Africa briefs

US lifts Sudan sanctionsThe United States lifted long-standing sanctions against Sudan on Friday, saying it had made progress fighting terrorism and easing humanitarian distress, and also secured Khartoum's commitment not to pursue arms deals with North Korea.In a move that completes a process begun by former President Barack Obama and which was opposed by human rights groups, President Donald Trump removed a US trade embargo and other penalties that had effectively cut Sudan off from much of the global financial system.However, Sudan will stay on the US list of state sponsors of terrorism - alongside Iran and Syria - which carries a ban on weapons sales and restrictions on US aid.Sonangol saves US$1.7 bln after spending cutsAngola's state-owned oil company Sonangol said on Friday it had saved US$1.7 billion thanks to spending cuts since 2014 in response to lower crude prices.Oil companies across the world have made steep cuts to their annual capital expenditure over the last three years to cope with a slump in oil prices.Sonangol said production costs per barrel had nearly halved since 2014 and other cost cutting measure had helped it save US$1.7 billion this year.Angola is Africa's second-largest oil exporter, behind Nigeria.– Nampa/ReutersGlencore to buy Chevron SA, BotswanaMiner and commodities trader Glencore agreed to buy a 75% stake in Chevron's South Africa unit and all of Chevron Botswana for US$973 million.The assets include Chevron's interests in its manufacturing, retail and industrial supply business in South Africa and Botswana.The deal, which will include Glencore retaining Chevron's local management team and workforce, will be funded using existing cash resources and is expected to close in mid-2018.Ethiopia's inflation at 10.8%Ethiopia's inflation rose slightly to 10.8% year-on-year in September from 10.4% a month earlier.The Central Statistics Agency said in a statement that food inflation dipped slightly to 13.2% in August from 13.3% in August.Non-food inflation increased to 8.1% from 7.1% the previous month.– Nampa/ReutersCongo Republic dollar bond fallsThe Republic of Congo's US dollar-denominated bonds fell on Friday to their lowest in more than five weeks after the government said it would start talks with its creditors on refinancing its debt, stoking fears of a restructuring.Congo's economy, which is heavily dependent on revenues from oil exports, has been hit hard by the drop in global crude prices. The government is negotiating with the International Monetary Fund (IMF) to try to secure a financial assistance programme.The country's sole-dollar denominated bond - issued 10 years ago and maturing in 2029 - fell 3 US cents to trade at 75.76 US cents, according to Tradeweb data.In a statement on its website, the finance minister pledged to take “vigorous and responsible measures” in the face of financial difficulties.– Nampa/Reuters

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