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BUSINESS NEWS (2019.09.17)

Int'l Liaison Dept.,

China-Africa Business Council

Sept. 17, 2019  

<All Africa, cooperations>  In the fifth “Investing in Africa Forum”, the Commercial Aircraft Corporation of China, China-Africa Development Fund, Africa World Airlines, signed a strategic cooperation memo to show their confidence in the operation and maintenance of Chinese planes.

China-Africa Development Fund signed an agreement with SUS Environment, a leading environmental protection company headquartered in Shanghai. The move sets to improve solid waste treatment, burn waste into energy and generate power with renewable energy.

<South Africa & Zimbabwe>  The President of South Africa participated the funeral of the Former President of Zimbabwe, during when he apologized over the recent xenophobic attacks in SA. Political bigwigs from different countries and tens of thousands of South Africans were also witnessed the funeral.

<South Africa>  South Africa's mining output increased for the first time in the last nine months

<Algeria>  Algerian interim President Abdelkader Bensalah announced that the presidential election is to be held on Dec. 12. The Former Algerian Justice Minister Mohamed Chorfi was unanimously elected on Sunday to head the Independent Election Monitoring Authority, local media reported.

<Algeria>  Algeria’s Finance Laws removed the restriction on foreign investment, the commonly known 51/49 rule, which prohibits foreign investors from owning more than 49% of company capital. The removal, which comes after the restriction rule being relegated from the investment law in 2016, is final.

<South Sudan>  The President of South Sudan, Salva Kiir, and rebel leader Riek Machar have once again reach an agreement to form a transitional unite government by November 12 (a May 15 2019 deadline was made and broke), raising once again the hopes of many people.

<Nigeria>  Nigeria attracted $5.82 billion foreign investment in Q2 2019. A breakdown suggests that the banking sector is a big draw; the UK is the top source of capital investment; Lagos is the favor destination for investment; the largest amount of capital importation by type was received through Portfolio investment.

<Guinea & Mali>  The 714-kilometer 225 kV Guinea-Mali transmission interconnection project (PIEGM), costing $417 million, will be open for public bidding soon. The project also includes the building of 5 high-voltage substations, the rebuilding and expansion of two 225/30 kV substations.

<Petrol>  In case that the attack on Saudi Arabia oil fields days ago should lead to a rise in international oil price, President Donald Trump authorized a possible release of US reserves, which is 630 million barrels as reported.

<China & America>  China announced to stop adding extra tariffs on American agricultural products, with just the tariffs ruled by WTO and market as a push for America to live up to its promise of a more friendly tariff policies toward China which is to be carried out from October.

At the same time, Chinese private buyers ordered 600,000 tons of soybean from America, being the largest order of American Soybeans by Chinese private importers in the last year.

<A finding>  Japanese media: Despite the trade tension between China and the US, American asset management firms are not deterred. Instead, many big names like Morgan Stanley and Thomas Rowe Price plan to increase their presence in China.

Disclaimer: The business news is sourcing from all kinds of reports online. Any perspective in it belongs to "certain opinion", for which CABC is not responsible.

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