Local Belgian media has revealed that about 10 billion euros ($12.3 billion) have disappeared from four frozen Euroclear Bank accounts belonging to two Libyan state agencies. The accounts containing 16.1 billion euros of state funds were frozen since March 2011 in accordance with a United Nations resolution as part of sanctions against the late Muammar Gaddafi’s inner circle, reports weekly newspaper Le Vif. “There remains a little less than 5 billion euros on the four accounts opened at Euroclear Bank SA,” they quoted Denis Goeman, a spokesman from Brussels prosecutor’s office. Euroclear Bank had refused to hand over the accounts belonging to Libyan Investment Authority (LIA) and its subsidiary Libyan Foreign Investment Company (LFICO) in Bahrain and Luxembourg, prompting the probe. It has since seized about $67 billion from the accounts of the LIA across Europe and North America.
March 09, 2018 13:41 UTC
Statement by Stephen Hickey, UK Acting Deputy Permanent Representative to the UN, at the Security Council Briefing on Democratic Republic of Congo:Thank you Mr President. 40,000 people have fled from Ituri to Uganda in this year alone, bringing the refugee population up to 670,000. This has caused a devastating humanitarian crisis – over 13.1 million are in need of humanitarian assistance and protection. Without this, there is a significant risk of further violence destabilising not just the DRC, but the wider region also. The people of the Democratic Republic of Congo cannot afford to wait any longer.
March 09, 2018 13:18 UTC
I arrive in the KwaZulu-Natal province of South Africa, and it’s not as warm as most South Africans know it to be. I know her from Soweto in Johannesburg, where I reside, although she now lives in Durban. The interview is over and I ask Walsh-Vorster for other newsmakers and story ideas in Durban. Shange was born in a village in the south coast of Durban, and moved to the city as a teenager to finish high school. It’s Friday morning and the weather is better, I have enough time for a walk on the beach before breakfast.
March 09, 2018 09:00 UTC
In his first five years in business, Commisso made more than 20 acquisitions. Commisso spent almost a decade as Gerry’s finance chief. “The fear was that the phone companies would enter the cable business and, with their stronger balance sheets and brand names, crush the cable companies,” says Craig Moffett, co-founder of the equity research firm MoffettNathanson. That anxiety made it possible for Commisso to buy cable assets on the cheap, and he went all in. To date he has spent $2.5 billion upgrading his networks, which has deterred other operators from entering his territory.
March 09, 2018 08:26 UTC
Africa deserves a permanent seat on the UN Security Council - Lavrov0By Timo ShihepoWindhoek - Russia’s Foreign Affairs Minister Sergei Lavrov has said his country supports Africa and Namibia’s calls to reform the UN Security Council (UNSC) and for the continent to occupy a permanent seat on the international security watchdog. His comments on Africa's position on the UNSC reforms become the first time since 1945 that a country, which is one of the five permanent members of the UN Security Council, has publicly thrown its support behind Africa to occupy a seat on the Security Council. It has five permanent and 10 non-permanent members but none of those permanent members is from Africa, although the continent provides the largest membership to the United Nations. The five permanent members with veto powers are Britain, China, France, Russia and the United States of Africa. This means that the council cannot implement any decision if one of the five permanent members objects to it.
March 09, 2018 07:18 UTC
JOHANNESBURG - Financial services group Sanlam yesterday announced that a subsidiary of its joint venture with insurer Santam would buy the remaining 53.37percent stake in insurance company Saham Finances for $1.05billion (R12.44bn). The transaction enables Sanlam to entrench its direct presence in north Africa, Francophone west Africa and Portuguese-speaking Southern African countries. “The acquisition of 100percent of Saham Finances enables Sanlam to have a meaningful presence across sub-Saharan and North Africa, and is a natural extension of Sanlam’s stated strategy. Saham Finances’ overall performance has been in line with the original business case which was put forward when the initial acquisition of a 30percent interest in Saham Finances was considered, and the Saham Finances’ management teams are working well with the Sanlam and Santam support teams. In terms of the deal, Sanlam Emerging Markets Ireland Limited (Semil) would increase its stake in Saham Finances from 46.6percent to 100percent.
March 09, 2018 06:00 UTC
2017 was the best year on record for African tech startups in funding terms, with 159 companies from across the continent securing a combined total of US$195 million. This is according to the latest Disrupt Africa African Tech Startups Funding Report, which tells a very positive story of the continent’s increasing appeal to investors. But what is clear is that the traditional boundaries between “impact” and “returns-focused” are becoming more and more blurred, with the argument that all investments in Africa are “impact investments” gaining traction and impact firms increasingly as returns-driven as traditional VCs. “The impact investing landscape has broadened in recent years to include funds with a range of definitions of impact and financial returns,” Amee Parbhoo, director of investments at impact firm Accion, told Disrupt Africa. Onyeka Akumah is chief executive officer (CEO) of Nigerian agri-tech startup Farmcrowdy, a for-profit business with undeniable impact that was one of the 159 African tech startups to secure funding last year.
