North and South African News Round Up
NORTH AFRICA
EGYPT — Orascom Construction posted a net profit of $23 million in the first quarter of 2016, up significantly from $5.8 million a year ago. (ZAWYA) READ MORE
EGYPT- Egyptian trade and industry ministry targets achieving industrial growth rate of 8 percent beside lowering state’s deficit in trade balance by 40 percent until 2020. (ZAWYA) READ MORE
EGYPT- Egypt has signed Wednesday two grants totaling $850,000 with the African Development Bank (AfDB) in favour of the Egyptian agriculture and sanitation sectors. (ZAWYA) READ MORE
ALGERIA — Algeria’s state energy company Sonatrach launched on Wednesday a pre-qualification bidding round to choose firms that will build six compressor stations at an estimated total cost of $1 billion, according to a Sonatrach document. (REUTERS) READ MORE
ALGERIA- Algerian and Hungarian economic operators and officials underlined, Wednesday in Algiers, the need to seize partnership and investment opportunities in the two countries, especially in the fields of agriculture, food-processing and scientific research, and to extend them, in the future, to the sectors of engineering industry and new technologies. (APS.DZ) READ MORE
MOROCCO- According to a new report released by the United Nations Environment Program (UNEP), Morocco’s economy will suffer if faced with expected food commodity price shocks. (MOROCCO WORLD NEWS) READ MORE
SOUTH AFRICA
SOUTH AFRICA- BRENT crude oil prices surpassing $50/barrel for the first time in 2016 made it look likely the JSE’s resources stocks would continue their rally on Thursday.On Wednesday, the JSE’s index of its 10 largest resources shares gained 1.6%, with Sasol’s share price climbing 3.46% to R478 and BHP Billiton’s 3.29% to R193.60. (BDLIVE) READ MORE
ANGOLA — Angola’s net foreign exchange reserves ticked up to $24.774 billion in April from a revised $24.297 billion in the previous month, data on the central bank’s website showed on Wednesday. (REUTERS) READ MORE
MALAWI — More than half of Malawi’s population is in need of food aid after an El Nino-induced drought decimated crops, the minister of agriculture said on Wednesday. (REUTERS) READ MORE
SOUTH AFRICA — South Africa’s rand steadied against the dollar early on Thursday supported by investor appetite for riskier assets that was nonetheless tempered by the possibility that the U.S. Federal Reserve may raise interest rates.(REUTERS) READ MORE
ZAMBIA — Zambia’s inflation slowed to 21.3 percent in May from 21.8 percent year-on-year in April, the central statistical office (CSO) said on Thursday, citing decreases in food prices. (REUTERS) READ MORE
