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Old June 11th, 2018, 09:10 PM   #16841
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Adopting Chinese yuan as reserve currency makes sense for Africa: Rwandan analyst



KIGALI, June 11 (Xinhua) -- It "completely makes sense" for Rwanda and other African countries to use the Chinese yuan as a reserve currency, especially for those transacting with China, a Rwanda economic analyst said.

A forum in May attended by financial officials from 14 Southern and Eastern African countries had agreed on the need to use the Chinese yuan as a reserve currency as China was playing an active role in their economies.

As Rwanda is transacting with many other countries, having more than one reserve currencies will benefit the country, said Teddy Kaberuka in an interview with Xinhua recently.

The yuan will be very useful as the reserve currency helps to finance Rwanda's imports mostly from China, said Kaberuka.

...

http://www.xinhuanet.com/english/201..._137246595.htm
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Old June 11th, 2018, 09:36 PM   #16842
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Quote:
Originally Posted by primezz View Post
You only know what you want to know.
I just happen to have a strong grasp of history, science and most important, reality. Especially when it comes to mesoamerican pre-Colombian history.
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Old June 11th, 2018, 09:41 PM   #16843
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Isn't it true though? The BBC story's claims are pretty vague and although plausible, there is no genuine proof of such a voyage. Neither in terms of documentation, nor in terms of tangible vestiges (cultural, generic, linguistic, material)
If there is no proof, it never happened. There isnt even any "half-proof" that it can be deduced from. Not even "quarter-proof".

I didnt open the link to the BBC article but I dont know if its the same thing about the Malian king who left to discover new lands and was swallowed by a big river (the "Amazon"). If it is, its utter speculation. That river could have been in Africa even.

As i said before- its not as if even technology was a factor as the Polynesians traversed huge distances on basic rafts.
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Old June 12th, 2018, 06:57 AM   #16844
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Zarif to head high-rankig delegation to South Africa

Iranian Foreign Minister Mohammad Javad Zarif will set off on a trip to South Africa on June 12, Foreign Ministry Spokesman Bahram Ghasemi announced Monday night.

The Iranian top diplomat will head a high-ranking politico-economic delegation to Pretoria, the country’s administrative capital, early Tuesday to hold talks with senior South African officials on expansion of bilateral relations, according to the Foreign Ministry spokesman.

Zarif last visited South Africa in October 2017 to take part in the 13th gathering of the countries’ Joint Commission, as well as to hold meetings with the then host nation’s president, Jacob Zuma, and Finance Minister Malusi Gigaba.

South Africa and Iran enjoy close diplomatic relations based on shared values. Relations between the two countries were forged during the struggle against apartheid. In January 1994, diplomatic relations between South Africa and Iran were re-established.

https://en.mehrnews.com/news/134749/...o-South-Africa
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Old June 12th, 2018, 07:24 AM   #16845
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Zimbabwe, China sign 1-bln-USD MoU for setting up steel plant

HARARE, June 11 (Xinhua) -- Zimbabwe and China on Monday signed a 1-billion-U.S.-dollar Memorandum of understanding (MoU) for establishing a steel plant that can produce up to 2 million tonnes of steel per annum.

The MoU is among several deals signed at the start of a four-day Zimbabwe-China Business Forum that is being attended by a high-powered Chinese delegation from Zhejiang Province.
The delegation is being led by Che Jun, secretary of Zhejiang Provincial Committee of the Communist Party of China (CPC).

Che said Zhejiang was keen to inject investment in Zimbabwe to enable it to meaningfully participate in the Belt and Road Initiative.
A wealthy coastal province of China, Zhejiang's trade with Zimbabwe stood at 160 million U.S. dollars in 2017.


