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Friday, July 3, 2009.
From Creamer Media in Johannesburg, I'm Amy Witherden.
Making headlines today:
The State Bank of India has offered a loan of up to $1-billion to Bharti Airtel to partly fund the Indian telecommunications firm's planned purchase of a stake in South Africa's MTN.
The government-run bank will join a clutch of foreign lenders interested in funding the deal that aims to create the world's third-biggest wireless group.
Under a complex deal structure announced in May, Bharti will end up with 49% in MTN and the South African firm and its shareholders will own a total of 36% of Bharti. The exclusive merger talks could run until the end of July.
Improved economic policies in Zimbabwe have led to a "nascent" recovery in the economy, says the International Monetary Fund, which stresses that the country must clear more than $1,1-billion in arrears to creditors before it can qualify for IMF financial aid.
Vitaliy Kramarenko, the IMF mission chief to Zimbabwe, notes the country's arrears to the IMF, the World Bank and the African Development Bank, adding that help from donors will be needed to pay the arrears.
IMF lending would signal an endorsement of Zimbabwe's policies and send a message of confidence to the international community, including investors and donors.
Also making headlines:
Phosphate rock and phosphoric acid producer Foskor will unveil a black economic empowerment deal next week, but says that listing on the stock exchange this year is unlikely.
The president of the Organisation of Petroleum Exporting Countries says that he is satisfied with the current oil price.
Chevron says that its new Angola oilfield has started production.
And, the Department of Transport is looking to set up a dedicated 2010 transport coordinating team.
That's a roundup of news making headlines today. For more on these and other stories, please visit engineeringnews.co.za.