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Business Africa

  • ABUJA, March 24- Nigeria's state oil company said on Friday it was set to recover $184 million in crude oil swap under-deliveries recorded against three oil companies during the now defunct crude for product swap system. The Nigerian National Petroleum Corporation is in the process of reconciling transactions made as part of the defunct system, Group...

  • TORONTO, March 24- Acacia Mining is losing more than $1 million in revenue each day at two mines in Tanzania because of the country's ban on exports of gold and copper concentrates, the London- listed company said on Friday. Acacia, the largest miner in Tanzania, said talks with government officials have failed to result in the ban being lifted.

  • LUSAKA, March 24- Indian mining company Vedanta Resources said on Friday it will invest $1 billion in its Zambian mining unit Konkola Copper Mines, creating 7,000 jobs. Vedanta announced the investment after a meeting between its Chairman Anil Agrawal and Zambian President Edgar Lungu. Vedanta did not say how much the additional $1 billion would expand...

  • *IMF says further actions "urgently needed" to boost Nigeria economy- report. *Nigeria is in first recession in 25 years. ABUJA, March 24- The International Monetary Fund is expected to warn Nigeria its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4 billion in much-needed international loans.

  • March 24- Vitol's annual traded volumes rose 16 percent in 2016 to a new record as the world's largest independent energy trader sold more gasoline and diesel in markets such as the United States and Australia. The biggest jump in percentage terms came from gasoline, up 44 percent and gasoil, up 26 percent, driven by increasing demand in the United States,...

  • JOHANNESBURG— Royal Dutch Shell's Nigeria subsidiary "fiercely opposed" environmental testing and is concealing data showing thousands of Nigerians are exposed to health hazards from a stalled cleanup of the worst oil spills in the West African nation's history, according to a German geologist contracted by the Dutch-British multinational.

  • March 24- Barry Meyers is set to rejoin JPMorgan Chase& Co. from Barclays Plc to take on the role of Managing Director of UK Equity Capital Markets, according to an internal memo seen by Reuters. A spokeswoman at JPMorgan confirmed that Meyers, who has been leading the UK ECM team at Barclays since March 2015, would report to Nicholas Hall and would also become head of...

  • China's ban on ivory trade

    Kaddu Sebunya, president of the African Wildlife Foundation, says the blocking the trade of wildlife products is only half the battle won.

  • *Spot gold was down 0.1 percent at $1,243.60 per ounce by 0058 GMT. On Thursday, it touched its strongest since Feb. 28 at $1,253.12. *Palladium climbed to a peak of $808.70 in the prior session, its highest since March 2015.

  • WASHINGTON- Federal Reserve Deputy Director for Division of Bank Supervision and Regulation Maryann Hunter will attend American Bankers Association's Government Relations Summit- 1145 GMT. FRANKFURT- French Central Bank Chief Francois Villeroy de Galhau and other top European finance officials speak in Frankfurt. FRANKFURT- European Central Bank...

  • Kenya looking to tap new investors to fund big projects. NAIROBI, March 23- Kenya began selling a government bond exclusively via mobile phones on Thursday, a world first aimed at expanding the pool of investors in a country that needs money for infrastructure projects and where many people don't have a bank account. Kenya has borrowed heavily in the past four...

  • SAO PAULO, March 22- Oi SA, the Brazilian phone carrier currently under bankruptcy protection, posted a narrower net loss in the fourth quarter due to cost cutting and lower financial expenses. The indicator was mainly affected by an asset impairment related to Oi's Africa- based investments. Capital spending rose 28 percent, part of Chief Executive Marco...

  • WASHINGTON/ OSLO, March 22- The United States remains committed to the "principles and goals" of the global transparency initiative to fight corruption in managing revenues from oil, gas and mineral extraction, it said on Wednesday. There were doubts about U.S. participation in the Extractive Industries Transparency Initiative after Congress killed the "...

  • SAO PAULO— Brazil's meat exports effectively collapsed this week, the agricultural minister said Wednesday, as several countries halted imports from the South American country in the wake of a meat inspection scandal. Brazil is struggling to contain the scandal, in which investigators say that health inspectors were bribed to overlook expired meats and...

  • FRANKFURT, March 22- With rivals joining forces all around, Germany's BASF has been eyeing a surprise foray into generic pesticides, although the issue is on hold while it looks to snap up assets being spun off in those mergers. BASF is the only player left among the top six in a global seeds and pesticides market worth over $100 billion that has not paired up with a...

  • BEIJING, March 22- China's Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp's South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced on Wednesday. China Petroleum and Chemical Corp, or Sinopec, Asia's largest oil refiner, said the assets include a 100,000 barrel-per-day...

  • March 22- With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it will soon begin trading a first-ever U.S. liquefied natural gas futures contract. "Domestic and international market participants now have a risk management solution that lays the foundation for a more...

  • JOHANNESBURG, March 22- In 2010 police in Johannesburg shot Justin Ejimkonye, a Nigerian migrant, in the leg. The reason why is unclear: It took the police 18 months to charge Ejimkonye with any crime. Similar claims of police corruption are echoed by hundreds of immigrants in South Africa.

  • BEIJING, March 22- China's Sinopec said on Wednesday it has agreed to pay almost $1 billion for a 75 percent stake in Chevron Corp's South African assets and its subsidiary in Botswana, securing its first major refinery on the continent. China Petroleum and Chemical Corp, or Sinopec, Asia's largest oil refiner, said the assets include a 100,000 barrel-per-day oil...

  • JOHANNESBURG, March 22- In 2010 police in Johannesburg shot Justin Ejimkonye, a Nigerian migrant, in the leg. The reason why is unclear: It took the police 18 months to charge Ejimkonye with any crime. Similar claims of police corruption are echoed by hundreds of immigrants in South Africa.