Author: Antonio Guerrero

INVESTOR FEARS RISE ON MINE STRIKES


By Antonio Guerrero

Violent strikes at South Africa's Marikana platinum mine, operated by UK group Lonmin, could impact investment flows.

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Violence mars Marikana mine strikes

Photo Credits: MIKE HUTCHINGS / REUTERS

The strike over wage demands left 34 dead. According to ratings agency Fitch, it highlights structural problems that may further spook investors, such as under-investment, geological issues, and policy uncertainty.

Nigeria tapped two prominent bankers to head its newly created sovereign wealth fund to manage oil sector revenues. Alhaji Mahey Rasheed, a board member at FirstBank, will head the fund's board. Uche Orji, senior investment analyst at UBS Securities and former JPMorgan Chase executive, was appointed as the fund's CEO and managing director. Funds will be used to develop infrastructure and shield the economy from commodity price shocks.

Kenya's finance ministry is drafting a carbon trading policy that will allow the government to benefit from the potential revenue generated by projects that reduce greenhouse gas emissions.