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MonFriday, May 25, 2009.

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

Making headlines today:

On Sunday, International Monetary Fund MD Dominique Strauss-Kahn said that the Congo and the IMF have yet to resolve disagreements over a Chinese infrastructure-for-minerals package that is blocking much needed debt relief.

Under the 9-billion-dollar package signed early last year, cash-strapped Democratic Republic of Congo granted Chinese companies lucrative copper and cobalt concessions in exchange for the building of roads, railways, and hospitals.

However, IMF officials worry the contract will plunge the central African nation deeper into debt, and have delayed forgiveness of most of the 10-billion-dollars Congo already owes. The contract is a key element of President Joseph Kabila's post-war economic policy.

Telecommunications giants MTN and Bharti Airtel announced that they've renewed preliminary discussions for a transaction that could see the creation of an "emerging market telecom powerhouse", where the Indian firm would own a 49% stake in MTN, and MTN would hold a 36% stake in Bharti.

The companies said that MTN would continue to be listed on the JSE. MTN would be the primary vehicle for both Bharti and MTN to pursue further expansion across Africa and the Middle East. Bharti would be the primary vehicle for both Bharti and MTN to pursue further expansion in India and Asia.

Bharti said that the broader strategic objective would be to achieve a full merger of MTN and Bharti "as soon as practicable", to create a telecoms operator, which would have combined revenues of over 20-billion-dollars and a combined customer base of over 200-million.

Also making headlines:

The MeerKAT radio telescope project advances with the issue of a tender.
The G8 energy leaders press for oil price stability.
Mozambique's new 5-billion-dollar oil refinery project is still going ahead.
And, Super Group shareholders approve a 1-billion-rand rights offer.

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