#SSU #BUSINESSUPDATE Dangote Cements Zambian subsidiary has sued the countrys labour minister for libel and slander after he accused an executive of the Nigerian company of attempting to bribe him. A row has been brewing between Zambia and Dangote Cement, a major employer in Africas second-largest copper producer, after the government minister made the allegations in September. Dangote said in papers filed in court that the minister had created an impression that the company was exploiting Zambian workers and enticing government officials with bribes. The dispute appears to be the latest in a string of incidents in which the southern African nations government has resorted to strong-arm or unorthodox tactics against foreign investors it believes are circumventing labour laws. Dangote Industries Zambia (DIZ) has 400 workers building a $400m cement plant, a staff count that should rise to 2 000 when production starts in November. ---------------- Sub-Saharan Africas energy sector needs overhauling to help power its economic and social prosperity, instead of being an obstacle to its development, the IEA said on Monday. The International Energy Agency, unveiling its first-ever Africa Energy Outlook at a London press conference, said increasing access to modern forms of energy was critical in a region where two thirds of the population - or 620 million people - currently live without electricity. The Paris-based IEA, energy watchdog to the worlds industrialised nations, added that almost 730 million people in Sub-Saharan Africa relied on dangerous and inefficient forms of cooking, with solid biomass - fuelwood and charcoal - outweighing all other fuels combined. ------------ Nairobi - Kenyas economy accelerated in the second quarter thanks to fast growth in construction, manufacturing and financial services, which offset a slump in tourism following attacks blamed on Islamist militants. Gross domestic product (GDP) rose 5.8% from a year earlier in the three months through June and increased 4.0% on a seasonally adjusted quarterly basis, the statistics office said on Monday. In the first quarter it had expanded 4.4% from a year earlier, revised to take account of a recent rebasement of GDP, and 2.7% on a quarterly basis. Tourism, however, has been badly affected this year by a number of bombings in tourist areas on the coast and elsewhere, which were blamed on Islamist militants and prompted some Western countries to warn against travel to Kenya. Output from the accommodation and restaurant sector slumped 18.6% in the second quarter from a year earlier, the data showed. The slump in tourism means Kenyas economy will slow this year. Currency Buying Selling US Dollar 6.3053 6.3253 GB Pound 10.1422 10.1763 Euro 8.0009 8.0269 Rand 0.5709 0.5732
Posted on: Tue, 14 Oct 2014 08:38:53 +0000
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