South Africas Standard Bank may sell 60 per cent of its UK commodities and foreign exchange trading businesses to the Industrial & Commercial Bank of China (ICBC) for at least US$600mn
Finance
Bank of China steps up activity in Uganda
The Bank of China has increased its activities in Uganda by establishing a partnership with a local bank and has plans in place to open up special desks in the country to deal with traders going to China
Chinese car manufacturer to set up new plant in Ethiopia
Chinese automaker Lifan Industry Group has revealed plans to spend US$3.5mn to set up a new vehicle-assembly plant in Ethiopia next year
Nigerian unit of Lafarge to increase production
Board members of Ashaka Cement, the Nigerian unit of Lafarge SA, has revealed plans to expand production capacity of the company
Oando to acquire Nigerian business of ConocoPhillips
Nigerian energy group Oando has announced that its affiliate Oando Energy Resources (OER) has entered into a deal with ConocoPhillips (COP) to acquire COP’s Nigerian business interests