Emerging Powers news roundup

A) Trade, Investment, Aid and Development

1. Russia identified as a key economic partner for South Africa
“Trade and investment with Russia is very vital,” Business Unity South Africa CEO Jerry Vilakazi tells Engineering News Online. “Russia is a very key strategic partner for South Africa.” More

2. China’s Sinohydro in Talks to Build $300 Million Dam in Congo
Sinohydro Corp., China’s largest dam-builder, is in talks to build a hydroelectric plant worth about $300 million in the Democratic Republic of Congo, said Wu Zexian, China’s ambassador to the country. More

3. SA may still surprise on the FDI upside in 2009 – Unctad
South Africa, which recorded a strong rise in foreign direct investment (FDI) in 2008, might still show increased inflows for 2009, despite estimates that global flows would slump from $1,7-trillion in 2008 to $1,2-trillion this year on the back of the global economic crisis.
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4. Ethiopia seals China deals
The Ethiopian government said that its national electricity company has signed contracts with three Chinese firms to develop hydro-electric projects and made preliminary accords for wind power projects.
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5. China does more for Senegal in 4 years than West in 20 years: envoy
Chinese ambassador to Senegal, Lu Shaye, said in an exclusive interview with Xinhua News agency that since diplomatic relations have resumed with Senegal 4 years ago there has been more that the |Chinese have done for the West African country’s development than the West over the last 20 years. More

6. China, Guinea-Bissau sign cooperation accord
China and Guinea-Bissau signed more than 6 million Euros in technical cooperation accords for food security and financial aid recently when the Chinese deputy foreign minister and the Guinea=Bissau Minister for Defense met to reaffirm bilateral relations.
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B) India’s African footprint continues...
1. India, A Trusted Ally-Prez Mills
President John Evans Atta Mills at the week-end acknowledged India as Ghana’s longest and one of the biggest allies in the world and pledged the country’s willingness to embrace the Indian experience in her development efforts.
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2. African nations beckon Indian businessmen for trade, investments
Addressing a seminar on ‘African countries – trade and investment opportunities,’ organised by EEPC INDIA in Chennai, envoys from envoys of Kenya, Ghana and South Africa said There is good potential for trade and investment opportunities in African countries, especially in tourism, agriculture, transport and manufacturing, communications, energy, building and construction and pharmaceutical sectors, and it is up to Indian entrepreneurs and traders to tap the unlimited opportunities.
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3. India offers assistance, training to Liberia
Minister of State for External Affairs Shashi Tharoor, the first Indian minister to visit Liberia in 38 years, arrived in the west African state bearing gifts, including lines of credit, a grant of $2 million and various training programmes.
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C) FOCAC News
1. Tanzania president hails Forum on China-Africa Cooperation as "great initiative"
Tanzanian President Jakaya Kikwete on Saturday said that the Forum on China-Africa Cooperation is a "great initiative" as it serves as the structure for the two sides to work together.
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D) IBSA versus BRIC and Building Southern Alliances
1. G20: Cementing a Southern Alliance
Major developing countries are again preparing to stand together on critical issues at the G20 heads of government meeting in Pittsburgh Sep 24-25.
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2. SOUTH AMERICA-AFRICA: New Summit to Boost Cooperation
Heads of state and other officials from 54 African and 12 South American nations will meet for the Second Africa-South America Summit 26-27 September on Isla Margarita, Venezuela, to boost cooperation in a score of areas with potential for greater bi-regional exchange.
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E) Business is Business
1. China says no renewal of S.Africa textile curbs
China does not plan to renew a voluntary two-year restriction on textile exports to South Africa imposed after unions complained that cheap imports were hurting local manufacturers, its ambassador said in Pretoria recently.
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F) Company News
1. Libya fund to buy Verenex for $293.7M in cash deal
Canada-based oil producer Verenex Energy Inc. said it has agreed to be sold to the Libyan Investment Authority for about $314.1 million Canadian ($293.7 million) in cash, after a better deal with a Chinese firm fell through.
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2. Bharti-MTN may be finalized soon despite regulatory hurdles
The $24 billion complex mega-merger deal between India's top mobile operator Bharti Airtel and South African MTN is likely to be inked by September-end despite regulatory hurdles in the way.
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3. Chinese to buy Super Group truck assembly plant
Norinco Motors looks set to be the first Chinese company to operate a vehicle assembly plant in South Africa.
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4. Government Endorses Arcelor Mittal & GTZ Effort…To Establish Corporate Responsibility Forum In Liberia
The Government of Liberia, through the Minister of Planning and Economic Affairs, Amara Konneh has endorsed the ideas of ArcelorMIttal and the German Technical Cooperation agency (GTZ), for the establishment of Corporate Responsibility Forum in Liberia for the first time in the country’s history.
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5. Team South Africa bats for MTN
MUMBAI: A delegation of South African officials told Indian policymakers on Thursday that the latest change in takeover rules would make it more difficult for telecom major MTN to execute its deal with Bharti Airtel.
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G) Tensions, Rivalries and Disputes
1. THINGS NOT WELL AT DIKGATLHONG DAM PROJECT
Employees of Sinohydro, feared that with the unskilled Chinese holding key positions which need accountability, the safety and the life of workers at the project have been subjected to great danger.
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2. China Spreads Aid in Africa, With a Catch for Recipients
From Pakistan to Angola to Kyrgyzstan, China is using its enormous pool of foreign currency savings to cement diplomatic alliances, secure access to natural resources and drum up business for its flagship companies. Foreign aid — typically cut-rate loans, sometimes bundled with more commercial lines of credit — is central to this effort.
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3. Over 10 Sinohydro employees in Siavonga resign
More than ten Sinohydro workers in Siavonga have resigned from the Chinese company with immediate effect over what they termed poor safety and conditions of service.
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