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the-looting-machineThe trade in oil, gas, gems, metals and rare earth minerals wreaks havoc in Africa. During the years when Brazil, India, China and the other "emerging markets" have transformed their economies, Africa's resource states remained tethered to the bottom of the industrial supply chain. While Africa accounts for about 30 per cent of the world's reserves of hydrocarbons and minerals and 14 per cent of the world's population, its share of global manufacturing stood in 2011 exactly where it stood in 2000: at 1 percent.

In his first book, The Looting Machine, Tom Burgis exposes the truth about the African development miracle: for the resource states, it's a mirage. The oil, copper, diamonds, gold and coltan deposits attract a global network of traders, bankers, corporate extractors and investors who combine with venal political cabals to loot the states' value. And the vagaries of resource-dependent economies could pitch Africa's new middle class back into destitution just as quickly as they climbed out of it. The ground beneath their feet is as precarious as a Congolese mine shaft; their prosperity could spill away like crude from a busted pipeline.

 

 

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from Daily Times (Pakistan)..By XinhuaApril 26, 2015 ACCRA: A 600 million-dollar oil and gas free port enclave to be built in Ghana will open up the country’s oil and gas industry to the African regional offshore market. Frank Hagan-Brown, Commercial Executive of Atuabo Free Port, told Xinhua in an interview that this would cut down the cost of operations and servicing for the companies operating in Ghana’s oil and gas fields. Construction work at the harbor to
from Daily Times (Pakistan)..Source: XinhauApril 26, 2015 BUENOS AIRES: External shocks pose a challenge to Argentina’s economy in this election year, according to private Mar de Plata- and Buenos Aires-based consulting firm Management&Fit. In October, voters will go to the polls to elect a successor to President Cristina Fernandez, whose term ends in 2015. “The external context presents certain challenges over the next few months. Amid the recession and pre-electoral climate in our country, the international situation
Tagged in: Economic Forecasts
from Gulf News.. BY JASIM ALI, SPECIAL TO GULF NEWSApril 25, 2015 Youth unemployment has assumed alarming proportions in Arab countries and with untold consequences. The worrying development has repercussions for the Gulf economies too. Arab nations look up to the Gulf to provide job opportunities and economic assistance for them. This is a challenge by itself and reflects the rising unemployment among locals in half of the six Gulf states. Frustrations about the socioeconomic challenges — notably
from Ventures Africa..By Niyi AderibigbeApril 25, 2015 When China’s Premier Li Keqiang toured Africa last year he pledged an additional $12 billion in credit and funding. The Chinese credit train is now in Ivory Coast, where China will finance the construction of a 60,000-seat stadium, which will be completed before 2021 when the West African country hosts the African Cup of Nations (AFCON). Details of the financial structure of the stadium are not known, but the spokesman of the Ivorian
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from The Christian Science Monitor..By Jessica MendozaApril 25, 2015 A 7.8 magnitude earthquake Saturday has leveled Kathmandu and surrounding cities and has killed more than 1,000 people. What’s behind Nepal’s long history of seismic events, and how prepared is its government? A 7.8 magnitude earthquake that struck less than 50 miles from Kathmandu rocked Nepal Saturday, leveling buildings and killing more than 1,000 people, according to reports. The quake, which has triggered an avalanche on Mt. Everest and
Tagged in: Natural Disasters
from The Telegraph..By Colin FreemanApril 25, 2015   An estimated 305,000 Eritreans, or five per cent of the population, have left the country, making them one of the largest groups of migrants into Europe Pictured as she was rescued from a stricken boat off the Greek island of Rhodes, the terrified face of Wegasi Nebiat last week became the symbol of Europe’s migration crisis. The 24-year-old was among more than 100 migrants on a rickety craft that capsized
from Ventures Africa..By Emmanuel IruobeApril 24, 2015 Regional integration has been a significant driver of East Africa’s economic boom in the past decade. Keen to extend this synergy, Ethiopia and Rwanda have announced plans to trade electricity between themselves. The two east African nations will extend the 1,068-kilometre transmission line to Rwanda for electricity export. This development comes on the heels of a recently erected transmission highway that connects Ethiopia and southern neighbour Kenya. “Ethiopia will share its
from Business Recorder (Pakistan)..Posted by Shoaib-ur-Rehman SiddiquiApril 24, 2015 PORT LOUIS: The weighted average yield on Mauritius' 273-day Treasury bill fell at auction on Friday to 1.33 percent from 1.57 percent at the previous sale on April 4, the central bank said. The bank sold all the 700 million rupees ($20 million) worth of bills on offer. It received bids worth 2.12 billion rupees at yields ranging from 1.25 percent to 2.50 percent. Link to the article: http://www.brecorder.com/business-a-finance/managed-funds/239568-mauritius-273-day-treasury-bills-yield-falls-to-133pc.html
from Zambia Daily Mail..By ESTHER MSETEKA, LusakaApril 24, 2015 ZAMBIA has continued to make strides in attracting foreign direct investment, earning it recognition, as runner-up for the 2014 best investment project in southern African region. The US$4.25 billion pledged investment that Zambia Development Agency (ZDA) managed to attract last year has resulted in the agency being declared as runners-up for the best investment project in the region. The announcement was made in Dubai at the recent United
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