He said feasibility studies for the project will start on July 1 followed by a roll-out plan.
The project is being spearheaded by a subsidiary of Chinese firm Tsingshan in Zimbabwe, Afrochine, which is already into ferrochrome production.

http://www.xinhuanet.com/english/201..._137246923.htm
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Old June 12th, 2018, 07:31 AM   #16846
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Ziscosteel sale awaits shareholder approval

Shareholders of the Zimbabwe Iron and Steel Company (Ziscosteel), will hold an extraordinary general meeting on June 28, to approve a transaction that will see the steelmaker's assets sold to Chinese investor Tian Li (Hong Kong) Limited.

Approval of the transaction will bring into effect the revival of the country's largest steelmaker, which closed shop in 2008 after years of operating inefficiently.

Tian Li, which is incorporated in the Caymen Islands is an investment holding company, which manufactures, sells, and trades in multi-layer ceramic chips (MLCC) in mainland China and internationally. It also trades in commodities, such as metals, minerals, and petroleum products.

The Ziscosteel group of companies include BIMCO, Lancashire Steel, Frontier Steel, Ziscosteel Distribution Centre.

The steelmaker gets raw materials from Ripple Creek mine, which is about 14 kilometres from the plant, with up to 70 million tonnes of iron ore estimated to be available for mining.

Additionally, up to 200 million tonnes of limestone can be found on an open cast mine, which is a few metres from the plant.

Industry experts say Ziscosteel's imminent revival can enhance the performance of the National Railways of Zimbabwe and Hwange Colliery Company, as well as other downstream players.
http://www.businessdaily.co.zw/index...-zk-44555.html
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Old June 12th, 2018, 08:43 AM   #16847
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Exclusive: Angola's top diamond mine says underpricing has cost it almost $500 million



LUANDA (Reuters) - Angola’s Catoca, the world’s fifth largest diamond mine, estimates it lost $464 million over the past six years due to a government-imposed marketing system that obliged it to sell production below international prices, a company presentation seen by Reuters showed.

The figure was presented during a private meeting in March between the diamond industry and the minister for natural resources and oil, Diamantino Azevedo.

President João Lourenço has vowed to reform Angola’s secretive diamond industry in order to increase production and improve returns as Africa’s second largest oil producer looks to diversify its economy.

...

https://www.reuters.com/article/us-a...-idUSKBN1J7273
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Old June 12th, 2018, 09:33 AM   #16848
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Angola is a mess. Its going to be a good 4 or 5 years of reforms before its sorted out.

Its rotten from head to toe.

However, unlike Nigeria, it doesnt have to deal with religion/ethnicity nor does it have the various layers of government to contend with.
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Old June 12th, 2018, 01:45 PM   #16849
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Ghana to Import Petroleum Products From Dangote Refinery

LAGOS - Ahead of the completion of the Dangote Oil Refinery, petroleum importing African nations and Bulk Oil Distributors based in Ghana have expressed eagerness to patronize the Nigerian Refinery when production starts.

The oil buyers said arrangements have been put in place to import petroleum products from the world's largest single-train refinery, situated, Lekki, Lagos state owned by the foremost industrialist.

Participants at the international Conference as well as oil distributors and marketers from various countries were eager to know how they could key in for supplies from the 650,000 barrel per day refinery, that is preparing to take the continent by storm.

The Ghanaian government expressed the view that dealing with Dangote refinery for petroleum import would be a better business for African nations than depending on the international market for the supply of refined petroleum products, "we will rather purchase from the Dangote Refinery due to the proximity of the refinery to Ghana and other neighbours.

President of Ghana, Nana Akufo-Addo, who was represented by Vice-President Alhaji Mahamud Bawumia, said African nations are anxiously waiting for Dangote Refinery.
https://www.dailynews.co.zw/articles...ngote-refinery
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Old June 12th, 2018, 01:56 PM   #16850
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The yuan continues its implantation in Africa



We know the place that China now takes in trade with African countries. One more step was taken last week. Now, the yuan, the Chinese currency, is included in the foreign exchange reserves of the Central Bank of Nigeria alongside the dollar, the pound sterling and the euro. It is recalled that this is already the case for Ghana and South Africa, which use the yuan as a commercial currency. But that the first economy of Africa to cross this step, it is the illustration of a financial rise of power of the Middle Empire on the Continent, vis-a-vis the dollar.

