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JOHANNESBURG—Wealthy nations are sending tens of billions of dollars to poorer ones for clean energy, the linchpin of a global strategy to cut greenhouse-gas emissions in the developing world. But two of the most ambitious efforts yet—in South Africa and Indonesia—are now at risk of unraveling, sowing doubts about the rich world’s ability to push developing countries away from coal and other fossil fuels.

Organizations: JOHANNESBURG — Locations: JOHANNESBURG, South Africa, Indonesia

It will see suspended payments repaid from 2027 to 2029 after a grace period from 2025 to 2026, the Paris Club said in a statement, noting that the deal was reached on Nov. 23. If Ethiopia does not get an IMF staff-level agreement by March 31, the official creditor committee "reserves the right to declare the suspension null and void", the Paris Club said. The Paris Club said 10 of its members were on Ethiopia's official creditor committee, which is co-chaired by France and non-Paris Club member China. Other non-Paris Club committee members are India, Kuwait, Poland, Saudi Arabia and Turkey. "We welcome the recent announcement of an interim standstill agreement with official creditors," the IMF spokesperson added.

Persons: Tellimer, Patrick Curran, Rachel Savage, Rodrigo Campos, Alex Richardson, Toby Chopra, Kirsten Donovan Organizations: International Monetary Fund, Paris Club, French Treasury, Ethiopian, IMF, Club, OCC, China, Thomson Locations: JOHANNESBURG, China, Addis Ababa, Tigray, Ethiopia, France, India, Kuwait, Poland, Saudi Arabia, Turkey

What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.

Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India

☆ Robb M. Stewart — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-29 | by ( Robb M. Stewart | ) www.wsj.com time to read: +1 min

Robb M. StewartRobb M. Stewart is a reporter for Dow Jones Newswires and The Wall Street Journal in Ottawa, where he covers Canada's economy. He writes about changes in employment, trade, inflation and other trends, and how they reflect the broader economy and factor into central bank decisions. He also writes about a range of companies and industries across corporate Canada. Robb joined the Canada bureau in 2022 after a two-year stint in the New York office, where he was a publishing editor. Over roughly two-and-a-half decades with Dow Jones, he has been a senior correspondent in Australia, where he mostly wrote about the big resources companies and banks in the region; a bureau chief in Johannesburg writing about southern Africa; a bureau chief in Stockholm leading a team of reporters covering the Nordic region; and a senior reporter in London, where he launched a column that held a critical lens up to businesses in Europe.

Persons: Robb M, Stewart Robb M, Stewart, Dow Jones Newswires, Robb, Dow Jones Organizations: Street Locations: Ottawa, Canada, New York, Australia, Johannesburg, Africa, Stockholm, London, Europe

A South African company will make vaginal rings that protect against HIV, which AIDS experts say should eventually make them cheaper and more readily available. The Population Council announced Thursday that Kiara Health of Johannesburg will start making the silicone rings in the next few years, estimating that 1 million could be produced annually. The nonprofit council owns the rights to the rings, which are now made by a Swedish company. About 500,00 rings are currently available to women in Africa at no cost, purchased by donors. Last year, activists charged the stage in a protest during last year's biggest AIDS meeting, calling on donors to buy the silicone rings for African women.

Persons: Ben Phillips Organizations: Population, World Health Organization, WHO, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: Johannesburg, Swedish, Africa, South Africa, Botswana, Malawi, Uganda, Zimbabwe

☆ Deadly Mine Accident Highlights Dangers of South Africa’s Deep Underground Shafts
▼ + stars: | 2023-11-28 | by ( Alexandra Wexler | ) www.wsj.com time to read: 1 min

A view of the Impala Platinum site near Rustenburg, South Africa. Photo: phill magakoe/AFP/Getty ImagesJOHANNESBURG—An industrial elevator that plunged some 650 feet down a decades-old shaft killed 11 miners and injured 75 others at South Africa’s largest platinum mine, the mine’s owner, Impala Platinum , said Tuesday. The accident was one of the worst in years at a facility run by an international mining major, and the deadliest in South Africa in more than two decades. It highlights the dangers involved in mining in the country, the largest producer of platinum globally and a major gold producer. Hundreds of thousands of workers still toil underground here in some of the world’s oldest and deepest shafts.

