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Published 1st April 2013

Vol 6 (AAC) No 6

The BRICS didn’t break out the bank

A wad of Tanzanian Shillings. Mikkel Ostergaard / Panos
A wad of Tanzanian Shillings. Mikkel Ostergaard / Panos

Image courtesy of Panos Pictures

The emerging countries’ summit reached agreement on a currency stabilisation fund and ministers will continue negotiations on a new development bank

Symbolism and messages counted more than the details at the BRICS (Brazil, Russia, India, China and South Africa) summit in Durban, South Africa, on 26-27 March. So, after lengthy discussions on the plan to set up a BRICS development bank, South Africa’s Finance Minister Pravin Gordhan sounded relieved when he announced: ‘It’s done!’ It was done, in the sense that all the BRICS countries agreed that the bank should be launched but they still had to nail down the important details. South Africa and Brazil had earlier promised that the summit would launch a BRICS bank. So the delegates played down the lack of precision on some of the key questions about the bank.

Simandou setbacks

The Simandou project, which will develop Africa’s largest-ever iron-ore mine, has hit new trouble and Guinea looks for more help from Asia

On 15 March, Guinean President Alpha Condé sent a message of congratulations to China’s new leader, Xi Jinping. Apparently, the President had not yet fully digested the bad news de...

Ups and downs in palm oil

China Development Bank is lending a hand to the agricultural investment plans of Golden Veroleum, controlled by Singapore-based Golden Agri-Resources. In March, the CDB extended a ...

Experts only rule for work permits

The SWAPO government has turned down a request from a Chinese state-backed company for unlimited numbers of work permits. Eastern China Non-Ferrous Metals Investment Holding (ECE) ...

Missing money

The political class is up in arms about the local authorities who are responsible for spending development funds from mining companies

A Liberian politician has accused a presidential appointee – who secretly recorded him making comments suggestive of corruption – of misappropriating government funds. Representati...

Workers of China unite – in Africa

Trades unions may still have problems operating independently in China but Chinese workers and entrepreneurs are more ready to take industrial action on African projects.

Extractive pains

Addax Petroleum, the Swiss-based oil company acquired by China’s Sinopec in August 2009, is the latest firm to enter into a dispute with Gabon as President Ali Bongo Ondimba’s gove...


Sanusi Lamido Sanusi

Governor, Central Bank, Nigeria

Sanusi Lamido Sanusi wrote an op-ed in London’s Financial Times in March that compared Chinese involvement in Africa to that of the Europeans in the colonial era. ‘China takes our...

Toshimitsu Motegi

Trade Minister, Japan

Toshimitsu Motegi will meet representatives from twelve African countries to discuss developments in their mining sectors to prepare for the Fifth Tokyo International Conference o...

Elias Masilela

Chief Executive, Public Investment Corporation, South Africa

Elias Masilela warned Africa of the dangers of allowing Chinese firms to operate unregulated across the continent at Ernst & Young’s Strategic Growth Forum in Cape Town, South ...