BUSINESS BRIEFS [New African]
(New African Via Acquire Media NewsEdge) CHEVRON ANOUNCES LOCAL CONTENT
Chevron's corporate responsibility report says the giant oil company has made a near $4 billion commitment to its local content policy. The local content value of the Escravos gas-to-liquids project, located in the Niger Delta about 100km southeast of Lagos, is about 40% of the expenditure. Chevron and the NNPC are together developing the Escravos Gas to Liquid facility, a $9.5 billion, 33,000-barrel-perday project designed to process 325m cubic feet a day of natural gas. "The $4 billion is invested in Nigeria's regional economy through contracts for goods and services, employment and regulatory fees," said Deji Haastrup, Chevron's general manager for policy, government and public affairs.
BEST-PAID SOUTH AFRICAN EXECUTIVES
A PricewaterhouseCoopers report says executive pay in South Africa continues to grow. According to the report, Richard Lepeu of Richemont pocketed R50m ($5.06m) to be the best-paid executive in South Africa last year. Johann Rupert at R40m; Gary Saage at R28m; Frederick Mostert at R22m and Martha Wikstrom with R22m, all of Richemont, were among the top dozen best-paid executives. Whitey Basson, the CEO of Shoprite, earned more than R40m, and other top earners included Marius Kloppers of BHPBilliton (R31m), Anglo American's Cynthia Carrol (R24m), Mark Cutifani of AngloGold Ashanti (R16m), Steinhoff's Marius Jooste (R15m) and Jerome Smith of Cipla Medpro (R14m).
WAMI TO INTRODUCE COMON REGULATIONS
The West African Monetary Institute (WAMI), headquartered in Accra, Ghana and tasked with the smooth introduction of a West African common currency, has said that commercial banks and other financial institutions in the West African subregion will soon operate under the same regulatory framework.
The new financial regulations will cover all aspects of the financial sector, including those on prudential and capital adequacy requirements, and will be co-ordinated by WAMI, the institute confirmed.
AFDBLAUNCHES NEW DATAPLATFORM
The African Development Bank (AfDB) has launched an open data platform to act as a central hub for data sharing between African governments and international development partners. The launch marks the completion of the Open Data Platform for 15 African countries - Benin, Comoros, Côte d'Ivoire, Djibouti, Equatorial Guinea, Eritrea, The Gambia, Guinea-Bissau, Liberia, Kenya, São Tomé and Príncipe, Sierra Leone, Swaziland and Togo. In addition, data for all the 54 African countries is now available on www. afdb.org.
The platform is part of the AfDB's Africa Information Highway initiative that is designed to manage the collection, analysis and sharing of data relating to the continent's development and maintaining live data links between the AfDB, national statistics offices, central banks and ministries in all African countries.
AIRTEL LINKS WITH AIR FRANCE
Airtel, one of Africa's leading telcos with operations in 20 countries across Asia and Africa, has signed a deal with Air France enabling customers to pay for their tickets from the French airline with Airtel Money. The Air France group has a partnership agreement with both KLM and Kenya Airways.
Customers wishing to buy an Air France flight ticket via Airtel Money need to make a reservation through a travel agency or the internet. After that, payment can be made via Airtel Money on a mobile phone and the electronic plane ticket will be sent to the customers e-mail address (and simultaneously to the mobile's number with a SMS) confirming the ticket purchase and reservation.
EMERALDS UNDER THE HAMMER
Zambia, the world's thirdbiggest emerald producer, is mulling over whether to allow stones mined in the country to be auctioned in country, according to the country's Minister of Mines, Energy and Water Development, Christopher Yaluma.
Already, a trial auction has been held in Lusaka by the local subsidiary of Gemfields, which moved an auction it planned to hold in Singapore to the Zambian capital. The auction made $31.5m. The Zambian mine (Kagem) says the interest this auction generated proves that successful auctions can be held in Lusaka. According to Minister Yaluma, the Zambia government is "very open" to Lusaka being part of an international circuit of auctions.
CHINA'S RENMINBI'S INTERNATIONAL USE SOARS
SWIFT, the international financial network linking more than 10,000 banking organisations, securities institutions and corporate customers around the world, has reported that the use of the Chinesde renminbi as an international payment currency has risen by more than 350 per cent in just two years and is fast becoming an international currency.
"The renminbi continues to grow in relation to other currencies," says SWIFT's Patrick de Courcey. Perhaps reflecting uncertainty over the Eurozone crisis, the Euro's share of world trade payments has slumped. However, the US dollar retains its place as a virtual world currency with most economists and commodity markets using the "greenback" as a reference currency unit.
STOLEN CRUDE IS TARGETED BY EU
Following a meeting in Abuja, Nigeria, the EU agreed that all illegally sourced crude oil from Africa, particularly Nigeria, should be banned from Europe. Concerned at the high rate of oil thefts, wastage and illegal bunkering which have led to substantial revenue losses and environmental degradation, the EU is calling on Nigeria's government to put in place appropriate certification -similar to "blood diamoonds" measures. The meeting stressed the need to ensure that the revenues generated from the extractive industries are distributed transparently and equitably through the national budget, in order to contribute to sustainable development and poverty reduction.
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