Brazil, Cook Islands, Germany, India, Russia, Singapore and the United Kingdom. ISA, the UN body.... Read more »

Posted on : Monday , 8th September 2014

US$250m Ressano Garcia power station in Mozambique inagurated

President Armando Guebuza has inaugurated the Ressano Garcia power station located on the border with South Africa. The Ressano Garcia power station will generate a total of 180 megawatts. The gas is treated by SASOL, South African petro-chemical giant, before being taken to the plant via a pipeline. The gas pipeline measuring 614 kilometre long starts from the Pande and Temane gas fields in Inhambane province. The.... Read more »

Posted on : Monday , 8th September 2014

Zimbabwe: Power Project Cost Raises Suspicion

FORMER Energy minister Elton Mangoma yesterday questioned the US$533 million Kariba South Power Station extension project launched by President Robert Mugabe last week, saying there was serious suspicion of inflation of prices and looting by officials involved. "Initially when we signed, the total cost for the project was US$370 million, now they are talking of US$530 something million. They now want to steal the money. The.... Read more »

Posted on : Monday , 8th September 2014

South Africa: Eskom Signs Koeberg Steam Generators Contract

Power parastatal Eskom has signed a contract that will see the replacement of steam generators at the Koeberg nuclear power plant, it confirmed. "Eskom is pleased to announce that the contract between it and Areva NP was signed on Friday," said Eskom on Saturday. The signing of the contract comes as Westinghouse Electric, a manufacturing company, withdrew its high court application to interdict Eskom..... Read more »

Posted on : Monday , 8th September 2014

German automotive firm eyes East Africa market

German automotive firm Bosch on Thursday announced it has entered the East African market. The firm's MD of Southern Africa Steffen Hoffman told journalists in Nairobi that it will invest over 250,000 Euros in their business venture in Kenya. "We want to tap into the motor industry that has been growing rapidly in the past decade as a result of the growing middle class, " Hoffman said during the.... Read more »

Posted on : Saturday , 6th September 2014

Hyundai to assemble delivery vans in SA

SOUTH Korean car manufacturer Hyundai is preparing to build vehicles in South Africa. The Seoul-based company’s local representative has confirmed it will assemble light delivery vehicles in Gauteng from next year and may manufacture cars in South Africa at a later stage. Despite not officially releasing sales figures, Hyundai is generally considered a strong third in the South African new-car market, behind Volkswagen.... Read more »

Posted on : Saturday , 6th September 2014

Ethiopia plans Africa's biggest dam

Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries. Dubbed the Grand Ethiopian Renaissance Dam, it will be Africa's biggest dam and will depend on water from the 6,700-km Nile River, the world's longest river. But.... Read more »

Posted on : Saturday , 6th September 2014

South Africa: Gearbox oil launched

Petroleum products refining company Engen announced in July that it had launched its Gengear XEP-series indus- trial gearbox oils for high performance under pressure applications onto the local market. After the recent introduction of the energy-saving hydraulic fluid Hydrokin ESF-series at customer events in Cape Town, Port Elizabeth, Durban and Johannesburg, Gengear XEP customer introductions will be part of a second series of roadshows in.... Read more »

Posted on : Saturday , 6th September 2014

South Africa: Diesel vehicle sales push fuel development

Increasing local demand for diesel vehicles is pushing development of diesel fuels to become more environment friendly while increasing engine power, reports petroleum industry company BP. South African diesel-vehicle drivers will be able to benefit from BP’s latest-generation diesel fuel, which was showcased in February at Johannesburg-based vehicle test track facility Gerotek. Speaking at the briefing, BP global head of diesel.... Read more »

Posted on : Saturday , 6th September 2014

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