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Africa


Financial News

MTN Full-Year Profit Falls 4% as Rand Gains Cuts Income From Other Markets MTN Group Ltd., Africa’s largest mobile-phone operator, said full-year profit fell after South Africa’s rand gained, reducing income it earns from abroad when converted back into the local currency.

Anglo Platinum, Impala Dumped at RMB in Favor of BHP Billiton, Mvelaphanda The rally in platinum stocks that raised valuations by two thirds since December 2008 and pushed premiums compared with diversified miners to triple the three- year average is a signal to sell, RMB Asset Management said.

South African Manufacturing Output Advances At Weaker Than Forecast Rate South African manufacturing production grew at a weaker pace in January than economists forecasted, indicating a slow recovery from last year’s recession.

ArcelorMittal South Africa, Kumba Discussed Mine Rights, Fauconnier Says Con Fauconnier, who helped oversee the 2001 formation of the companies now known as Kumba Iron Ore Ltd. and ArcelorMittal South Africa Ltd., said they discussed in depth their responsibilities regarding the renewal of mineral rights.

Stocks in South Africa Decline, Led by AngloGold Ashanti, Harmony and MTN South Africa’s FTSE/JSE Africa All Share Index slid 176.24, or 0.6 percent, to 27,911.43 in Johannesburg, paring yesterday’s 0.7 percent gain.

Kumba Is In Talks With Ministry About ArcelorMittal Sishen Mining Rights Kumba Iron Ore Ltd., a unit of Anglo American Plc, is in talks with South Africa’s government about the rights in the country’s Sishen mine that ArcelorMittal South Africa Ltd. relinquished by failing to renew in time.

Old Mutual Resumes Dividend Payment, Plans to Sell Unprofitable U.S. Unit Old Mutual Plc, the biggest insurer in Africa, may sell some U.S. assets to reduce debt after posting a loss for 2009.

Shell Says That it Shuts 2 Nigeria Natural Gas Plants to Restart Pipeline Royal Dutch Shell Plc’s Nigerian unit said it shut two gas plants to safely restart a major pipeline after repairs.

Rand Declines as Metal Prices Decline and Factory Output Misses Estimates The rand declined for a second day as precious metals prices fell and manufacturing in South Africa increased less than analysts estimated, signaling a slower recovery from last year’s recession.

Strike at Alcoa, Rio Bauxite Assets in Guinea Ends, Union Leader Says A strike over pay at Compagnie des Bauxites de Guinee, the world’s biggest bauxite producer that is part owned by Alcoa Inc and Rio Tinto Plc, ended today, Cekou Oumar Ly, a labor union leader, said from Guinea.

General News

South Africa to Spare 300-Year-Old Stellenbosch Vineyards From Tin Mining South Africa’s government said it will stop its own company from exploring for and mining tin and other metals in an area that includes 300-year-old vineyards and some of the country’s best-known wine estates.

Somali Government to Sign Peace Accord With Islamists, African Union Says Somalia’s transitional government and the Ahlu Sunna wal Jama’a militia that controls parts of central Somalia will sign a peace agreement this weekend, an African Union official said.

South Africa's Cosatu Gauteng Branch Says Julius Malema Can't Be Trusted Julius Malema, leader of the youth wing of South Africa’s ruling party, can’t be trusted by workers of the country, the Gauteng branch of the Congress of South African Trade Union said.



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