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China announces $2.36 bn currency swap agreement with Nigeria.

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China’s central bank said on Thursday it has signed a three-year bilateral currency swap agreement with Nigeria worth 15 billion yuan ($2.36 billion).

The People’s Bank of China (PBOC) said on its website the swap deal will facilitate trade and investment, and safeguard stability of financial markets of both countries.

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According to the ACCA global: “A currency swap is an agreement in which two parties exchange the principal amount of a loan and the interest in one currency for the principal and interest in another currency. At the inception of the swap, the equivalent principal amounts are exchanged at the spot rate.”

Nigeria is Africa’s most populous nation and has the continent’s biggest economy. It recently slid in recession but made a quick exit. The economy was a major plank of the Buhari campaign that brought him to power in 2015.

China on the other hand is seen as a key economic player across the continent. Its infrastructure investments are sprawling across much of sub-Saharan Africa.

Chinese presence in Africa is also accompanied by a strong diplomatic relationship. African leaders have often flown to Beijing to engage on diplomacy but on the sidelines signed trade and bilateral deals.

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Mitsubishi exits thermal coal sector, sells stakes in Australia mines

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Japan’s Mitsubishi has said it will sell its stakes in two Australian thermal coal mines for A$750-million, a move that means its exit from upstream thermal coal amid growing pressure from environmental activists.




The stake sales comes as a growing number of companies and pension funds across the globe are divesting assets or companies that generate revenues from fossil fuels, particularly coal.

Thermal coal, used to power turbines to produce electricity, has fallen out of favour with investors worried about pollution and greenhouse gases.

Mitsubishi will sell its 31.4% stake in Clermont coal mine to a joint venture between Glencore and Sumitomo, and its 10% stake in Ulan coal mine to Glencore, it said in a statement.

The deals are aimed at optimising its asset portfolio, Mitsubishi said.

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For Mitsubishi, which decided to sell its interest in two other thermal coal mines in Australia last year, the latest deals will mean an exit from thermal coal operations, although its coking coal operation will remain a key asset for the trading house.

The Clermont deal, expected to be completed in 2019, will bring the Glencore-Sumitomo joint venture’s stake in the mine to nearly 81.5%, Sumitomo said in a separate statement.

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“The acquisition will allow us to continue stable supply of high-quality thermal coal to our existing customers, including Japanese utilities,” a Sumitomo spokesman said.

Sumitomo’s share of the Clermont purchase means it will pay about 23-billion yen for a 15.7% stake in the mine, he said.

Sumitomo has no plans to invest in any new development projects for thermal coal mines, given the serious concerns over climate change, the spokesman said.

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Ugandan Govt Ban Mattresses Importation.

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China’s foray into Africa and the growing Chinese factories in Uganda have forced government to push for a ban on importation of locally manufactured products such as military shoes, steel, blankets, mattresses, boda-boda tyres and mosquito nets.



The proposed ban according to Investment minister, Ms Evelyn Anite, seeks to protect local manufacturers, create jobs for Ugandans and boost export earnings.

Sources close to Cabinet told Daily Monitor, that Ministry of Finance was tasked to work with Uganda Investment Authority, Uganda National Bureau of Standards and Trade Ministry to assess the capacity of local and foreign factories in Uganda so as to pick on the products to be banned next financial year.

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The President has on several occasions criticised importers under Kampala City Traders Association (Kacita) and described Uganda as “a supermarket of foreign products.” Last week during the commissioning of six factories in Namanve, President Museveni warned government accounting officers to stop importing goods that can be manufactured by local firms.

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