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Reuters

Eskom ordered to halt power cuts to towns

19th January 2017 South African power utility Eskom has been instructed to allow municipalities until the January 31 to settle arrears before switching off lights, a cabinet minister said on Wednesday. Public Enterprises Minister Lynne Brown said halting electricity supply to towns, who collectively owed more than... 

Polish consumer watchdog launches proceedings against Volkswagen

19th January 2017 Poland's consumer protection watchdog on Thursday said it had initiated proceedings against Volkswagen for misleading customers over emissions, a step which could result in a fine of up to 10 percent of Volkswagen's local turnover. "The proceedings may also end with the adoption of a commitment... 

Finland's Terrafame nickel mine makes quarterly profit

19th January 2017 Finland's State-owned nickel and zinc mine Terrafame, which is looking for buyers, reported on Thursday it had returned to profit in the fourth quarter on the back of growing production volumes and rising metal prices. The government took over the northern mine last year and founded Terrafame to... 

Canada's Strongbow, UK partner to explore for lithium in Cornwall

19th January 2017 British mining company Cornish lithium said on Thursday it had entered a definitive mineral rights agreement with Canada's Strongbow Exploration to explore for lithium in Cornwall, southwest England, stoking hopes for a British mining revival. Cornwall historically was a mining hub and the... 

Zimbabwe tax agency says misses 2016 revenue target due to weak economy

19th January 2017 Zimbabwe's tax agency Zimra said on Thursday it failed to meet its 2016 revenue target by 4%, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation's economy stagnated last year while its budget deficit exploded, putting political pressure on... 

Second Nigerian tomato paste plant shuts, in embarrassment for Buhari

19th January 2017 Africa's richest man Aliko Dangote has shut his new tomato paste plant in Nigeria due to a shortage of dollars needed to import raw materials, a senior executive said, the second such closure in months in a blow to official plans to diversify the economy. President Muhammadu Buhari, elected in... 

South Africa growth ticking up, Mexico slowing – S&P

19th January 2017 South Africa should avoid falling into recession this year, the chief economist of Standard & Poor's said on Wednesday, but the firm has cut its forecasts for Mexico amid rising concerns over its trade ties with the United States under Donald Trump. Paul Sheard, who is not involved in deciding... 

Atlas Copco to sell road construction business

19th January 2017 Mining gear and compressor maker Atlas Copco will sell its road construction equipment business to French industrial and construction company Fayat Group, it said on Thursday, booking a loss of about 2-billion Swedish crowns ($225-million). Atlas announced plans a week ago to sell the business,... 

Woodside CEO sees no need for M&A, plenty of growth in pipeline

19th January 2017 Woodside Petroleum CEO Peter Coleman said there's little need for more mergers and acquisitions by Australia's biggest independent oil and gas producer as it works on developing a handful of new projects at home and abroad. The company, seen as short on growth, has had to rely on a few deals to... 

Egypt on track to receive IMF loan's second tranche

19th January 2017 Egypt is on track to receive the second tranche of a $12-billion three-year loan from the International Monetary Fund (IMF) pending a visit in the end of February to review progress on its economic reform program, the fund said on Wednesday. The IMF originally approved the loan, intended to... 

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