ZIMBABWE is talking to the US and EU over the repeal of sanctions, according to an economic policy document, the first sign the new government may be gaining the confidence of Western powers.

KENMARE Resources, whose ilmenite mine will account for over 2% of Mozambique’s economy at full production, reported a dramatic fall in losses due to lower operating expenses in the first half of 2007.

IN 2005, the G8 made a commitment to canceling debts some impoverished countries owed to the World Bank, the International Monetary Fund and the African Development Bank.

G8 leader Germany is pledging to make Africa a central point of next month’s summit and is calling for more aid, further debt relief and improved financial oversight.

The World Bank’s directors approved a £37bn (€53.4bn) debt relief package for poor countries, many of them in Africa, after resolving yesterday how the international lending institution will find money for future loans.

A deal to erase billions of dollars of debt for poor countries cleared an important hurdle, winning the endorsement of the International Monetary Fund’s steering committee.

KENMARE Resources made a profit of $3.7 million (€3m) in its first half-year arising from foreign exchange gains on Euro debt and deposit interest.

Up to 10 million people in southern Africa face severe food shortages brought on by drought and HIV/Aids because wealthy nations are failing to heed the lessons of Niger’s crisis, Oxfam warned today.

AFRICAN Union (AU) heads have adopted a “common position” on asking rich G8 nations to wipe out the debt of all African countries and abolish all agriculture subsidies.

ARCHBISHOP Desmond Tutu yesterday called on leaders of the world’s eight richest nations to show the world cares about Africa.

The US and Britain have reached an agreement on how the billions of dollars that the world’s poorest nations owe to international lenders can be erased, removing the last impediment to an accord long sought by the richest nations, The New York Times reported today.

A solution to the crippling debt burden of poor countries has eluded finance ministers and central bankers from around the world, but there are expectations an agreement could be reached later this year.

THE exploration company Kenmare Resources are planning to raise $97 million to fund its titanium extraction project in Mozambique.

US Treasury Secretary Paul O'Neill said his upcoming Africa trip with U2 lead singer Bono is designed to help start reversing 50 years of poor performance in development aid.