China Daily newspaper launches Africa edition

China Daily

China Daily, China’s largest English-language newspaper, has launched an African edition of the paper based in Nairobi, Kenya following the launch of CCTV Africa earlier this year. CNC World, Xinhua’s English-language start-up, was setup on eutelsat communication satellites in January 2011 while China Radio International, offering Mandarin instruction as well as news stories of Chinese-African cooperation, began back in 2006.

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How China’s Advance in Africa is Underestimated and Africa’s Potential Underappreciated

The explosive growth of China’s economic interests in Africa—bilateral trade rocketed from $1 billion in 1990 to $150 billion in 2011—may be the most important trend in the continent’s foreign relations since the end of the Cold War. In 2010, China surpassed the United States as Africa’s top trading partner; its quest to build a strategic partnership with Africa on own its terms through tied aid, trade, and development finance is also part of Beijing’s broader aspirations to surpass the United States as the world’s preeminent superpower. Africa and other emerging economies have become attractive partners for China not only for natural resources, but as growing markets. Africa’s rapid growth since 2000 has not just occurred because of higher commodity prices, but more importantly due to other factors including improved governance, economic reforms, and an expanding labor force. China’s rapid and successful expansion in Africa is due to multiple factors, including economic diplomacy that is clearly superior to that of the United States. China’s “no strings attached” approach to development, however, risks undoing decades of Western efforts to promote good governance. Consequently, this monograph examines China’s oil diplomacy, equity investments in strategic minerals, and food policy toward Africa. The official U.S. rhetoric is that China’s rise in Africa should not be seen as a zero-sum game, but areas where real U.S.-China cooperation can help Africa remain elusive, mainly because of Beijing’s hyper-mistrust of Washington. The United States could help itself, and Africa, by improving its own economic diplomacy and adequately funding its own soft-power efforts.

A free pdf version of the document is available here.

Steel Minister Reviews Annual Performance of KIOCL and HSCL for 2011-12

Beni Prasad Verma

The Union Minister of Steel, Shri Beni Prasad Verma reviewed the performance of Kudremukh Iron Ore Company Ltd (KIOCL) and Hindustan Steelworks Construction Ltd. (HSCL) for the year 2011-12.

The CMD, KIOCL Shri Malay Chaterjee, made a presentation about the performance of the Company and highlighted its achievements and the challenges. The company has achieved 15% bottom line growth in spite of low volume of production & sales in comparison to previous year (re: Karnataka Mining ban). The company also paid a dividend of Rs.18.84 crore for financial year 2011-12. KIOCL is exploring the possibility of acquiring mines in India and abroad. The Company is in dialogue with Government of Andhra Pradesh for allotment of captive mine for setting a up green field value added project and is also looking at Iron Ore mining assets in Africa.

Shri Malaya Chatterjee, CMD, KIOCL and Incharge CMD, HSCL appraised the performance of the Company which included achieving a turnover of Rs. 1208 crores in 2011-12 against the turnover of Rs. 1005 crores achieved during 2010-11.

(PIB 2JUL12)