March 09, 2018 06:00 UTC
Saturday, March 6, 1943 One Woman Driver Who'll Argue for Right-of-Way For Kathryn M. Miller, of 1407 Church St., first woman to be employed as a laborer at the Reading Company general stores here, the right-of-way means the railroad, and she leaves no doubt that she likes her new wartime job. She is the first to qualify as an operator of the tricky electric trucks, which move loads about the busy platforms in the local yards. She is a former hosiery-mill employee; says she doesn't mind the cold at all.
March 09, 2018 05:15 UTC
“We are not in any way attempting to keep Chinese dollars from Africa,” Tillerson told a news conference in the Ethiopian capital. Tillerson said Chinese investments “do not bring significant job creation locally” and criticised how Beijing structures loans to African government. Earlier this week, Tillerson criticised “China’s approach” to Africa which he said encouraged dependency through “opaque contracts” and “predatory loan practices”. Tillerson is due to fly to Djibouti, host to military bases owned by the U.S., China, Japan, France, and Italy. Analysts say Trump has focused mainly on security concerns in Africa at a time when China, Turkey and other nations are ramping up diplomatic and business links.
March 08, 2018 21:11 UTC
3D art may seem like a fairly new concept by the unfamiliar mind, however, it’s a genre that has been around since 1976. Since, 3D art has evolved and is now used for video games, virtual reality, virtual engineering, and the like. Danielle Benton, also called Dannie, is a 27-year-old graphic artist from Winston-Salem, North Carolina. Benton started out by being a traditional artist using pencil and pen as her mediums of expression. She became uninspired and stopped producing work altogether.
March 08, 2018 18:22 UTC
ape-Town based insurer Sanlam said it will fully acquire Morocco’s SAHAM group insurance business in Africa in a $1.05 billion deal. SAHAM Finances, a Casablanca-based arm of the SAHAM Group founded in 1995 by Moulay Hafid Elalamy (currently Minister of Industry), is the largest insurer on the continent outside of South Africa. This transformation into an investment fund will strengthen SAHAM Group’s footprint, with over 14.000 employees and several sectors in its portfolio after this transaction. “SAHAM Group’s DNA lies within its ability to bring together leading international investors, such as the World Bank, Kingdom Zephyr, Abraaj, Allianz, Bertelsmann, Wendel and more recently the Sanlam Group. As part of its transformation into a Pan-African Investment Fund, SAHAM will now attract new partners, to break new ground, and invest in future-oriented businesses, development accelerators for our country and our continent,” Moulay Mhamed Elalamy, SAHAM Group’s spokesman said.
March 08, 2018 16:07 UTC
Nigerian President, Muhammadu Buhari, defended his administration on Thursday, amid growing criticisms that he has failed to fight corruption and defeat Boko Haram. “From the very time we came until now, we have been able to do our best, and we remain focused on delivering on our promises,’’ Mr. Buhari said while receiving a delegation from King Salman of Saudi Arabia at the Presidential Villa in Abuja. Why it matters: Mr. Buhari came to power in 2015 spitting fire and vowing to defeat Boko Haram and kill corruption before it kills Nigeria. “We are directed to offer materials and food for the displaced persons in the North East worth 10 million dollars. We have had a field visit to the places and seen the humanitarian situation ourselves,’’ he added.
March 08, 2018 14:26 UTC
British Crusader tank passes a burning German Panzer IV tank during Operation Crusader, in North Africa, in November 1941. Troops recruited from British India were drafted into the British Eighth Army which did the majority of the fighting during the North Africa campaign. He is pictured here having survived his ordeal, with his feet bound upLt Colonel David Stirling, founder of the SAS, pictured in North Africa. During this month much of the fighting in North Africa was concentrated miles west of this position, near Gazala, in Libya. But defeat there in the spring meant Allied forces were soon streaming back across this borderAmerican troops dig foxholes during the Tunisian Campaign in North Africa.
March 08, 2018 13:30 UTC
Podravka closing certain overseas sitesPodravka is closing its operations in China and sub-Saharan Africa - and the Croatia-based FMCG group is monitoring the performance of its business covering the Middle East and north Africa. Announcing its 2017 financial results last week, Podravka said its profits, which fell more than 70%, had been "significantly burdened by the negative results of the markets of Africa, China and MENA". It also has a subsidiary covering the Middle East and north Africa, or MENA, region. In China, Podravka has a representative office. Asked if exports would continue from Croatia to China and sub-Saharan Africa, the official added: "We will try to do business on these markets from Croatia."
March 08, 2018 13:18 UTC
Art Big names, high hopes for multi-racial movieA month after “Black Panther” showcased black excellence in the form of a superhero movie, “A Wrinkle in Time” is hoping to do the same through a beloved American children’s novel. Directed by Ava DuVernay, the Disney movie transforms author Madeleine L’Engle’s 1962 tale of science fiction, adolescent angst and imagination into a vision of black female empowerment. The film, opening in US theatres on Friday, also marks the first time a woman of colour has directed a Hollywood action movie with a budget bigger than $100 million, and with such a multi-racial cast. DuVernay cast bi-racial actress Storm Reid as teenager Meg and populated the film with actors of multiple ethnicities. “Black Panther,” also from Disney, won rave reviews, has taken $921 million at the global box office in three weeks, and upended the Hollywood notion that films by and about black people don’t make money.
March 08, 2018 12:33 UTC