DURBAN, South Africa, March 26 (Reuters) – China and Brazil
agreed on Tuesday to swap up to the equivalent of $30 billion in
each other’s currencies if need be so that their fast-growing
commercial ties will not suffer if a new banking crisis causes
dollar trade finance to dry up.
The three-year agreement, signed before the start of a BRICS
nations summit in Durban, South Africa, marked a step by the two
largest economies in the emerging powers group to change global
trade flows long dominated by the United States and Europe.
DURBAN, South Africa, March 26 (Reuters) – BRICS members
China and Brazil agreed on Tuesday a swap line allowing them to
trade the equivalent of up to $30 billion per year in their own
currencies, moving to take almost half of their trade exchanges
out of the U.S. dollar zone.
The agreement, due to last three years and signed hours
before the start of a BRICS summit in Durban, South Africa,
marked a step by the two largest economies of the emerging
powers group to make real changes to global trade flows long
dominated by the United States and Europe.
JOHANNESBURG, March 22 (Reuters) – South African power
utility Eskom has asked the national energy regulator to review
a preferential deal it has with BHP Billiton that allows its
biggest customer to purchase electricity at just over half the
cost of production.
The state-run utility, which needs to generate cash to build
new power stations to meet rising demand in Africa’s biggest
economy, has been trying to renegotiate the long-term deal with
BHP since 2009.
JOHANNESBURG, March 11 (Reuters) – South African
petrochemicals group Sasol may be interested in buying
into the gas blocks offered for sale in Mozambique’s lucrative
Rovuma basin if the deals are “appropriate”, its chief executive
said on Monday.
Recent discoveries have put Mozambique in line to eventually
compete as a major provider of liquefied natural gas to Asia.
CAPANGA, Mozambique, March 7 (Reuters) – For Mozambican
tribal queen Zoria Macajo, the thatched-hut village of Capanga,
nestled in the hills above the Zambezi river, has been her
family’s home for generations.
For mining giant Rio Tinto it is a headache
sitting on top of one of the world’s largest untapped coal
reserves, standing in the way of the company’s expansion.
PRETORIA, Feb 28 (Reuters) – South Africa’s energy regulator
on Thursday granted power utility Eskom an average 8 percent
annual increase in rates over five years, a move that will bring
some relief to households and industry as it was half of what
the utility was seeking.
Tariff hikes in recent years have far exceeded inflation and
so the utility’s application for a 16 percent annual increase
over five years had triggered protests by industry, unions and
ordinary South Africans who have felt squeezed.
JOHANNESBURG (Reuters) – Anglo American Platinum (AMSJ.J: Quote, Profile, Research, Stock Buzz) expects operations at its South African mines to resume on Wednesday after workers staged a one-day walk-out following union violence at one of its mines, a spokeswoman said.
Tuesday’s walk-out at the firm also known as Amplats added to tension at the world’s largest producer of the precious metal, which was looking to shed about 14,000 jobs after a year of labor strife has cut into its production and revenue.
JOHANNESBURG, Feb 19 (Reuters) – All of Anglo American
Platinum’s operations in South Africa were shut on
Tuesday after workers stayed away following violence at one of
the mines the previous day, a spokeswoman for the company said.
At least 13 workers were wounded by rubber bullets or
machetes at Amplats’ Siphumelele shaft after clashes between
rival unions in the first major violence this year, which
follows deadly strife in the sector in 2012.
BEIRA, Mozambique, Feb 18 (Reuters) – Constant silting and
shifting underwater sandbanks at the Mozambican port of Beira
require daily dredging, hampering efforts to build the Indian
Ocean port into a major minerals export hub, the port’s managing
Beira has long been used as a transhipment port, processing
cargo from landlocked Zimbabwe, Malawi and Zambia, but recently
also started moving coal found in Mozambique’s northern Tete
province, which links with Beira via an old railway.
TETE, Mozambique, Feb 13 (Reuters) – India’s Jindal Power &
Steel expects to move the first coal from its
Mozambican mine to port next month but how much those exports
rise depends on fixing an underdeveloped rail and port network,
its country head for Mozambique said on Wednesday.
Jindal will move its first shipment by road, which is more
expensive than transport by rail, Manoj Gupta said.