Persons: phill magakoe Organizations: Impala, Getty Locations: Rustenburg, South Africa, AFP, JOHANNESBURG, South

A woman picks a gold earring at a jewellery shop in the old quarters of Delhi, India, May 24, 2023. While India's gold demand has been solid so far in 2023, matching strength in the domestic economy, it appears that some momentum may be coming out of the market. The high price of gold for consumers in China may further crimp demand in the fourth quarter, after the World Gold Council reported a decline in third. The recent price rally is likely to trim demand growth in India in the current quarter. But countering the positive drivers are signs that high prices are undermining demand growth in the key markets of China and India.

Persons: Anushree, they're, Hong Kong, Sonali Paul Organizations: REUTERS, Rights, U.S . Federal Reserve, Hong, Hong Kong Census, Statistics Department, Gold, Reuters, Thomson Locations: Delhi, India, Rights LAUNCESTON, Australia, China, Hong Kong, Hong, Central

☆ 11 people died and 75 were injured after an elevator plunged 650 feet at a platinum mine
▼ + stars: | 2023-11-28 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

11 miners were killed and 75 were injured when an elevator plunged 650 feet at a platinum mine. All 86 people were being brought to the surface when the elevator suddenly plunged. AdvertisementJOHANNESBURG (AP) — An elevator suddenly dropped about 650 feet (200 meters) while carrying workers to the surface in a platinum mine in South Africa, killing 11 and injuring 75, the mine operator said Tuesday. The injured workers were hospitalized. Theron said the elevator dropped about 650 feet (200 meters) down the shaft in what was a highly unusual accident.

Persons: —, Nico Muller, Johan Theron, Theron Organizations: Service, Impala Platinum Holdings Locations: Rustenburg, South Africa, JOHANNESBURG, South

☆ Impala Platinum halts work at some S.African mines after 11 workers died
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Nov 28 (Reuters) - Impala Platinum (IMPJ.J) said on Tuesday it had temporarily halted operations at its Rustenburg mining complex in South Africa after 11 workers died in an incident at one of its underground shafts. The Johannesburg-based platinum miner said in a statement that 86 workers were involved in the incident at its No. 11 shaft and 75 injured workers had been admitted at four hospitals in the area. The company said all mining operations at the sprawling Rustenburg complex in South Africa's North West province had been suspended on Tuesday. Impala is among South African platinum producers that operate some of the deepest and oldest mining shafts in the world.

Persons: Nico Muller, it's, Felix Njini, Nelson Banya, Kim Coghill, Jamie Freed, Louise Heavens Organizations: Impala, National Union of Mineworkers, Thomson Locations: JOHANNESBURG, South Africa, Johannesburg, South Africa's, West

China's imports are being driven by increased arrivals from Indonesia, the world's largest exporter of thermal coal, with Kpler estimating 18.03 million metric tons will arrive this month. This is up from imports from Indonesia of 16.70 million metric tons in October, according to Kpler data. Imports from Indonesia are expected to decline to 10.92 million metric tons in November from 12.19 million in October. Thermal coal arrivals from Australia are forecast to be 1.11 million metric tons in November, up slightly from the 1.02 million in October. Overall, its possible that China's increased appetite for imported thermal coal ahead of the northern winter is crowding out some demand in India, which tends to be a more price-sensitive buyer.

Persons: Stephen Coates Organizations: Argus, CHINA, Atlantic, Indonesian, Reuters, Thomson Locations: LAUNCESTON, Australia, Indonesia, China, India, Japan, South Korea, Taiwan, Beijing, Canberra, South Africa, Asia, Europe

☆ Olympian Oscar Pistorius Granted Parole 10 Years After Killing Girlfriend
▼ + stars: | 2023-11-24 | by ( Alexandra Wexler | ) www.wsj.com time to read: 1 min

Former South African Paralympic athlete Oscar Pistorius will be released from jail in January 2024 after being granted parole on Friday. Pistorius was convicted of murdering his girlfriend in 2013. Photo: Siphiwe Sibeko/ReutersJOHANNESBURG—Former Olympic and Paralympic track star Oscar Pistorius, who was convicted of murdering his girlfriend, was granted parole on Friday after serving half of his 15-year sentence. Pistorius will be released from prison on Jan. 5, according to a statement from South Africa’s Department of Correctional Services, after a decision issued by the parole board at Atteridgeville Correctional Centre in Pretoria, where Pistorius has been incarcerated since 2016.

