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Business Africa

  • SABETTA, Russia, March 30- An ice-breaking tanker docked for the first time at Russia's Arctic port of Sabetta to test a new route that could open the ice-bound Arctic Ocean to ships carrying oil and liquefied gas. The route is eagerly anticipated by energy firms that want to develop resources in the Arctic but face obstacles in getting oil and gas from remote and...

  • ABUJA, March 30- The International Monetary Fund called on Nigeria on Thursday to lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates to revive the country's recession-hit economy. In 2016, Nigeria fell into its first annual recession in 25 years, which was largely caused by the impact of low oil prices and attacks...

  • *Price lowered to 700 from 1,100 CFA francs/ kg. ABIDJAN, March 30- Ivory Coast has slashed the price it guarantees for cocoa farmers by 36 percent to 700 CFA francs per kilogram and reduced taxes for the April-to-September mid-crop amid a sharp drop in world prices, a government spokesman said on Thursday. The goverment is doing everything it can to ensure this...

  • *Benin acts as "warehouse" for protectionist Nigeria. *Re-exports of used cars from Benin to Nigeria slump. COTONOU/SEME, Nigeria, March 30- On the outskirts of Benin's port city of Cotonou, thousands of used cars fill a vast parking lot but the merchants who used to come here from Nigeria to haggle for them are absent as recession bites at home.

  • LONDON, March 30- Toshiba's Westinghouse, which filed for bankruptcy on Wednesday, has won approval for its AP1000 reactor design, Britain's nuclear regulator said on Thursday. The Office for Nuclear Regulation approval is needed before the design can be used at NuGeneration Ltd's Moorside new nuclear project in north west England, which consists of three...

  • *Only 214 people in Nigeria pay tax over $65,000. ABUJA, March 30- Nigeria's parliament resolved to pass the 2017 budget more swiftly than last year and avoid a repeated delay of the spending plan being signed into law, the Senate said on Thursday, as the OPEC member struggled with its balance sheet. Buhari presented his record 7.298 trillion naira 2017 budget to...

  • *Central bank's policy announcement at 1300 GMT. JOHANNESBURG, March 30- South Africa's rand and bonds recouped losses on Thursday in volatile trade over jitters of the finance minister's sacking, while markets slashed bets of an interest rate cut on the rising political uncertainty in Africa's most industrialized economy. The currency had weakened more...

  • LONDON, March 30- Toshiba's Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain's nuclear regulator said. The approval is necessary before the reactor can be used at NuGen's Moorside new nuclear project in north west England, which could generate around 7 percent of...

  • LONDON, March 30- Toshiba's Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain's nuclear regulator said. The approval is necessary before the reactor can be used at NuGen's Moorside new nuclear project in north west England, which could generate around 7 percent of...

  • LONDON, March 30- Toshiba's Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain's nuclear regulator said. The approval is necessary before the reactor can be used at NuGen's Moorside new nuclear project in north west England, which could generate around 7 percent of...

  • LONDON, March 30- Toshiba's Westinghouse, which filed for bankruptcy on Wednesday, is on track to win approval for its AP1000 reactor design by the end of March, Britain's nuclear regulator said. The approval is necessary before the reactor can be used at NuGen's Moorside new nuclear project in north west England, which could generate around 7 percent of...

  • JOHANNESBURG, March 30- The South African Communist Party, an ally of the ruling African National Congress, has formally objected to a plan by President Jacob Zuma to sack Finance Minister Pravin Gordhan, a senior SACP official said on Thursday. "Comrade Pravin has run that ministry with absolute cleanliness, and that's what is impressing us, it's one of the...

  • JOHANNESBURG, March 30- Drought conditions associated with an El Nino weather pattern are likely to reoccur in a few months time, the South African government said on Thursday. The previous El Nino, which faded in May of last year, brought widespread drought to southern Africa, hitting crop production and fuelling inflation across the region while leaving...

  • JOHANNESBURG, March 30- Drought conditions associated with an El Nino weather pattern are likely to reoccur in a few months time, the South African government said on Thursday. "The next summer season has increased the likelihood for the development of El Nino conditions which are often associated with drought and water scarcity as seen recently in South...

  • ABUJA, March 29- A consortium led by General Electric submitted the only bid for a Nigerian railway concession project worth around $2 billion for two lines connecting northern cities to others in the south, a procurement process adviser said on Wednesday. The only bid, led by GE, was in partnership with Transnet of South Africa, Dutch-based APM Terminals and...

  • Westinghouse Electric Co., the U.S. nuclear unit of Japan's Toshiba Corp., filed for bankruptcy protection Wednesday, calling into question the future of a number of billion-dollar nuclear projects under construction, including two in the U.S. But some older nuclear plants are being shuttered and the four nuclear reactors Westinghouse is helping to build in...

  • In a letter to the SEC's internal watchdog, Inspector General Carl Hoecker, the Democrats said acting SEC Chairman Mike Piwowar should not have ordered staff to review the SEC's rules on "conflict minerals" and CEO pay ratios because they are mandated by Congress. "We ask that you conduct an investigation into each of these decisions to determine whether they are...

  • ABUJA/ LAGOS, March 29- Nigeria raised $500 million by issuing a 15- year Eurobond on Wednesday with a yield of 7.5 percent, the finance ministry said, helping it plug a huge budget deficit in Africa's largest economy. The money from the new bond, which follows an oversubscribed $1 billion Eurobond issue last month, will help fund infrastructure development work...

  • ABUJA, March 29- Nigeria's central bank has approved a licence for the Development Bank of Nigeria, the finance ministry said on Wednesday. The development bank has $1.3 billion in seed money provided by the World Bank, African Development Bank and German state bank Kfw, the finance ministry said on its Twitter feed. The ministry has previously said that 50...

  • ABUJA, March 29- Nigeria's central bank has approved a license for the Development Bank of Nigeria, the finance ministry said on Wednesday. The development bank has $1.3 billion in seed money provided by the World Bank, African Development Bank and German state bank Kfw, the finance ministry said on its Twitter feed. The ministry has previously said that 50...