It is emphasized every day, the importance of trade between African States and China has been a reality for many years. China is Nigeria's second largest trading partner, behind the United States, with more than $ 9 billion traded last year. In Nigerian streets, trading in yuan has become commonplace and from the point of view of the Nigerian authorities, it is a question of adapting the financial structures of the country to this reality.

From now on, the central bank of Africa's largest economy will issue 10% of its currency in the Chinese currency. This should make life easier for many Nigerian companies, especially importing companies, and SMEs working between Nigeria and China. And a not insignificant benefit for an oil country like Nigeria that has suffered from the drop in crude oil prices in recent years, it is easing the pressure on its dollar currencies. This is what motivated the negotiations with Beijing two years ago when the dollars from the sale of oil were at their lowest.

The yuan to replace the dollar

At the African level, there is a growing tendency to introduce the Yuan into central bank foreign exchange reserves, this is already the case for Ghana and South Africa and at the beginning of the month, about fifteen other African states expressed interest in doing so. Many countries have been granted loans by China to meet growing needs for financing large infrastructure projects. Major works that are often part of the ambitious Chinese project of "New Silk Road" wanted by Beijing. The option of carrying out these operations in yuan is trying many African countries who are worried about the volatility of the US dollar.

In fact, the movement of "internationalization of the yuan" as it is said has been going on for more than two years.

The IMF in 2016 placed the Chinese currency in its basket of "special drawing rights", the famous SDRs used in loans granted by the international institution.

The yuan is accepted by several financial institutions, the European Central Bank last year, and several central banks of European countries, including France in the wake. But it is a phenomenon too recent and if we look at the figures, the yuan has a presence still very shy in the reserves against the dollar. But it is certain that the Chinese ambition is to impose little by little in its trade with the rest of the world, the yuan, "the currency of the people" in French.

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Le yuan poursuit son implantation en Afrique

On sait la place que prend la Chine désormais dans les échanges commerciaux avec les pays africains. Un pas de plus a été franchi la semaine dernière. Désormais, le yuan, la monnaie chinoise, figure dans les réserves de devises de la Banque centrale du Nigeria aux côtés du dollar, de la livre sterling et de l’euro. On rappelle que c’est déjà le cas pour le Ghana et l’Afrique du Sud qui utilisent le yuan comme devise commerciale. Mais que la première économie d’Afrique franchisse ce pas, c’est l’illustration d’une montée en puissance financière de l’Empire du Milieu sur le Continent, face au dollar.

...
http://www.rfi.fr/emission/20180611-...tation-afrique
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Old June 12th, 2018, 02:46 PM   #16851
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Mnangagwa catches eye of UK cash

In the nearly seven months that Zimbabwe’s President Emmerson Mnangagwa has been in charge, he has battled to turn around a battered economy and match the high expectations of ordinary citizens at home.

Abroad, however, Mnangagwa has scored a significant victory – a thaw in relations with Britain.

Quote:
Last week, Mnangagwa hosted a 22-member British delegation from Invest Africa, a London-based firm representing 21 organisations in mining, tourism, infrastructure and energy.

Robert Hersov, the chairman and CEO of Invest Africa, said the mood was positive among investors and it was always “better to get in early” before the rush of capital.

“The interest is in mining, agriculture and infrastructure. There are lots of engineering firms watching to see what tenders are coming out as the government wants to revive infrastructure across the country,” he said.


Foreign Affairs Minister Sibusiso Moyo has visited London on a charm offensive aimed at the UK government. Political observers said the winning over of Britain by Mnangagwa was intended to lead to acceptance by the broader Western community

Some of the high profile visitors have included UK’s Minister of State for Africa Harriett Baldwin, Lord Peter Hain and British MPs.