Persons: Oscar Pistorius, Pistorius, Siphiwe Organizations: South African Paralympic, Reuters, Olympic, South, South Africa’s Department of Correctional Services, Atteridgeville Correctional Locations: Reuters JOHANNESBURG, South Africa’s, Pretoria

☆ VW struggling with S.Africa costs as group targets savings - executive
▼ + stars: | 2023-11-24 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

[1/2] Thomas Schaefer, Volkswagen's CEO of the VW Passenger Cars Brand speaks with Reuters about the future of VW production in Africa, in Johannesburg, South Africa, November 24, 2023. The German automaker has been in South Africa for nearly 80 years. Factors like competitive labour costs once placed it among the company's higher-ranking bases globally, VW brand chief Thomas Schaefer said during a visit to the country. Schaefer said there were no current plans to introduce EV manufacturing in South Africa, since electric cars are currently priced out of the reach of most domestic consumers. "There's a realistic chance that South Africa, with enough focus, with all the raw materials in the neighbourhood, they could be a champion," Schaefer said.

Persons: Thomas Schaefer, Volkswagen's, Sumaya Hisham, Schaefer, We're, " Schaefer, Victoria Waldersee, Mark Potter Organizations: VW, Reuters, REUTERS, Volkswagen, Polo, European Union, Thomson Locations: Africa, Johannesburg, South Africa, JOHANNESBURG, Uitenhage, Britain, Berlin

Olympic and Paralympic track star Oscar Pistorius leaves court after appearing for the 2013 killing of his girlfriend Reeva Steenkamp in the North Gauteng High Court in Pretoria, South Africa, June 14, 2016. REUTERS/Siphiwe Sibeko/Files Acquire Licensing RightsJOHANNESBURG, Nov 24 (Reuters) - South Africa's former Paralympic star Oscar Pistorius, jailed in 2014 for killing his girlfriend Reeva Steenkamp, will get another chance for an early release at a parole hearing on Friday. He was sent back to jail for six years in 2016 after a High Court sentence, which was less than half the 15-year minimum term sought by prosecutors. Several factors are typically taken into account by a parole board before inmates are released on parole. Pistorius was denied parole in March after it was ruled that he had not completed the minimum detention period required to be considered for parole.

Persons: Oscar Pistorius, Reeva Steenkamp, Siphiwe, Pistorius, Steenkamp, Singabakho Nxumalo, Conrad Dormehl, Bhargav Acharya, Olivia Kumwenda, Ken Ferris Organizations: North, North Gauteng High Court, REUTERS, Rights, Paralympic, Appeal, South Africa's Department of Correctional Services, Correctional, Reuters, Atteridgeville Correctional, Constitutional, Thomson Locations: North Gauteng, Pretoria, South Africa, Rights JOHANNESBURG, Atteridgeville

[1/4] Olympic and Paralympic track star Oscar Pistorius leaves court after appearing for the 2013 killing of his girlfriend Reeva Steenkamp in the North Gauteng High Court in Pretoria, South Africa, June 14, 2016. REUTERS/Siphiwe Sibeko/Files Acquire Licensing RightsJOHANNESBURG, Nov 24 (Reuters) - South African former Paralympic star Oscar Pistorius, jailed nine years ago for killing his girlfriend Reeva Steenkamp, was granted parole on Friday effective from Jan. 5. His total sentence was lengthened to six years in 2016, less than half the 15-year minimum term sought by prosecutors. In 2017, the Supreme Court more than doubled his total sentence to 13 years and five months, saying the six-year jail term was "shockingly lenient". Pistorius was denied parole in March after it was ruled that he had not completed the minimum detention period required to be considered for parole.

