- Japan's automaker, Mitsubishi Motors Corp has confirmed it will contest a lawsuit laid by an Egyptian sales company Masria Co for breach of contract.
The Egyptian company has filed the lawsuit in a local court claiming that a termination notice on its contract was not sufficient and is trying to get an extension or up to US$ 900 million in damages.
However, Mitsubishi contests that it gave a notice of termination six months before the expiry of the contract, which it believes was sufficient enough. The company has further denied accusations that its reducing the company's profit estimates had nothing to do with the lawsuit.
The automaker has announced a reduced annual operating profit citing a drop in vehicle sales as well as failure on its part to meet the planned cost reductions. The company also mentioned the economic downturn as well as the weakening Japanese yen against other currencies for its losses.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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