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Business Africa

  • HOUSTON/ CARACAS, April 25- As political turmoil in Venezuela mounts, oil firms including Norwegian major Statoil ASA and Spain's Repsol SA have further reduced their already-dwindling ranks of expatriate employees in the country, sources familiar with the situation said. Statoil, Repsol and Chevron Corp are among the foreign oil companies that hold...

  • HOUSTON/ CARACAS, April 25- As political turmoil in Venezuela persists, oil firms including Norwegian major Statoil ASA and Spain's Repsol SA have further reduced their already-dwindling ranks of expatriate employees in the country, sources familiar with the situation said. Statoil, Repsol and Chevron Corp are among the foreign oil companies that hold...

  • ADDIS ABABA, April 25- U.S. fast-food giant Yum Brands Inc. has signed a deal with Ethiopia's Belayab Foods and Franchise PLC to open 10 Pizza Hut restaurants in the Horn of Africa country as part of an expansion on the continent. Pizza Hut will be the first major restaurant franchise to open an outlet in Ethiopia, Africa's second most-populous nation, which has...

  • *Raises 2017 sales forecast to $38 bln- $41 bln. *Asia-Pacific sales rise 11 pct in first quarter. The strong outlook signaled a rebound in Caterpillar's business, which has been battered in the past few years by a slump in oil and commodity prices as well as weakness in China and other emerging markets.

  • JOHANNESBURG, April 25- A committee set up to review South Africa's tax system on Tuesday launched a public debate on one of the most controversial possible moves on its agenda- a wealth tax. "The distribution of wealth in South Africa is highly unequal." Appointed by former Finance Minister Pravin Gordhan in 2013 and headed by judge Dennis Davis, the Davis Tax...

  • DUBAI, April 25- Citigroup has obtained a licence to conduct capital markets business in Saudi Arabia, a move that will allow the U.S. bank to return to the kingdom to offer banking services after an absence of almost 13 years. "Saudi Arabia has embarked on a profound economic transformation journey and we are excited and committed to contributing to this...

  • DUBAI, April 25- Citigroup has obtained a license to conduct capital markets business in Saudi Arabia, a move that will allow the U.S. bank to return to the kingdom to offer banking services after an absence of almost 13 years. "Saudi Arabia has embarked on a profound economic transformation journey and we are excited and committed to contributing to this endeavor,"...

  • The strong outlook points to a rebound in the Caterpillar's business, which has been battered for years by a decline in oil and commodity prices as well as weakness in China and other emerging markets. The company's sales were up 11 percent in Asia Pacific, its third biggest market, in the first quarter, partly due to a rise in construction equipment sales in China...

  • *Ghana, Ivory Coast increasing cooperation. ABIDJAN, April 25- Ghana's Cocobod needs around $400 million in bridge financing from the central bank to cover its operations for the remainder of the cocoa season after its annual syndicated loan ran out early, the industry regulator's chief executive said on Tuesday. We're going to the central bank, the Bank of Ghana,...

  • The campaign called "The Most Eligible Bachelor in the World," by a Kenyan wildlife conservancy and the dating app, focuses on the rhino named Sudan. Ol Pejeta Conservancy and the app aim to raise $9 million for research into breeding methods, including in-vitro fertilization, in an effort to save the species from extinction. Sudan lives at the conservancy,...

  • MOSCOW, April 25- VTB Capital, the investment banking arm of Russia's second-biggest bank VTB, said it plans to hire five metals traders for its Hong Kong office within the next two months as it boosts its commodity business. Charles Smith is joining the firm's office in Hong Kong from Avra Commodities and will be in charge of base metals, Djumaliev said in an...

  • *Dramatic policy changes in U.S., Europe have global impact. ZURICH/ LONDON, April 24- Rocked by a shakeup in the Western political order, companies are buying more insurance to protect themselves against the threat of rising protectionism and upheaval to their operations in emerging markets. Insurers say demand is being driven by uncertainty over the...

  • SAO PAULO, April 24- The Spanish and Brazilian governments have teamed up to lay an undersea cable in the Atlantic Ocean to offer fast online and cloud services to citizens of both countries by 2019, underscoring efforts to rout communications outside North America. The cable will also connect the archipelagoes of Madeira, Spain's Canary Islands and Africa's...

  • The world's second-biggest gold producer by market value said adjusted earnings in the first quarter increased 4 percent to $133 million, or 25 cents per diluted share, from the same quarter in 2016.. The Greenwood Village, Colorado- based miner, which has mines in the Americas, Africa and Australia left unchanged its gold production forecast for 2017..

  • *Dramatic policy changes in U.S., Europe have global impact. ZURICH/ LONDON, April 24- Rocked by a shakeup in the Western political order, companies are buying more insurance to protect themselves against the threat of rising protectionism and upheaval to their operations in emerging markets. Insurers say demand is being driven by uncertainty over the...

  • NEW YORK, April 24- GE Power, a division of General Electric Co, has signed a services deal with Algerian utility Sonelgaz SPE valued at more than $3 billion, the largest services agreement ever for GE Power and one that creates hundreds of jobs in Algeria, GE said on Monday. Under the 20- year contract with the subsidiary of Sonelgaz SPE, GE will train more than 1,000...

  • NEW YORK, April 24- GE Power, a division of General Electric Co, has signed a services deal with a subsidiary of Algerian utility Sonelgaz valued at more than $3 billion, the largest such agreement ever for GE Power, GE said on Monday. GE was able to expand the deal after its acquisition of Alstom's power and grid businesses in 2015. "The service agreement, and digital,...

  • NEW YORK, April 24- GE Power, a division of General Electric Co, has signed a services deal with a subsidiary of Algerian utility Sonelgaz valued at more than $3 billion, the largest such agreement ever for GE Power, GE said on Monday. "The service agreement, and digital, will cover the total plant, everything from the gas turbines to the rest of the equipment," Steve Bolze,...

  • LONDON, April 24- Emerging assets shifted up a gear on Monday as markets cheered the French election results, pushing developing stocks to a near-three week high and sending most emerging currencies surging against the dollar and euro. MSCI's emerging market index extended gains into a third day and rose 0.5 percent as bourses across Asia, Europe and Africa...

  • April 24- Anglo American reported a 9 percent rise in overall production for the first quarter of 2017 compared with 2016, but copper output fell 3 percent due to poorer grades and a temporary suspension at the El Soldado mine in Chile. Copper output fell 3 percent due to poorer quality ore in Chile combined with the halting of mining operations at El Soldado from...