Persons: Oscar Pistorius, Reeva Steenkamp, Siphiwe, Pistorius, Steenkamp, Mr Pistorius, Rob Matthews, I'm, Oscar, Matthews, Bhargav Acharya, Tannur Anders, Nick Macfie, Toby Chopra, Andrew Heavens Organizations: North, North Gauteng High Court, REUTERS, Rights, Paralympic, Appeal, Department of Correctional Services, Pistorius, Rehabilitation, Constitutional, Thomson Locations: North Gauteng, Pretoria, South Africa, Rights JOHANNESBURG

☆ Oscar Pistorius granted parole, to be released from prison nearly 11 years after murdering girlfriend Reeva Steenkamp
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +2 min

Oscar Pistorius, the disgraced South African Paralympian who murdered his girlfriend on Valentine's Day 10 years ago, was granted parole at a hearing on Friday and will be released. Pistorius was told at a hearing in Pretoria, the administrative capital where he has been held, that he will be released on Jan. 5, 2024. Tania Koen, a lawyer who has represented the Steenkamps throughout the parole process and Pistorius' appeals, confirmed to NBC News that parole was granted. As a condition of the parole process, Pistorius met with Steenkamp's father, Barry, in June 2022. When he shot Steenkamp he had assumed it was a burglar, he said.

Persons: Oscar Pistorius, Reeva Steenkamp, Pistorius, Steenkamp, Tania Koen, wouldn't, Steenkamp's, Barry Organizations: South, Valentine's, NBC News, Olympics Locations: Pretoria, Gauteng Province, Johannesburg

A flexible tube for CO2 is pictured at a a pilot project for carbon capture and storage (CCS). REUTERS/Hannibal Hanschke Acquire Licensing RightsNov 23 - Carbon capture and underground storage (CCUS) is touted by proponents of fossil fuel production and consumption as the technology that will keep oil and gas in the global energy mix. The IEA produced some sobering numbers in its report, The Oil and Gas Industry in Net Zero Transitions. While the IEA said more than $3 billion was invested in CCUS projects in 2022, only 5% of the ventures have reached final investment decisions, representing only 10 million metric tons of carbon capture and 20 million of storage. There is little doubt that the oil and gas industry will learn from experience and get better at doing CCUS.

Persons: Hannibal Hanschke, CCUS, Muralikumar Organizations: REUTERS, International Energy Agency, IEA, and Gas Industry, Chevron, Reuters, Thomson Locations: Chevron's, Western Australia

☆ South Africa's 'Vogue Opera' honours life of gay anti-apartheid activist Nkoli
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

"Vogue Opera" - a mix of classical music, hip-hop, protest songs and dance - tells the story of Nkoli, whose activism helped to enshrine gay rights in South Africa's constitution - the first country on the continent to do so. Nkoli faced prejudice even from fellow anti-apartheid activists while serving a four-year prison sentence on treason charges when he revealed his sexuality. The opera reveals not only Nkoli's struggles but also the happiness he brought to others. "If there isn't social buy-in, we're not done," the show's co-writer and rapper S'bo Gyre said. Reporting by Catherine Schenck, Thando Hlophe and Anait Miridzhanian; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Nkoli, Africa's, Nkoli, Philip Miller, William Kentridge's, London's, Miller, Abiah, Lishivha, Gay, we're, S'bo Gyre, Catherine Schenck, Thando, Emelia Sithole Organizations: Market, London's Tate, Theatre, International Lesbian, Thomson Locations: South Africa, Johannesburg, JOHANNESBURG, South Africa's, New, Harlem

LAUNCESTON, Australia, Nov 21 (Reuters) - A surge of diesel and gasoline exports from China in the last northern winter eased then-prevailing fuel shortages in Asia but a repeat performance this year is unlikely. Diesel exports peaked at 2.39 million metric tons in January this year, before dropping to just 290,000 by June, according to official customs data. Since then they have eased back, dropping to 1.18 million metric tons in September and 1.11 million in October. November exports are expected to less than 700,000 metric tons, according to an estimate by LSEG based on ship-tracking and port data. Shipments this month are likely to be around 600,000 metric tons, according to LSEG, which would be the weakest month this year.

