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China says former Rio Tinto executive Stern Hu released from prison

4th July 2018 China's Foreign Ministry said on Wednesday that Stern Hu, an Australian citizen and former Rio Tinto executive jailed in China on bribery charges eight years ago, has been released. Ministry spokesman Lu Kang made the announcement at a daily news briefing in Beijing. 

Tullow told to pay Seadrill $254m over Ghana dispute

4th July 2018 A London judge ordered Tullow Oil to pay rig owner Seadrill around $254-million saying Tullow was wrong to end a rig contract in Ghana on grounds of force majeure over a maritime dispute, Tullow said on Tuesday. Tullow cancelled the contract for Seadrill's West Leo rig in December 2016 after... 

Ten African nations face $1tr infrastructure funding gap

4th July 2018 A group of ten African nations, including some of the continent's rising economic stars, will fall $1-trillion short of the infrastructure financing required to meet UN development goals by 2040, a study released on Tuesday found. The report by the Global Infrastructure Hub (GIH) of the G20... 

LafargeHolcim names Middle East Africa head as CEO reshuffles management

4th July 2018 LafargeHolcim CE Jan Jenisch chose a manager from his ex-employer Sika to run the cement maker's Middle East Africa region, the company said on Wednesday, as he reshapes leadership and seeks to rejuvenate a struggling business area. Miljan Gutovic, who joined LafargeHolcim in March as head of... 

Indonesia extends permit for giant Freeport copper mine as talks continue

4th July 2018 Indonesia has extended a temporary operating permit for Freeport McMoRan's Grasberg project, the world's second-biggest copper mine, until the end of the month while discussions continue over long-term rights. Freeport's local unit, PT Freeport Indonesia (PTFI), has been given a temporary... 

Anil Agarwal faces shareholder resistance to $1bn Vedanta bid

4th July 2018 Billionaire Anil Agarwal faces investor resistance to his $1-billion bid to buy out minority shareholders in Vedanta Resources and take the London-listed Indian miner private. Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were... 

New 3M CEO seeks to develop or buy way to higher growth

3rd July 2018 The new chief executive of 3M Co is looking at both buying companies and selling underperforming units while investing in developing the next blockbuster product in a bid to drive faster growth at the industrials group that makes products ranging from adhesive tape to air filters. "We're looking... 

Côte d'Ivoire eyes biomass power generation from cocoa waste

3rd July 2018 The world's top cocoa producer Côte d'Ivoire plans to build a 60 MW to 70 MW capacity biomass power generation plant running on waste from cocoa pods, part of its aim of developing 424 MW of biomass power generation capacity by 2030. The plant, which will enable Côte d'Ivoire to diversify its... 

South Africa funding to suffer from weak rand, high yields – Moody's

3rd July 2018 South Africa will find it harder to raise funds and service its foreign debt after a worsening of external financing conditions in recent months due to a fall in the rand and rising bond yields, Moody's said on Tuesday. Moody's was the last of the top three major rating agencies to rate South... 

Fuel prices to rise by more than 1.5% in July

2nd July 2018 The retail price of petrol in South Africa will rise by more than 1.5% from July 4, while the price of wholesale diesel will rise by 1.8%, the Energy Department said on Sunday. The price of petrol will rise by 26c to R16.02 a litre in the commercial hub of Gauteng province, while diesel will... 

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