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Wednesday, March 4, 2009.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

The International Monetary Fund has warned that the global financial crisis had shifted to the world's poorest nations. It said that 22 countries may need as much as 25-billion-dollars in additional funding in 2009 to cope with the downturn.

The IMF said that, based on its projections, the 22 countries could need up to 140-billion-dollars if global conditions were to deteriorate sharply.

IMF Managing Director Dominique Strauss-Kahn said that he predicted mounting problems for developing countries. He called it the "third wave" of the crisis, which has spread from financial and credit markets into the consumer economy.

He said he expected more countries to turn to the fund for financing and those with IMF aid packages to increase their borrowing.

Nasdaq-listed Foster Wheeler announced this week that Sasol Technology has awarded its subsidiary Foster Wheeler South Africa a framework contract.

The contract will cover all the sectors in which Sasol is active, including upstream oil and gas, chemicals, gas-to-liquids, coal-to-liquids and coal-to-chemicals.

Foster Wheeler will provide feasibility study, front-end engineering and design services as requested by Sasol under predetermined terms and conditions.

Also making headlines:

The World Trade Organisation chief hopes for new trade talks in the northern summer.
South Africa's President, Kgalema Motlanthe, affirms that climate change is an issue at the top of the government agenda.
South African mobile-telecoms giant Vodacom expects to list on the main board of the JSE on the fifth of May.
And, South Africa's environemental Minister says energy efficiency is an opportunity and not a burden in tough economic times.

That's a round up of news making headlines today. For more on these and other stories please visit engineeringnews.co.za.