Africa

HSBC is considering making a bid for South Africa’s Nedbank, majority owned by the insurance group Old Mutual, it has been reported.

According to a report by Sky News, HSBC has appointed investment bank Lazard to advise on a possible takeover.

Nigeria's state-run oil firm NNPC has said that three new refineries will be on-stream by 2014, following a deal signed with China State Construction Engineering Corp (CSCEC).

The three refineries will have a combined capacity of 885,000 barrels per day and will cost $25 billion. This will triple Nigeria’s refining capacity to 1.3 million barrels per day and bring it closer to its aim of eliminating its dependence on fuel imports within the next 10 years.

Libya’s sovereign wealth fund is eyeing a stake in the troubled oil giant BP, according to reports.

Shokri Ghanem, chairman of Libya's National Oil Company, said BP shares were "good value for bargain hunters".

His comments follow reports that BP is seeking investment from Middle Eastern sovereign wealth funds. The company’s shares have roughly halved in value following the oil disaster in the Gulf of Mexico, which began in April; but they climbed 3.5 per cent on Monday following Ghanem’s comments.

Search giant Google has agreed to buy ITA Software Inc. for $700 million, giving it a foothold in the fast-growing online travel industry.

 Google’s offer beat that of rivals Microsoft and other travel and search related companies who were hoping to prevent Google from taking over ITA.

Last year, international exploration and development company Tullow Oil discovered significant oil resources in the environmentally sensitive remoteness of East Africa. General manager Dr Brian Glover talks to Gay Sutton about the importance of this discovery, and the challenges it presents.

Stuttafords is that increasingly rare animal—a department store. In fact, it’s one of a kind; but no dinosaur, as its executive chairman Hilton Mer is determined to prove. He explains all to John O’Hanlon.

Despite a number of obstacles, the port of Mombasa has developed into a highly efficient operation that is growing daily, as Alan Swaby learns.

Replica cars are being taken to a whole new level at one company in South Africa, as Alan Swaby learns.

Petrol heads will need no reminding of the iconic 1960s AC Cobra—often referred to as the Shelby Cobra, due to its association with US racing driver Carroll Shelby. Production ceased in England in 1969 by which time around 1,000 Cobras had been produced. Today, if such a car comes on the market it can fetch millions of dollars if it has a race history. Even with no track experience it could sell for $200,000.

South African phosphate mining and processing group Foskor gave its name to foskorite—but ironically, it is no longer mining that ore as it refocuses its strategy and resources. John O’Hanlon speaks to the VP of Mining, Johan Horn.

Afripack Pty Ltd is today a leading player in South Africa’s flexible packaging market. CEO Arnold Vermaak talks to Jayne Flannery about the company’s evolution from being a simple manufacturer of paper sacks.