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Business Africa

  • 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 for a decade by fleeing to Africa is facing sentencing in New York City. Jacob "Kobi" Alexander is due in federal court in Brooklyn on Thursday. He was in Israel and negotiating a possible surrender when he vanished in 2006..

  • *Investors say Nigeria needs clearer, bold devaluation. *President Buhari is in London on medical leave. LAGOS/ LONDON, Feb 22- Nigeria's latest efforts to tweak its exchange rate policy have baffled investors who say the moves fall short of the currency devaluation they had hoped for and will not lure money back into the economy.

  • BRASILIA, Feb 22- Brazil's Forjas Taurus SA, the largest weapons maker in Latin America, shipped guns to the son of a known arms trafficker in July 2015, three months after the United Nations imposed an arms embargo on his allies in Yemen's civil war, according to a U.N. report released last week. U.N. experts on the conflict in Yemen said an investigation turned up...

  • GENEVA, Feb 22- A global agreement to boost trade by cutting red tape and streamlining border checks came into force on Wednesday, promising a 0.5 percent lift to the world economy by 2030 even as it faces renewed protectionism from the United States. World Trade Organization Director General Roberto Azevedo hailed the start of the pact, which he said was the "...

  • PARIS, Feb 22- Airbus called for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft, after taking a fresh 1.2 billion euro charge for Europe's largest defence project. Chief Executive Tom Enders told reporters Airbus was paying for the "original sin" of striking an unrealistic deal when the plane was launched in...

  • PARIS, Feb 22- Airbus called for new talks with European governments to ease "heavy penalties" for delays to its A400M military aircraft on Wednesday, after taking a fresh 1.2- billion-euro charge in the latest blow to Europe's largest defense project. Chief Executive Tom Enders told reporters the aerospace group was still paying for the "original sin" of...

  • BAODING, China— Wei Jianjun is the chief matchmaker in China's love affair with the SUV. A decade ago, the chairman of Great Wall Motors Ltd. saw opportunity as the bulky vehicles began shedding their image in China as a farm tool. By 2013, with demand surging, Great Wall had become China's most profitable automaker and Wei was a billionaire.

  • CANBERRA- Reserve Bank of Australia Governor Philip Lowe will appear at the House of Representatives Standing Committee on Economics. CHISINAU- National Bank of Moldova announces interest rate decision. ANKARA- Central Bank of the Republic of Turkey monetary policy meeting.

  • ABUJA, Feb 21- Nigeria's central bank took a step nearer to outright devaluation of the naira currency on Tuesday, providing 23 commercial banks with a combined $370.8 million at forward exchange rates up to 15 percent weaker than the official rate. On Tuesday, it said it sold dollars using one- and two-month forward exchange rates to commercial banks whose bids...

  • Feb 21- Global law firm Norton Rose Fulbright announced on Tuesday it would merge with New York- based Chadbourne& Parke to form a firm of some 4,000 lawyers with offices in 32 countries. It is the latest merger for London- based Norton Rose Fulbright, already one of the worlds largest law firms with about 3,700 lawyers. Chadbourne and Norton Rose have complementary...

  • JOHANNESBURG, Feb 21- South Africa's rand weakened on Tuesday, while stocks were little changed, with Shoprite topping the Blue-chip index after the retailer reported a rise in half-year profit. The rand traded at 13.1475 per dollar at 1502 GMT, down 0.71 percent from Monday's New York close of 13.0550, while. "The main driver today has been quite significant...

  • CAPE TOWN, Feb 21- South Africa's Competition Commission has granted Barclays Africa conditional immunity from prosecution in return for its continuing cooperation in the rand currency trading probe, the head of the Commission said on Tuesday. It recommended fines amounting to 10 percent of the banks' South African revenues in a scandal that has piled...