Tara O’Connor, director of London-based Africa Risk Consulting, said Zimbabwe was a viable investment destination for Britain, despite the principal risk of the country’s politics, which had for so long been anathema to investment.

“The infrastructure remains reasonable; people are highly educated and skilled. Zimbabwe has the advantage over other countries in that it has a comparatively deep capital market and a healthy stock exchange with several companies triple-listed,” she said.

Other observers intimate that the impact of Brexit could also be fuelling the new romance between London and Harare, as the former seeks new markets.

Robert Besseling, director of Exx-Africa, a business intelligence firm, said that on the back of Brexit, the UK government, it seemed, was placing trade interests above payment of arrears in its fast improving relationship with Zimbabwe.

“The UK’s stance diverges from the position of the International Monetary Fund and some European Union countries, like Germany, which insist that any new loans would need to be contingent on settling $9.4 billion in arrears.

The IMF has also called on public payroll cuts and phasing out of agricultural subsidies. Those opposed to the UK’s policy of rapprochement believe that Zimbabwe’s government is unlikely to fully implement political and economic reforms if it is offered debt write-offs too early,” said Besseling.

Zimbabwe is becoming a hot topic at international investor conferences across Europe. At a recent export finance event in Prague, investors showed fresh interest to re-engage with Zimbabwe, although the importance of the arrears clearance remains a key condition for European countries, whereas the UK government seems more willing to write off such debts.”

Last month, UK development finance institution, CDC Group and Standard Chartered agreed to lend up to $100 million to growing businesses in Zimbabwe

http://www.insiderzim.com/mnangagwa-...-of-uk-cash/3/
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Old June 12th, 2018, 04:11 PM   #16852
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Quote:
Originally Posted by HCM1000 View Post
Isn't it true though? The BBC story's claims are pretty vague and although plausible, there is no genuine proof of such a voyage. Neither in terms of documentation, nor in terms of tangible vestiges (cultural, generic, linguistic, material)
Quote:
Originally Posted by popa1980 View Post
I just happen to have a strong grasp of history, science and most important, reality. Especially when it comes to mesoamerican pre-Colombian history.
You got to start from somewhere. Read a book "They came before Colombus" by Ivan Sertima first, then we can have more advanced argument.

It doesn't matter what history you have mastered popa. That's from their perspective. Learning from both perspectives will make you a better human. If the same people can systematically completely erase history and heritage of black slaves once they got to their shores, what makes you think they won't hide any evidence in their OWN land that shows anything different than they want it to be? (Though they haven't been very successful at hiding it)

Like ekema mentioned, of all the groups, white Europeans are the very last world travelers. So it's not rocket science that we would still see documentation of their voyages given the fact it's very recent.
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Old June 12th, 2018, 04:32 PM   #16853
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The cover of this book is gold

Plenty of good "We wuz" content I am sure.



https://www.amazon.ca/They-Came-Befo.../dp/0812968174
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Old June 12th, 2018, 04:45 PM   #16854
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African Trade Insurance sees annual portfolio doubling to $7 bln in 2022

NAIROBI (Reuters) - African Trade Insurance expects its annual insured trade and investment portfolio to double to $7 billion within five years, driven by new members including Ghana and Nigeria.

Chief Executive George Otieno said the annual portfolio would rise by $1 billion this year to $3.5 billion and double to about $7 billion by 2022.

The investment risk insurer is owned by 14 African nations and other organisations such as the African Development Bank.

It was formed in 2001 with World Bank support to offer insurance for large investment and financing projects against risks such as sovereign default, war and insolvency, to spur investment by companies and private equity into Africa.

....



https://af.reuters.com/article/inves...BN1J81O3-OZABS
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Old June 12th, 2018, 04:46 PM   #16855
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IMF says S.Africa should spell out land reform plans to remove uncertainty



JOHANNESBURG (Reuters) - The International Monetary Fund said on Tuesday that the South African government should clearly articulate its land reform plans in order to lift uncertainty weighing on investor sentiment.