Persons: LSEG, Kpler, Robert Birsel Organizations: Diesel, LSEG, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Asia, Russia, Ukraine, Beijing, Singapore, Europe

☆ China reaffirms support for new nations joining BRICS as Argentina signals rejection
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] South African delegates sit behind a glass with BRICS logo as the BRICS summit is held in Johannesburg, South Africa August 23, 2023. "BRICS is also an open platform and we welcome any interested country to become a member of the BRICS family." Milei, a right-wing libertarian who has sharply criticised China and the China-led BRICS group, was elected Argentina's new president on Sunday. Milei and Mondino had both opposed Argentina joining the bloc, which also includes Brazil, Russia, India and South Africa. "We don't understand what the benefit (of joining BRICS) is for Argentina at the moment.

Persons: Alet Pretorius, Diana Mondino, Javier Milei, Mao Ning, Mondino's, Mao, Mondino, Liz Lee, Ethan Wang, Gareth Jones Organizations: REUTERS, Rights, United, Thomson Locations: Johannesburg, South Africa, Rights BEIJING, China, Argentina, Argentina's, Brazil, Russia, India, BRICS, Saudi Arabia, Iran, Ethiopia, Egypt, United Arab Emirates

The IMF approved a tweaked deal, but official creditors again rejected it, Zambia said. The country's External Bondholder Steering Committee said it was deeply concerned with recent developments and that its latest offer would provide more debt relief than official creditors on a net present value basis, as well as a principal haircut when official creditors were offering none. The Common Framework has been severely criticised, as it is yet to provide any countries with debt relief. "If the OCC does not row back, sovereign debt restructuring would have taken a huge step backwards," said a second source familiar with the situation. Ghana, which is also undergoing Common Framework debt treatment, saw its international bonds slump up to 1.4 cents on the dollar .

Persons: Yuri Gripas, Rachel Savage, Karin Strohecker, Bhargav Acharya, Marc Jones, Libby George, Alexander Winning, William Maclean, Bernadette Baum Organizations: Monetary Fund, REUTERS, International Monetary Fund, IMF, OCC, Government, Paris Club, Thomson Locations: Washington , U.S, Zambia Zambia, Ghana, Sri Lanka, JOHANNESBURG, Zambia, China, Base, France, India, London

China's refiners processed 63.93 million metric tons of crude in October, equivalent to 15.05 million bpd, according to National Bureau of Statistics data released on Nov. 15. Crude imports were 48.97 million metric tons and domestic output was 17.33 million, giving a total of 66.3 million, equivalent to 15.61 million bpd. Subtracting the refinery throughput from the total crude available leaves a surplus of 560,000 bpd to be put into commercial or strategic reserves. China total crude available vs refinery processingFORECASTS TOO BULLISH? China's imports for the first 10 months of the year are 11.36 million bpd, which is 1.19 million bpd higher than for the whole of 2022.

Persons: refiners, China doesn't, Stephen Coates Organizations: National Bureau, Statistics, OPEC, International Energy Agency, BP, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, China, Asia, Saudi Arabia

☆ Environmental groups urge funding halt for TotalEnergies' Mozambique project
▼ + stars: | 2023-11-17 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

TotalEnergies signs are seen at a petrol station in Nice, France, October 10, 2022. The letter, seen by Reuters, comes at a crucial juncture for the French energy company as it prepares to relaunch Africa's largest foreign direct investment project. Activists warn the project may worsen climate change and fuel human rights abuses in the impoverished southern African nation. TotalEnergies said before Friday's letter that arrangements for project finance remain in place despite a 'force majeure' halt in 2021 when Islamist militants threatened the project site. The project delay has led some investors to reassess their previous cost assumptions in light of inflation and global gas market swings.

