What is Happening in the World of Stainless Steel

06 June 2019

WHAT IS HAPPENING IN THE WORLD OF STAINLESS

NIGERIA KEEN TO JOIN AFRICA FREE TRADE ZONE

 

 

Nigeria will sign the Africa Continental Free Trade Agreement as soon as President Muhammadu Buhari approves an impact-assessment report he asked for, the country’s trade minister said.

Nigeria is one of 29 countries yet to sign the agreement seeking to boost intra-African trade, stimulate investment and innovation.  The trade deal comes into effect on the 30th of May after 22 African countries ratified it.  “I think the president has a sense of urgency about this because when he asked us to conduct an impact assessment study, we were given just three months to finish everything and we have done so.”  Okechukwu Enelamah, Nigeria’s minister of industry, trade and investment, said in an interview in Abuja, Nigeria’s commercial capital.

(Fin24, 22 May 2019)

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Why Kenya’s wants a new IMF deaL

   
 

Kenya expects to finalise a deal with the International Monetary Fund within two months and the lender is not insisting on a removal of the interest rate cap as a precondition for a new deal, finance minister Henry Rotich said on Thursday.

The east African country is discussing a new standby credit facility with the IMF.
Its previous $1.5 billion programme expired last year when the government failed to meet the Fund’s conditions for an extension, including the repeal of a cap on how much interest commercial lenders can charge.  “We are looking at a similar arrangement as we had before,” Rotich told Reuters in London, where he had overseen the sale of a $2.1 billion sovereign Eurobond.

(Reuters, 16 May 2019)

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Zimbabwe to rebase economy

   
 

Zimbabwe’s Finance Minister announced the rebasing of the economy on Wednesday, following the adoption of a new currency earlier this year, and said growth would be slowed this year by a drought and a cyclone that hit the eastern regions.

The economy grew higher than expected in 2018, Finance Minister Mthuli Ncube told parliament.  The central bank scrapped the peg between its quasi-currency bond note and electronic dollars against the US dollar in February and merged them into a single transitional currency called the RTGS dollar.

(Reuters, 16 May 2019)

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British Steel enters administration putting 25K jobs at risk

   
 

UK’s second largest steel producer British Steel owners Greybull Capital and the UK government could not reach agreement over a potential loan and the government’s official receiver will now take control of the company as it looks to find a rescue plan with accountancy firm EY as a special manager to seek a buyer.

The insolvency process puts 5,000 jobs at risk with a further 20,000 in the supply chain as well as hitting the local economy. The official receiver said “The company in liquidation is continuing to trade and supply its customers while I consider options for the business. Staff has been paid and will continue to be employed. The court also appointed Special Managers to assist me with my work and they are engaging with staff and their representatives to keep them informed, as well as contacting British Steel’s customers.”

(Steelguru, 23 May 2019).

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Total to buy Anadarko’s Africa assets for $8.8bn if Occidental bid succeeds

   
 

French oil and gas company Total has reached a binding agreement with Occidental Petroleum to acquire Anadarko’s assets in Africa for $8.8bn in the event of the successful completion of Occidental’s takeover bid for Anadarko.

Chevron has submitted a competing bid to acquire Anadarko.  The acquisition of Anadarko’s African assets offers Total the opportunity to acquire a “world-class portfolio” of assets.  Assets that will be sold in the proposed acquisition include a 24.5% participating interest and operatorship of blocks 404a and 208 in the Berkine basin, in Algeria, in which Total already owns 12.25%, as well as a 27% participating interest in the Jubilee field and a 19% participating interest in the TEN fields in Ghana.

(Engineering News, 6 May 2019)

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