South Africa’s ruling African National Congress has said it plans to redistribute land without compensation to address racial inequalities that persist more than two decades after the end of apartheid. Government critics have expressed concern that those plans could infringe on property rights.

...

https://af.reuters.com/article/inves...BN1J81NT-OZABS
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Old June 12th, 2018, 07:53 PM   #16856
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Originally Posted by popa1980 View Post
I love talking history on SSC. Always entertaining.

The Phoenecians are great sailors who probably circumnavigated Africa. They were the first great sailors.

Ancient Persians were known to sail along East Africa and into India, possibly beyond.

The Chinese also have a strong and ancient history of navigation, and had visited East Africa.

The Polynesians/SE Asians etc were incredible in that their journeys were often done in very basic boats which are more like rafts.

The Vikings were great sailors populating Iceland 1200 years ago- thats 1300 miles or so, Madagascar was 300 miles from the African coast!!

How on earth was ST&P undiscovered to the African? Ditto Cape Verde?

Its incredible really.

We did manage Zanzibar but thats 30 miles away from the coast- people swim that type of distance.
sure, people swam 30 miles

anyway how do you explain their presence in early Asia. Philippines, Indonesia etc.
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Old June 12th, 2018, 09:27 PM   #16857
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sure, people swam 30 miles
Your reading comprehension needs serious work.

Besides that, is 30 miles supposed to be an insane distance to swim, in your mind?
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Old June 12th, 2018, 10:34 PM   #16858
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Your reading comprehension needs serious work.

Besides that, is 30 miles supposed to be an insane distance to swim, in your mind?
I understood what he meant and you understood what I mean.

no, dummy, whats insane is papa's unwillingness to give credit to africans for making it to these islands and populating them on rafts. at best he will say they swam.

doesnt surprise me that his ideological twin would chime in on notions that support black inferiority
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Old June 12th, 2018, 10:51 PM   #16859
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Originally Posted by primezz View Post
You got to start from somewhere. Read a book "They came before Colombus" by Ivan Sertima first, then we can have more advanced argument.

It doesn't matter what history you have mastered popa. That's from their perspective. Learning from both perspectives will make you a better human. If the same people can systematically completely erase history and heritage of black slaves once they got to their shores, what makes you think they won't hide any evidence in their OWN land that shows anything different than they want it to be? (Though they haven't been very successful at hiding it)

Like ekema mentioned, of all the groups, white Europeans are the very last world travelers. So it's not rocket science that we would still see documentation of their voyages given the fact it's very recent.
With all due respect, betting I have a stronger grasp of pre-Colombian history than yourself and have actually been to the major Mayan and Aztec sites in Mexico and Guatemala.

The idea of some conspiracy of white historians & archaeologists hiding the "truth" about some supposed black discovery of the Americas is delusional and up there with the Birther and Flat Earthers in terms of rationality. Please distance yourself from such nonsense.

Again I dont understand what you are talking about white Europeans being the very last world travelers.

As some of us have pointed out to you- the fact that Asians reached Madagascar before blacks, and that islands such as ST&P (less than 200 miles from the shore) were uninhabited really makes further voyages seem like the sheer fantasy that they are.
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Old June 12th, 2018, 10:56 PM   #16860
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I understood what he meant and you understood what I mean.

no, dummy, whats insane is papa's unwillingness to give credit to africans for making it to these islands and populating them on rafts. at best he will say they swam.

doesnt surprise me that his ideological twin would chime in on notions that support black inferiority
Nothing about inferiority. Its our lack of adventure and pushing boundaries. We are complacent and happy with the status quo which is the root of much of Africa's problems.

Im sorry but making it in a raft to some island that you can see from onshore is hardly an achievement when you compare it to the journey into the unknown that the Asians took 2000 miles to Africa.

The Asians who settled Madagsacar were certainly not "superior"- they were "uncivilised" people travelling in little more than rafts.
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