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Business Africa

  • SAO PAULO, Feb 24- Chinese heavy machinery maker Xuzhou Construction Machinery Group Co Ltd is in talks with Brazilian engineering firm OAS SA to form a joint venture for construction in Africa and Latin America, a person with direct knowledge of the matter said on Friday. The venture would be the first major step in OAS's efforts to rebuild itself almost three...

  • Husky could invest the sale proceeds in South America, Africa or Asia, the people added. Husky's offshore assets include White Rose, seen as its crown jewel in the region, as well Flemish Pass and Terra Nova. Husky could potentially sell down stakes in Terra Nova, where it has a 13 percent working interest, and Flemish Pass.

  • Husky could invest the sale proceeds in South America, Africa or Asia, the people added. Husky's offshore assets include White Rose, seen as its crown jewel in the region, as well Flemish Pass and Terra Nova. Husky could potentially sell down stakes in Terra Nova, where it has a 13 percent working interest, and Flemish Pass, but is also considering paring down...

  • LONDON, Feb 24- Zambia expects to agree a deal with the International Monetary Fund in the first half of this year, Finance Minister Felix Mutati said on Friday. Last March, Zambia began talks with the IMF about a potential loan package after agreeing that its budget deficit was not sustainable, though formal talks have not yet been launched. He said it was too early...

  • LONDON, Feb 24- Zambia expects to agree a deal with the International Monetary Fund in the first half of this year, Finance Minister Felix Mutati said on Friday. Last March, Zambia began talks with the IMF about a potential loan package after agreeing that its budget deficit was not sustainable, though formal talks have not yet been launched. He said it was too early...

  • LIBREVILLE, Feb 24- Some oil production from fields in Gabon resumed on Friday despite a continuing strike by workers, although output remained severely constrained. Gabon's government sent soldiers to retake control centres at Maurel et Prom Gabon SA's Onal and Coucal oilfields, it said in a statement. Gabon is Africa's fourth largest oil producer with an...

  • Budget airline Norwegian Air Shuttle on Thursday announced new routes between Ireland and the UK to the east coast of the United States using Boeing's 737- MAX aircraft, taking advantage of the lower costs of operating smaller than normal aircraft on medium-haul routes to offer lower fares. Icelandic low-cost carrier Wow Air also flies between Europe and...

  • DAKAR, Feb 24- Funds from a dollar bank account in the name of the Jammeh Foundation for Peace, a charity founded by Gambia's former president Yahya Jammeh, flowed to Jammeh himself, not to foundation projects, according to bank records and interviews with a former charity official and a former presidential staff member. In 2012 and 2013, over $8 million was paid...

  • *Ivory Coast praised for its post-war recovery. ABIDJAN, Feb 24- Fallout from army mutinies, public sector strikes and a cocoa crisis is threatening to derail Ivory Coast's public finances and turn startling economic growth into a cycle of hardship and social unrest. "We've all been applauding the country's economic management in recent years, but it's mostly...

  • BEIJING— Two hundred striking workers attacked a Chinese-owned garment factory in Myanmar, smashing windows and doors and holding seven Chinese staffers captive for several hours. Liu Songhai, a consular official, said Friday that the Chinese staffers were released Thursday afternoon with help from the Myanmar government. China is Myanmar's biggest...

  • *Plans to hire 10 staff in Singapore, Europe, Houston. The utility company's trading arm plans to hire 10 people in Singapore, Europe and Houston to move growing LPG supplies from the United States to other parts of the world, Engie Energy Management's CEO Eric Simon told Reuters. The United States has become the top exporter of LPG, already sending record volumes to...

  • LONDON, Feb 23- A surprise boost to Barclays' capital reserves failed to convince some analysts and investors on Thursday, with the British bank's shares falling nearly three percent as the market digested the figures, reversing earlier gains. Concerns over the sustainability of the capital level centred on the accounting treatment of Barclays' UK pension...

  • The windfall came after 12 years of waiting patiently for the Gwadar port to emerge as the centrepiece of China's ambitious plans for a trade and energy corridor stretching from the Persian Gulf, across Pakistan, into western Xinjiang. "We had anticipated the Chinese would need a route to the Arabian Sea," Rafi Group Chief Executive Shehriar Rafi told Reuters.

  • JOHANNESBURG, Feb 23- South Africa's Standard Bank is engaging with the Competition Commission over the watchdog's investigation into alleged rigging of rand currency trading and has not suspended any employees to date, the bank said on Thursday. "Pending the outcome of these engagements and in the light of these historic allegations only having been...

  • BERLIN, Feb 23- Germany posted a record budget surplus last year helped by rising tax revenues and employment and low debt costs, creating conditions for solid economic growth in 2017 underpinned by higher state and household spending. Under Germany's budget law, the federal government's surplus of 7.7 billion euros will go into a fund for refugee-related...

  • LONDON, Feb 23- Barclays reported a surprise increase in its capital reserves on Thursday thanks to the speedy sale of unwanted assets, helping the British bank put money aside as it braces for legal battles and worsening market conditions. While Barclays profits were lower than expected, they nearly trebled from a year earlier as the bank emerges from an...

  • TULA, Russia— Claims of hacking by the Russian state may be feeding international tensions, but they've given Californian musician David Brown a great icebreaker when selling his line of Russian-made microphones. Brown, who's often toured Russia with his band Brazzaville, teamed up with fan Pavel Bazdyrev in 2013 to start making top-end musical equipment in...

  • BERLIN, Feb 23- Germany posted a record budget surplus last year helped by rising tax revenues and employment and low debt costs, creating conditions for solid economic growth in 2017 underpinned by higher state and household spending. Under Germany's budget law, the federal government's surplus of 7.7 billion euros will go into a fund for refugee-related...

  • LONDON— Banking group Barclays said Thursday it will complete its restructuring plan six months early as it sheds risky assets and focuses on consumer, corporate and investment banking in New York and London. They include retail banking in continental Europe and corporate banking in Africa and the Middle East, among others. Shares rose more than 4 percent in...

  • NEW YORK— A wealthy former CEO who dodged securities fraud charges by spending a decade in Africa with a $50 million nest egg was sentenced Thursday to 30 months in prison by a judge in New York City who blasted him as "foolish" for hatching his scheme and fleeing justice for so long. District Judge Nicholas G. Garaufis said in federal court in Brooklyn.