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Latest News, Saturday 27th March 2010
ADDIS ABABA, Ethiopia (Reuters) - U.S.-funded broadcaster Voice of America's local Amharic language service in Ethiopia will be blocked because it is destabilizing the country, Prime Minister Meles Zenawi said in a move quickly condemned by Washington. National elections occur in May and international press freedom advocacy groups say the government is cracking down on the media before the vote, which the government denies.
Chinese targeted in Africa - (News 24 (ZAF)) The abduction of seven Chinese workers in an oil-rich coastal region off the west African state of Cameroon is the latest in a rash of attacks on Chinese around the continent.
DAKAR, Senegal (Dallas News) – A top official in Sierra Leone's government said he raced to a town in the country Friday after news reports said at least 200 people had been killed in a mining accident there, only to find out it was a hoax. Minister of Mineral Resources Alpha Kanu said that when he, dozens of police officers, soldiers and firefighters arrived in the quiet African mining town, they found miners at rest and preparing for customary Friday prayers.
At one year old the government of President Atta Mills has perfected the art of making promises but delivering very little. Veteran African journalist Cameron Duodu urges the Ghanaian leader to turn around his government while there is still time.
THE HAGUE (AFP) – Twenty suspected Somali pirates nabbed by the Dutch navy in the lawless waters off the restive Horn of Africa nation and the Seychelles coast were freed Friday, the defence ministry said.
"There were still 20 pirates on the Tromp frigate and they have been freed," ministry spokesman Marloes Visser told AFP.
The pirates were interrogated, disarmed and then allowed to board their vessels, he said, adding that the weaponry included assault rifles, rocket launchers and knives.
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LATEST SPORTS NEWS
Ivorian Didier Drogba has been named African Player of the Year. His Chelsea team-mate Michael Essien and Cameroon forward Samuel Eto'o were also shortlisted for the award. Drogba, who turned 32 on Thursday, had previously won the award in 2006. Meanwhile Algeria were named team of the year at the ceremony in Accra, Ghana.
The World Cup might be just around the corner, and excitement for the first event of its kind on African soil is rapidly gaining momentum, but ordinary South Africans are finding it increasingly difficult to ignore the darker side of playing host to the greatest show on Earth, according to some journalists.
Defending champions TP Mazembe and six-time winners Al Ahly play their first African Champions' League matches this weekend. Mazembe clinched their third African Champion's crown last year, their first for nearly fifty years, defeating Nigeria's Heartland and travel to take on Rwandan army team APR in Kigali. Zimbabwe's Gunners host Egyptian giants Al Ahly in the second round of the African Champions League.
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LATEST FINANCIAL NEWS
TORONTO - Barrick Gold Corp., the world's largest gold producer, raised approximately $887 million by selling shares of its African unit near the low end of its price range in the biggest London IPO since 2008. Barrick Gold sold 101 million shares of African Barrick Gold PLC at 575 pence apiece, at the lower end of the indicated price range of 550p to 650p.
HARARE (The Herald (ZWE)) - Trade and economic relations between Zimbabwe-China are expected to grow this year following the full implementation of the Forum on China-Africa Co-operation, a senior Chinese official has said.
ADDIS ABBABA (Walta Info (ETH)) - The Embassy of China in Ethiopia said the Sino-Africa trade relationship hit high in the past two years registering more than $90 billion in the past fiscal year alone amid the global financial crises.
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LATEST OIL AND MINING NEWS
ADDIS ABBABA (Walta Info (ETH)) - Kenya says oil explorer interest is returning with oil explorers starting to return to Kenya after a break occasioned by the financial crisis. Activity is set to pick up after the drilling of a Chinese well in the north, the Kenyan energy minister said on Monday.
MADRID (MarketWatch) - One of Africa's five largest gold producers is set to begin trading on the London Stock Exchange next week, marking the biggest initial public offering on the main market in over two years. African Barrick Gold PLC, which is also Tanzania's biggest gold producer, has priced shares at 575 pence each for trading due to start on March 24 under the ticker ABG, and plans to raise 581 million pounds ($881 million). Conditional trading started on London's main market on Friday.
The offer comprises more than 100 million ordinary shares to institutional investors in London and globally, representing 25% of the company's capital. ABG is a spinoff of Canada's Barrick Gold Corp. /quotes/comstock/13*!abx/quotes/nls/abx (ABX 39.69, +0.27, +0.69%) /quotes/comstock/11t!abx (CA:ABX 40.14, -0.18, -0.45%) , which will continue to own about 75% of ABG after the listing. Based on the offer price, the market capitalization of ABG will be around 2.3 billion pounds.
There is also an overallotment allocation of another 10% of the equity if demand is strong. The company said it intends to use the IPO proceeds to repay loans outstanding to the Barrick Group and proceeds from any overallotment to fund its growth strategy through exploration, acquisitions and development of advanced projects, and also to meet capital expenditure requirements.
J.P. Morgan Cazenove is sponsoring the global offer and is joint bookrunner with Morgan Stanley Securities Limited with Citigroup Global Markets U.K. Equity Limited as Co-Bookrunner.
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