Persons: Eric Gaillard, Banks, TotalEnergies, Ntshengedzeni Maphula, Reta Jo Lewis, Wendell Roelf, Toby Sterling, Nellie Peyton, Forrest Crellin, Mathieu Rosemain, Yuka Obayashi, Tim Cocks, Olivia Kumwenda, Elaine Hardcastle Organizations: REUTERS, Reuters, ActionAid International, Greenpeace, African Development Bank, Societe Generale, Africa's Export Credit Insurance Corporation, Thomson Locations: Nice, France, Mozambique, Greenpeace France, Netherlands, U.S, Exim, Cape Town, Amsterdam, Johannesburg, Paris, Tokyo

☆ Low Platinum Prices Show How Banking on Miners Could Threaten the Energy Transition
▼ + stars: | 2023-11-15 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

Platinum is used to make the electrolyzers that produce hydrogen and the sharp down cycle in South Africa’s platinum mining sector demonstrates the risk that low prices and lack of investment could slow the energy transition. Prices for other commodities have also fallen, while miners have been complaining of rising costs and seem to be limiting their capital expenditures. Photo: michele spatari/Agence France-Presse/Getty ImagesFor the mining sector, cyclical returns are nothing new. Ray said many South African PGM miners are now selling their output at close to the cost of production, eating away at profitability. “To the extent that PGM prices stay at current levels, I would not be surprised to see more supply-side reaction,” Ray said.

Persons: Waldo Swiegers, ”, Tom Price, michele spatari, We’ve, ” Emma Townshend, ” Townshend, Raj Ray, Ray, ” Ray, ” Implats’s Townshend, Implats, Yusuf Khan Organizations: Bloomberg, Liberum, Agence France, PGM, Times, Business, BMO Capital Markets, Metals Locations: Sibanye, Africa, Johannesburg, Stillwater, South, South Africa, Marikana, U.S, China, Europe, Implats

JOHANNESBURG/LONDON, Nov 15 (Reuters) - Zambia's official creditors including China rejected a deal the country struck with its international bondholders because they believed its "base case" scenario did not deliver debt relief comparable to what they offered in a separate deal, two sources familiar with the talks said. Official creditors said the agreement in principle, which the International Monetary Fund (IMF) also rejected, did not comply with "Comparability of Treatment", said the sources, who declined to be identified as the discussions are private. Both bondholders and official creditors had proposed extending the maturity of Zambia's debt and that it be paid back quicker if the country's economy performs better than expected. The bondholder deal proposed they would be paid more than $700 million before 2026 in the base case, while official creditors had offered a longer three-year grace period. Bondholders would need to offer more debt relief in the base case scenario for the deal to be acceptable to official creditors and the IMF, one of the sources said.

Persons: Rachel Savage, Karin Strohecker, Marc Jones, Alexandra Hudson Organizations: International Monetary Fund, IMF, Paris Club, Alexandra Hudson Our, Thomson Locations: JOHANNESBURG, LONDON, China, Zambia

☆ Ethio Lease set to wind down operations in Ethiopia
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NAIROBI, Nov 15 (Reuters) - Equipment leasing company Ethio Lease, Ethiopia's only foreign-owned firm to obtain a financial services licence from the central bank, said on Wednesday it was winding down operations in the east African country. The National Bank of Ethiopia granted a financial services license to Ethio Lease in 2019 - the first such for a foreign firm - as part of the government's economic reforms aimed at opening up the economy. New York-based African Asset Finance Company, the owner of Ethio Lease, has instructed the company to begin the process of voluntary liquidation, Ethio Lease said in a statement. "Despite their sustained efforts, Ethio Lease and its investors have been unable to achieve resolution with the Ethiopian government." Ethio Lease's license enabled it to lease equipment such as MRI scanners, tractors and drilling rigs to companies that could not import such equipment themselves due to foreign exchange shortages.

Persons: Abiy Ahmed, Bhargav Acharya, Duncan Miriri, Jason Neely, Alexander Winning, Nellie Peyton, Sharon Singleton Organizations: Equipment, Ethio, National Bank of, Lease, African Asset Finance Company, Ethio Lease, birr, Ethiopian, Thomson Locations: NAIROBI, National Bank of Ethiopia, New York, birr, Johannesburg, Nairobi

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