Billionaire Beny Steinmetz approved millions of dollars in payments to a wife of the former president of Guinea as he fought to keep part of the world’s largest iron-ore deposit, a suspect in a U.S. graft investigation said in conversations secretly taped by the FBI.
South Africa will make sure its population benefits when it develops its shale gas and offshore oil industries and won’t repeat the errors it made with mining, said Zweli Mkhize, treasurer of the ruling party.
A Guinean government review into ownership of the world’s biggest untapped iron-ore deposit has recommended billionaire Beny Steinmetz’s BSG Resources Ltd. and Brazil’s Vale SA be stripped of the project.
The Public Investment Corp. plans to lead investment in energy projects in Africa by buying into South African shale gas projects and helping to fund what could be the world’s biggest power generation complex in Democratic Republic of Congo.
The Public Investment Corp. said it backs a plan by Johannesburg-based Adcock Ingram Holdings Ltd. to form a manufacturing partnership with CFR Pharmaceuticals SA months after stopping a take over by the Chilean company.
South Africa’s ruling African National Congress faces its toughest-ever election on May 7 as some voters expected quicker improvement in their lives 20 years after the end of apartheid, party Treasurer General Zweli Mkhize said.
Maintaining local ownership of South African companies is the best way to boost economic growth, said Elias Masilela, who heads a fund manager that holds shares worth 11 percent of the market value of stocks traded in Johannesburg.
Ecobank Transnational Inc.’s board must reconsider the speed at which the pan-African lender expands after allegations of management fraud and poor governance, South Africa’s Public Investment Corp. said.