Today's Headlines
International:
Belgium credit rating downgraded by S&P (BBC)
Belgium has had its credit rating downgraded by ratings agency Standard & Poor's.
Italy forced to pay record interest rates at auction (BBC)
Italy has been forced to pay record interest rates in a 10bn euro ($13bn; £9bn) auction of treasury bills.
Investors find safe havens shrinking (Fin24)
A selloff in German government bonds after a weak auction, a warning on France's triple-A rating and rising risks on US credit after the collapse of deficit talks spell trouble for investors looking to find a safe harbour to protect their capital from the escalating eurozone crisis.
Shell and Iraq in new energy deal (BBC)
Iraq has agreed a final $17bn (£11bn) deal over 25 years with Royal Dutch Shell and Mitsubishi to capture flared gas at southern oilfields.
Botswana:
BoB move triggers interest rate turmoil (Mmegi)
The move to trim outstanding Bank of Botswana Certificates (BoBCs) has triggered a stampede for the fewer notes on the market, resulting in interest rate turmoil for both commercial banks and their depositors.
Household debt crisis nears break point (Mmegi)
A leading economist has warned that the high household indebtedness at national level could reach critical mass over Christmas as credit appetites rise and banks capitalise on the 'silly' season.
Diamond deal sets off scramble for partnerships (Mmegi)
Government is inundated with unsolicited overtures from international diamond brokerage and consulting firms seeking partnerships for the trading and marketing of diamonds unlocked by the recent agreement with De Beers of a 10 percent independent verification window.
Namibia:
Namib Mills opens new pasta plant (Namibian)
Namib Mills boosted its capacity to produce food for the country on Friday with the official opening of an N$85-million pasta plant in Windhoek.
Chinese, Epangelo team up for Husab (Namibian)
State-owned China Guangdong Nuclear Power Company (CGNPC) and Namibian state-owned Epangelo Mining Company have entered into an agreement to try and secure a ten per cent stake in Husab, the fourth biggest uranium deposit in the world.
SNIEDA awards recognises SMEs (Namibian)
Young Namibians were encouraged to come up with their own initiatives to find a place for themselves in the world of business.
South Africa:
Bleak outlook for struggling rand (Fin24)
An uphill struggle awaits the rand if European leaders fail to act swiftly to resolve the region’s debt crisis.
Eskom reports 600MW electricity shortage (Fin24)
Workers who deviated from the rules earlier this year knocked unit four at Eskom’s Duvha power station - and thus 600MW of critical generation capacity - out of the generation system.
Beneficiation not a job creator (Fin24)
The further processing of minerals (or beneficiation) is so capital- and energy-intensive that it would take place at the expense of job creation.
Zambia:
Inflation rate drops (Times of Zambia)
Zambia’s inflation rate for this month has dropped to 8.1 per cent from 8.7 per cent in October, mainly due to reduction in the fuel prices.
Chinese firm loses road contract (Lusaka Times)
In the continued crackdown meant to bring sanity to the road sector, the Government has terminated the K117 billion-contract awarded to Jianjsu Wjin Corporation for the construction of roads in Kabwe and Kapiri Mposhi districts.
CIH
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