Folorunsho Alakija, attends a function in Lagos, Nigeria, October 5, 2013. (AP)

A pan-African magazine says Africa has many more billionaires than previously reported, 55 of them worth more than $143 billion including a Nigerian said to be the richest black woman in the world.

"Move over, Oprah!" Ventures Africa says in its latest edition published this week.

China's President Xi Jinping speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Nusa Dua, on the Indonesian resort island of Bali October 7, 2013. (Reuters/Edgar Su)

A slip in commodity prices and foreign investment is likely to trim otherwise stellar growth in sub-Saharan Africa this year, the International Monetary Fund said Tuesday.

The Washington-based lender cut forecasts for regional growth to 5.0 percent for 2013, down half a percentage point from its own April forecasts.

China's President Xi Jinping speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Nusa Dua, on the Indonesian resort island of Bali October 7, 2013. (Reuters/Edgar Su)

Chinese President Xi Jinping said on Monday he expected a "long and tortuous process" of world economic recovery, while China's economic growth rate of about 7 percent was "within a reasonable and expected range".

Speaking on the sidelines of an Asia-Pacific Economic Cooperation (APEC) forum summit, Xi said the world economy was in the middle of profound adjustment and with major economies far from resolving their structural problems, it was imperative to strengthen macroeconomic cooperation.

The International Monetary Fund warned Tuesday that South Africa is trailing other emerging markets economies and must quickly implement reforms if it wants to avoid crisis.

The IMF, in an annual report on Africa's largest economy, pointed to painfully high unemployment and a plethora of other economic troubles staking the country.

China's state-owned oil firm China National Offshore Oil Corporation (CNOOC) has won a $2bn (£1.3bn) deal to develop an oil field in Uganda oil.

The Kingfisher field is estimated to hold 635 million barrels of oil, of which 196 million are recoverable.

Egypt  Prime Minister Hazem el-Beblawi. (AFP)

Egypt is close to agreeing a schedule for repaying $6 billion in outstanding debt to foreign oil companies, Prime Minister Hazem el-Beblawi said in a newspaper interview published on Thursday.

Beblawi also told Al Masry Al Youm that reaching an agreement would lead to a rise in investments from the companies to $15 billion within two years.

Zimbabwe will increase economic ties with friendly countries like China to develop its economy as Western nations maintain their sanctions after President Robert Mugabe's re-election, the new finance minister said on Wednesday.

Mugabe, Africa's oldest leader at 89 who won a fresh five-year term in a July 31 vote his opponents say was rigged, on Wednesday swore in his cabinet, including Finance Minister Patrick Chinamasa who was named on Tuesday.

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