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ArcelorMittal South Africa loss deepens

ArcelorMittal South Africa reported a deeper first-half loss on Thursday but forecast growth in steel demand in Africa in the second half. Headline losses grew to 1.619 billion rand ($125.5 million)for the six months to June 30 from a loss of 458 million a year earlier.

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Billions of dollars vanishes from trade in developing African countries

“Significant amounts of lost revenue and foreign exchange earnings to the state due to trade misinvoicing (underinvoicing and overinvoicing) have devastating implications for African countries – most of which are commodity dependent,” says Prof Charles Adjasi, head of the Development Finance programmes of the University of Stellenbosch Business School (USB).

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