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Business Africa

  • KAMPALA, Feb 21- Uganda's first gold refinery, which opened on Monday, will use raw gold from conflict-ridden South Sudan and Eastern Congo, its owner Africa Gold Refinery said, dismissing activists' concerns that such a move could fuel violence in the region. The refinery, which is in Entebbe, south of the capital Kampala, will process raw gold from the region as...

  • JOHANNESBURG, Feb 21- AngloGold Ashanti lifted force majeure on its Ghanaian Obuasi mine on Tuesday after the removal of thousands of illegal miners but said it was too early to determine the extent of damage to the loss-making, mothballed operation. AngloGold's shares were 2 percent higher after it posted 2016 headline earnings of $111 million, from a $73...

  • JOHANNESBURG— The surprise was finding that people dependent on candles, batteries, kerosene and fuel for generators in countries without a secure supply of electricity spend more on power than solar options. The founders of Dutch company Lumos knew they could do better: In Nigeria, for the cost of powering a small generator for two hours they offer enough solar...

  • LONDON, Feb 21- Nigeria's naira currency weakened on Tuesday against the dollar in the non-deliverable forwards market as expectations of a devaluation grew, while the rand slipped too before a key budget speech by the finance minister. The spotlight was on Africa, with most attention focused on the naira after Nigeria's central bank effectively devalued the...

  • SHANGHAI/ LONDON, Feb 21- For years, cash-rich Chinese investors have been highly sought after the world over. China's increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world's second-biggest economy. Chinese bidders had become...

  • TUNIS, Feb 21- Libya's National Oil Corporation has signed a crude oil offtake agreement with Russia's Rosneft as it looks to encourage foreign investment and bolster Libyan output, the NOC said on Tuesday. Libya has more than doubled its oil production to 700,000 barrels per day in recent months, though output remains well below the more than 1.6 million bpd it...

  • Israel's Prime Minister Benjamin Netanyahu (centre R) and his Singaporean counterpart Lee Hsien Loong (C) inspect the guard of honour during a welcoming ceremony at the Istana presidential palace in Singapore on February 20, 2017.

    During a visit to Singapore, Israeli Prime Minister Benjamin Netanyahu said on Monday that his country was pursuing greater ties across Asia.

  • SHANGHAI/ LONDON, Feb 21- For years, cash-rich Chinese investors have been highly sought after the world over. China's increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world's second-biggest economy. Chinese bidders had become...

  • SHANGHAI/ LONDON, Feb 21- For years, cash-rich Chinese investors have been highly sought after the world over. China's increasing efforts to prevent capital from leaving the country are eroding the confidence of domestic and foreign investors about getting deals done inside and outside of the world's second-biggest economy. Chinese bidders had become...

  • LONDON, Feb 20- Kraft Heinz's dropped bid to buy Unilever is the third-largest M&A deal to collapse, according to Thomson Reuters data, adding to a recent run of failures that highlights the appetite for the pursuit of audacious mega-mergers. The abrupt U-turn by U.S. foods giant Kraft at the weekend pushed the value of deals withdrawn this year to $205.2 billion,...

  • *Nigeria hit by dollar shortage due to low oil price, FX curbs. ABUJA, Feb 20- Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. However, that did not necessarily mean the authorities were yet ready to allow a free-float for the naira...

  • KAMPALA, Uganda— A gold refinery primarily owned by a Belgian investor was launched in Uganda Monday amid concerns about the source of its minerals. At least some of Uganda's gold exports are likely to be from Congo and South Sudan, raising concerns about conflict minerals, according to Global Witness, a transparency watchdog based in London.

  • LAGOS, Feb 20- Nigeria's deputy leader is making wide use of powers granted by President Muhammadu Buhari, who is on extended sick leave abroad, as the country seeks to avoid a debilitating power vacuum while it confronts its first recession in 25 years. The Nigerian stock exchange, already hit by recession, has fallen to a nine-month low on the uncertainty over...

  • The global study, conducted by Stirling Infrastructure Partners, an adviser to institutional investors, polled 44 sovereign wealth funds and pension funds with some $63 billion allocated to infrastructure, and found a growing appetite for assets in riskier markets. Central and Eastern Europe rose to 30 percent from 22 percent and Latin America to 27 percent...

  • Johannesburg, Feb 17- ArcelorMittal South Africa said on Friday the country's government had approved a new pricing model for flat steel products aimed at bolstering its steel sector. The steelmaker, a unit of ArcelorMittal was fined a record 1.5 billion rand in August for colluding to fix steel prices. The government of Africa's most industrialized country...

  • LAGOS, Feb 17- Nigeria's deputy leader is making wide use of powers granted by President Muhammadu Buhari, who is on extended sick leave abroad, as the country seeks to avoid a debilitating power vacuum while it confronts its first recession in 25 years. The Nigerian stock exchange, already hit by recession, has fallen to a nine-month low on the uncertainty over...

  • SINGAPORE- Federal Reserve Bank of Cleveland President Loretta Mester speaks on "View From the Federal Reserve" before the Global Interdependence Center "Central Bank Series: Singapore" event- 0115 GMT. SYDNEY- Reserve Bank of Australia Governor Philip Lowe to speak at the Australia-Canada Economic Leadership Forum- 2230 GMT. WARSAW- National Bank of Poland...

  • Engineers involved in the eccentric project, a part of the X Lab owned by Google's corporate parent Alphabet Inc., say they have come up with algorithms that enable the high-flying balloons to do a better job anticipating shifting wind conditions so they hover above masses of land for several months instead of orbiting the earth. X now expects to need fewer...

  • *Says about $120 mln in cost savings in 2016. Total revenue declined 2.4 percent to $1.57 billion, missing the average analyst estimate of $1.61 billion, according to Thomson Reuters I/B/E/S. On an adjusted basis, Avon earned 1 cent per share versus analysts' average estimate of 9 cents.

  • Dozens of people protested Thursday in Ivory Coast's commercial hub of Abidjan and in San Pedro, home of the country's second-largest port. The Coffee-Cocoa Council says there has been a slowdown of sales because of overproduction by some 110,000 tons and a worldwide price reduction by 30 percent. Cocoa producers are asking the government to activate an...