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Brazil's Vale shareholders approve corporate reorganisation

27th June 2017 Shareholders of Vale on Tuesday approved a share conversion plan, its press office said, in a bid to boost transparency, give equal votes to all shares and limit the possibility of government meddling in the world's No 1 iron-ore producer. Shareholders approved all seven items on the corporate... 

Activist shareholder says loses faith in South Africa's Group Five after resignations

27th June 2017 Activist shareholder Allan Gray said on Tuesday it had lost faith in South African construction company Group Five's board to act in the best interest of the firm following the resignation of several directors and its chief executive. More than 10 executive and non-executive directors at Group... 

South Africa's neighbours ban poultry imports after bird flu outbreak

27th June 2017 Zimbabwe, Namibia and Botswana on Tuesday suspended poultry imports from South Africa with immediate effect following outbreaks of highly contagious H5N8 bird flu. South Africa has confirmed outbreaks of avian flu, which is often transmitted by wild birds, on at least two farms. South Africa and... 

SARB files court challenge against proposal over its mandate

27th June 2017 The South African Reserve Bank (SARB) said on Tuesday it has filed an application to the High Court challenging a recommendation by the country's main anti-graft watchdog to change the bank regulator's mandate. Governor Lesetja Kganyago said in court filings that the proposal by Public Protector... 

Libya's oil production rises above 900 000 bbl/d – sources

27th June 2017 Libya's oil production stands at about 935 000 bbl/d this week after touching as high as 950 000 bbl/d late last week, Libyan oil sources said on Tuesday. The National Oil Corporation (NOC), which is targeting one-million barrels a day by the end of July, received a boost this month when it... 

Treasury talks with banks to roll over SAA debt

27th June 2017 South Africa's Treasury on Tuesday said it was in talks with banks to possibly roll over around R9-billion ($695-million) worth of maturing debt due by struggling State airliner South African Airways (SAA) at month-end, a senior official said. Treasury Director General Dondo Mogajane told... 

Omnia profit drops against tough economic backdrop

27th June 2017 South African diversified chemicals maker Omnia Holdings' full-year profit dropped 7% as a tough economic environment hit its mining and chemicals divisions, the company said on Tuesday. Headline earnings per share (EPS), the main profit measure in South Africa that strips out certain one-off... 

Mkango aims for rare earths production from 2020

27th June 2017 Canada's Mkango Resources , one of a handful of rare earth miners outside China, aims to start production in Malawi in 2020 to catch an expected leap in demand for the metals that are used in electric vehicles and other new technologies. Demand for rare earths, which range from neodymium used in... 

Europe will retaliate if hit by US steel controls – EU trade chief

26th June 2017 The European Union would retaliate if European steelmakers suffered collateral damage from import restrictions the administration of US President Donald Trump is considering, EU trade chief Cecilia Malmstrom said on Monday. A US investigation into whether foreign-made steel imports pose a rise to... 

South Africa imposes countrywide ban of sale of live hens to contain avian flu

26th June 2017 South Africa has placed a general ban on the sale of live hens throughout the country in a bid to control an outbreak of highly contagious H5N8 bird flu, but no humans have been affected, the government said on Monday. Exports of processed poultry products, live chickens and fresh produce... 

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