#UPDATE ‘ Russia & Greece carry plans forward to extend Turkish Stream pipeline ‘

#AceFinanceReport – Sept.23: Greece will carry on implementation of its plans to construct a natural gas pipeline to extend the Turkish Stream pipeline on its territory jointly with Russia, Greek Minister of Productive Reconstruction, Environment and Energy Panos Skourletis said on Wednesday /TASS/. reported.

“Solving major issues related to energy policy is in store for us,” he said. “In the previous government [of Alexis Tsipras] we took the first steps to implement the plans on construction of both the so-called Trans-Adriatic gas pipeline and the Russian gas pipeline on our territory. We will carry on work in this direction,” the minister said.

Greece’s state-owned company Energy Investments Public Enterprise S.A. (EIPE S.A.) and Russian VEB Capital are expected to become partners on construction of the Greek section of the Turkish Stream, which is estimated at €2 bln.

On June 19, the sides signed an intergovernmental memorandum on cooperation in construction of the Greek section of the Turkish Stream. The construction due to begin in 2016 is expected to be finalized by end-2019.

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AFRICA: ‘ Commodities’ dive raises doubts over the “middle class”

A shopper is seen outside a Shoprite store in Johannesburg #AceFinanceNews – Sept.23: Whether it’s selling pensions, pasta or toothpicks, investors in Africa have been targeting the booming middle class.

A decade of growth above five percent in sub-Saharan African economies has drawn a wave of interest in selling consumer goods and providing services to a rapidly urbanising population of 1 billion.

Millions of Africans have moved out of subsistence farming, but national economies have yet to make the transition from relying on commodity exports to mass manufacturing, the model which transformed living standards in much of Asia.

Original Article: http://news.yahoo.com/commodities-dive-raises-doubts-over-africas-middle-class-144906520–sector.html

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FRANCE: ‘ Hoping to sell 2-Mistral helicopters to Egypt for 950 million (Euro) – Defence Ministry ‘

#AceFinanceReport – Sept.23: France hopes to sell two helicopter-carrying amphibious assault ships of the Mistral class to Egypt for €950 million, Reuters said quoting a source at the French Defense Ministry.

At the same time French Defense Ministry officials avoid commenting on progress in the talks with Egypt or disclosing the likely value of the contract.

“At this phase we are not going to make any comments,” a Defense Ministry official told TASS.

Earlier, a reliable source in the DCNS company, which built ships under a contract with Russia, said that so far only preliminary agreement has been achieved.

“The details of the deal are still to be coordinated,” the official added.

The French daily Tribune has published a similar report.

According to the periodical, an Egyptian delegation earlier arrived in Paris on instructions from President Abdel Fattah el-Sisi.

“There is one stumbling block, and a large one. The talks are stalled over the price of Mistrals. The Egyptians say it is too high,” the paper says.

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