Business Africa

  • OPEC and non- OPEC producers are expected to revive a production freeze deal for the first time in eight years when they meet in Algiers on Sept. 26-28 after a similar initiative collapsed in Doha in April because Iran refused to restrict its supplies. Iraq, along with Saudi Arabia, Iran and Russia has increased output to historic highs over the past year to fight...

  • DUBAI/ LONDON, Sept 22- As far as OPEC decision-making is concerned, Algeria, which plays host to oil ministers next week, has always been the land of surprises. The stars could align for OPEC again next week when its ministers return to Algiers and look ready to curb output for the first time in eight years, according to OPEC officials and sources.

  • CAIRO, Sept 22- Egypt said it will consider auctioning its fourth-generation licenses on the international market after all three of the country's existing mobile phone operators turned down an offer to acquire them. Egypt, one of Africa's largest markets, is selling four 4 G licenses as part of a long-awaited plan to reform the telecoms sector and raise...

  • CAIRO, Sept 22- Egypt said it will consider auctioning its fourth-generation licences on the international market after all three of the country's existing mobile phone operators turned down an offer to acquire them. Egypt, one of Africa's largest markets, is selling four 4 G licences as part of a long-awaited plan to reform the telecoms sector and raise...

  • ABUJA, Sept 22- Nigeria has hunted down 700,000 firms that have never paid taxes as the country seeks new revenue sources to offset low oil prices that have pushed Africa's biggest economy into its first recession in more than 20 years, its tax chief said. The OPEC member slid into recession in the second quarter and militant attacks on oil facilities in its Niger...

  • ADDIS ABABA, Sept 22- South Korea's Kia Motors Corp signed a deal with a local company on Thursday to start assembling cars in Ethiopia and is thinking of similar operations elsewhere in Africa. We are also looking at the prospects of opening similar plants in Algeria and other countries, " Soon Nam Lee, President of Kia's Middle East and Africa headquarters, told...

  • LONDON, Sept 22- Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 95 cents to $47.78 a barrel by 1345 GMT, up 4.3 percent so far this week and set for the...

  • LONDON, Sept 22- Oil rose for a second day on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 44 cents to $47.27 a barrel by 1100 GMT, or a 3.2 percent gain so far this week, while U.S oil futures were up 47...

  • PARIS— The heir of a New York art-dealing empire went on trial in Paris on Thursday for allegedly hiding his huge family fortune in offshore tax havens, prompting French authorities to demand hundreds of millions in back taxes. Apart from small parts of the estate owned in France and London, "the whole patrimony of Daniel Wildenstein was held in trusts" located in...

  • *Britain won't start Brexit negotiations this year. LONDON, Sept 22- The Lloyd's of London insurance market is already working on plans to move some business to the European Union, aiming to be ready for the shift as soon as Britain starts divorce proceedings from the bloc, its chairman said on Thursday. Britain is not expected to leave the EU for several years but...

  • LIBREVILLE, Sept 22- Gabon oil workers will stay at home from Thursday over concerns about potential violence when a court delivers a final verdict on the central African country's disputed election result, their union said. The statement, signed by the union's deputy secretary general, Sylvain Mayabi Binet, added that the minimum service at Gabon oil...

  • LONDON, Sept 22- Oil rose for a second day on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 38 cents to $47.21 a barrel by 0917 GMT, or a 3.2 percent gain so far this week, while U.S oil futures were up 41...

  • THURSDAY, SEPTEMBER 22 BUDAPEST- Hungarian Business Leaders Forum's Financial Summit 18 conference, titled "Breakout Brexit" JAKARTA- Indonesia central bank interest rate decision- 0700 GMT ANKARA- Turkey central bank monetary policy meeting- 1100 GMT PRETORIA- South African Reserve Bank interest rate decision- 1300 GMT CAIRO- Central bank of Egypt monetary...

  • BENGHAZI, Libya, Sept 21- An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, boosting hopes of reviving the North African producer's oil output. Libya's National Oil Corporation has welcomed a promise by Haftar's forces to allow the NOC to control the ports.

  • NOVO-OGARYOVO, Russia, Sept 21- President Vladimir Putin officially launched production at a new oil field on Wednesday, a day after Russia's output touched a record high even as Moscow prepared to join talks aimed at supporting prices. OPEC and non-member producers including Russia will meet next week to discuss a potential deal to stabilize the market by at...

  • NEW YORK— Promoting trade and investment between the U.S. and Africa, President Barack Obama on Wednesday urged even greater engagement with a continent he characterized as "on the move" after overcoming some stiff economic headwinds. Obama said progress in Africa is also important to security and prosperity around the world. Thanks to many of you, Africa is on...

  • BENGHAZI, Libya— Libya's official news agency says the country has resumed oil exports from a terminal seized by troops loyal to the internationally-recognized parliament, which is at odds with the U.N.-backed government. Khalifa Hifter, who leads the pro-parliament forces in eastern Libya, earlier this month seized Ras Lanuf and two other terminals from a...

  • FUJAIRAH, UAE, Sept 21- An oil meeting next week in Algiers due to be attended by OPEC countries is aimed at holding consultations rather than making decisions, the energy minister of the United Arab Emirates said on Wednesday. Non- OPEC producer Russia is also attending the forum. Saudi Arabia, the leading oil producer inside OPEC, and Russia, the biggest producer...

  • LISBON, Sept 21- Banco BPI has proposed selling a 2 percent stake in its Angolan unit in a last-ditch bid to secure a takeover by Spain's Caixabank, which has been blocked by Isabel dos Santos, who has a stake of about 20 percent in the Portuguese bank. This limit has so far allowed dos Santos, daughter of Angola's president, to fend off Caixabank's bid to control...

  • SINGAPORE, Sept 21- Equatorial Guinea is negotiating pricing terms with potential offtakers for production from its 2.2 million tonnes per year Fortuna Floating Liquefied Natural Gas project, eyeing Europe as its next key market. While Asia remains a key LNG customer for Equatorial Guinea, the small west African country has "to compete with all the supply that...