Business Africa

  • JOHANNESBURG, Aug 31- Activist U.S. hedge fund Elliott Capital has raised its stake in British discount chain Poundland to 22.7 percent, putting it in a position to be able to block an agreed takeover by South African retailer Steinhoff. The move could be another setback for Steinhoff, which warned on Wednesday that a slump in the pound after Britain's vote to...

  • Nigeria President Muhammadu Buhari

    The country has technically dropped into recession as its important oil industry has suffered under weak global prices.

  • NNEWI, Nigeria, Aug 31- At a factory in southeast Nigeria, dozens of new white buses stand at the end of the production line, apparently ready to take on some of Africa's toughest roads. The poor state of the manufacturing sector in particular is a blow to President Muhammadu Buhari, who has been pushing hard to wean Nigeria off its dependence on crude oil sales, which...

  • LAGOS, Aug 31- Nigeria, Africa's biggest economy, officially slid into recession for the first time in more than 20 years as the statistics office announced a further contraction in the second quarter of the year. A slump in crude prices, Nigeria's mainstay, has hammered public finances and the naira currency, causing chronic dollar shortages.

  • Nigeria released data on Wednesday showing its gross domestic product declined by 2.06 percent in the second quarter of the year. It is the West African country's first recession since 1991, according to Central Bank data. Nigeria has been slammed by low petroleum prices, attacks by oil militants and foreign currency shortages.

  • JOHANNESBURG, Aug 31- South Africa's Steinhoff warned on Wednesday the slump in the pound after Britain's vote to leave the European Union would hurt its UK business as the furniture conglomerate fell a touch short of estimates with a one-third rise in annual sales. But Britain's shock vote to leave the EU in June has created uncertainty for Steinhoff, which...

  • JOHANNESBURG, Aug 31- South African furniture retailer Steinhoff saw full-year revenue rise by a third as the company, which is buying the United States' Mattress Firm and Britain's Poundland, said its European business had performed strongly. The $25 billion company, which sells low-priced beds and cupboards in Europe, southern Africa and Asia, said revenue...

  • *Malaysia, Indonesia step up Singapore arrivals checks. SINGAPORE, Aug 30- Confirmed cases of Zika virus in Singapore rose to 82 on Tuesday, as the United States joined a growing list of countries warning pregnant women or those trying to get pregnant to avoid travel to the city-state. On Tuesday, the United States warned pregnant women not to travel to Singapore,...

  • *Minerals, metals, fuels account for 60 pct of Africa exports. *AngloGold says Ghana govt breached obligations over Obuasi. OBUASI, Ghana, Aug 30- Two years after AngloGold Ashanti suspended production at its giant but loss-making gold mine in Obuasi, central Ghana, the boom of underground explosions has resumed.

  • African economies are rising: Pro

    Tony Elumelu, chairman of Heirs Holdings and the United Bank for Africa, adds that many African economies offer exciting opportunities for investors.

  • Al Wafa also produces gas supplies for Mellitah port, jointly run with Italian oil company ENI for export to Italy. "But gas will be continued from Al Wafa normally." The southern oil guard brigade controls Al Wafa, Gulf, Al-Khamsa, El-feel, El-Sharara, and Senawang oilfields, and a number of wells and pipelines.

  • TRIPOLI, Aug 30- A Libyan armed force controlling some of the country's southern oilfields will close two of them down because the government has not paid the funds needed to maintain security operations, a brigade commander said on Tuesday. NOC chairman Mustafa Sanalla said on Monday that delays in the budget from Libya's new government for the state energy...

  • KAMPALA, Uganda— Uganda's government on Tuesday issued eight oil production licenses to two foreign companies, moving the East African country closer to becoming a producer of crude. Representatives of the oil companies and Uganda's government signed agreements in the capital, Kampala. "The granting of these production licenses today is a critical...

  • Yingluck believed that Thailand could unilaterally raise the price of rice to overseas buyers given its status as the world's largest exporter of the grain that is the staple food for about two-thirds of the world's population. All she succeeded in doing was encouraging India to start exporting its massive surplus, as well as delivering market share to...

  • *Minerals, metals, fuels account for 60 pct of Africa exports. *AngloGold says Ghana govt breached obligations over Obuasi. OBUASI, Ghana, Aug 30- Two years after AngloGold Ashanti suspended production at its giant but loss-making gold mine in Obuasi, central Ghana, the boom of underground explosions has resumed.

  • *China August industrial output likely shrank in August. MELBOURNE, Aug 30- London copper dipped to a 10- week low on Tuesday after falling for the last six sessions, as the market waits for U.S. non-farm payrolls data later this week for further clues on the timing of any U.S. rate hike. It's being battered by some quite conflicting data, then you've got the Fed and...

  • Yingluck believed that Thailand could unilaterally raise the price of rice to overseas buyers given its status as the world's largest exporter of the grain that is the staple food for about two-thirds of the world's population. All she succeeded in doing was encouraging India to start exporting its massive surplus, as well as delivering market share to...

  • MELBOURNE, Aug 30- London copper edged up from a nine-week low on Tuesday after falling for the last six sessions in a row, as the market waits on U.S. non-farm payrolls data later this week for further clues on the timing of any U.S. rate hike. It's being battered by some quite conflicting data, then you've got the Fed and expectations around the rate hike starting to...

  • MELBOURNE, Aug 30- London copper rose on Tuesday as risk appetite grew on bets of further easing by the world's central banks after a meeting in Jackson Hole, Wyoming at the weekend, and as London markets reopened after a long holiday break. *Shanghai Futures Exchange copper traded up 0.1 percent at 36,410 yuan a tonne. *Zhongwang USA LLC, backed by Chinese aluminum...

  • *U.S. crude stocks seen up 2nd week; Iraq eyes more exports. Gulf of Mexico oil output down 11.5 on storm precaution. NEW YORK, Aug 29- Oil prices settled down more than 1 percent on Monday, snapping two consecutive days of gains, on renewed concerns about an oil glut, a stronger dollar and expectations that Nigerian rebels will stop hampering that country's crude...