Business Africa

  • LONDON, Aug 11- Libya's plans to increase oil output by five-fold by the end of the year will remain out of reach until the government allocates funds to repair the damage to oil infrastructure, the National Oil Corp's chief told Reuters. "If we receive around $1 billion, we can do a lot," Mustafa Sanalla said, adding that the corporation submitted its budget to the...

  • *Steinhoff raises agreed bid for Poundland to 610.4 mln stg. LONDON, Aug 11- South African retailer Steinhoff raised its offer for Britain's Poundland to 610.4 million pounds on Thursday, seeking to smooth the passage of an agreed deal after an activist investor increased its stake in the discount chain. The $28- billion hedge fund, founded by American...

  • *To shut production sites in Denver, Cape Town. FRANKFURT/ DUESSELDORF, Aug 11- SMA Solar, Germany's top solar power equipment maker, will shut down production sites in Denver and Cape Town, citing pricing pressure from Chinese rivals that seek to dump their products outside their collapsing home market. "The acceleration of price pressure in the solar industry has...

  • KUALA LUMPUR, Aug 11- Malaysian palm oil producers could be forced to find new customers in places like Africa as rival exporter Indonesia increases its dominance of major markets such as China and India due to cheaper prices and a more-favourable tax system. Malaysia has long-trailed Indonesia as the world's No.2 producer and exporter of the edible oil, used...

  • THURSDAY, AUGUST 11 MANILA- Philippines central bank holds monetary policy meeting- 0800 GMT. SEOUL- Bank of Korea holds its monetary policy meeting and will give its decision on interest rates- 0100 GMT. BELGRADE- National Bank of Serbia interest rate decision- 1000 GMT.

  • MUSCAT, Aug 10- Oman will not participate in a meeting of oil producers and consumers in Algeria next month as it is disappointed by the group's failure to address the issue of low oil prices, Minister of Oil and Gas Mohammad bin Hamad al-Rumhy said on Wednesday. Qatar said on Monday that OPEC members had agreed to hold talks on the sidelines. Oman, a small non- OPEC oil...

  • Africa's largest coffee exporter, Uganda mostly cultivates the robusta coffee bean variety. But David Muwonge, head of marketing at the National Union of Coffee Agribusiness and Farmer Enterprises, said prospects were clouded by the twig borer beetle which was increasingly migrating to coffee farms as forest cover shrank. "The biggest threat to coffee in...

  • Africa's largest coffee exporter, Uganda mostly cultivates the robusta coffee bean variety. But David Muwonge, head of marketing at the National Union of Coffee Agribusiness and Farmer Enterprises, said prospects were clouded by the twig borer beetle which was increasingly migrating to coffee farms as forest cover shrank. "The biggest threat to coffee in...

  • JOHANNESBURG, Aug 10- South Africa's state-run power utility Eskom said on Wednesday it had suspended two senior managers as part of an investigation into the leaking of documents in a court case involving Koeberg, Africa's only nuclear power plant. The utility said the leaked information could affect a court case between Eskom and Westinghouse Electric...

  • SEOUL- South Korean Finance minister Yoo Il-ho speaks at a forum on easing regulations for corporations- 0500 GMT. NAIROBI- Central Bank of Kenya Governor Patrick Njoroge holds a joint news conference with CEOs of commercial banks- 0700 GMT. SEOUL- Bank of Korea holds its monetary policy meeting and will give its decision on interest rates- 0100 GMT.

  • LONDON, Aug 9- Emerging dollar-bond markets have been on a roll in recent months thanks to investors hunting for returns, but Ghana's failure to place its issue shows investors are willing to drive a hard bargain when it comes to weak junk-rated credits. Emerging debt funds have just posted their largest five-week inflow on record, amounting to $16.6 billion,...

  • DAR ES SALAAM, Aug 9- Tanzania's current account deficit shrunk by 55 percent in the year to May, central bank data showed on Tuesday, as the country benefited from a jump in tourist arrivals and rising gold prices, and paid less for oil imports. Tanzania is Africa's fourth-largest gold producer and gold and tourism are its main sources of foreign income.

  • "Sales have a solid growth of 25 percent in local currencies, but it is weaker than expected and the disappointment is broadly based on all three regions," Sydbank analyst Soren Lontoft said, referring to the Americas, EMEA and Asia/Pacific. He said there were economic challenges in Brazil, which put a damper on the sales growth, and a decrease in number of visitors in...

  • South African President Jacob Zuma

    South Africa's ruling ANC suffered its worst electoral results since the end of apartheid, sparking fears it will avoid making painful reforms.

  • JOHANNESBURG, Aug 8- Workers at three South African power stations downed tools on Monday, with more set to follow, after wage talks at state-run utility Eskom stalled. Eskom provides almost all the power in Africa's most industrialised economy, which is on the verge of recession and already grappling with a strike in the fuel sector that has caused some...

  • WARABI, Japan, Aug 8- Mazlum Balibay paves Japan's roads, digs its sewers and lays its water pipes- all for a country that doesn't want him. Balibay, 24, is a Kurdish asylum seeker who fled to Japan more than eight years ago after he said his family was persecuted by Turkish security forces who tortured his father. "Japan bans us from working, but everyone knows that...

  • LONDON, Aug 7- Italy's troubled lenders are offering lucrative opportunities for investment banks, with Monte dei Paschi di Siena set to pay some of the highest fees in Europe this year to arrange its high stakes rescue plan. The emergency deal, orchestrated by Mediobanca and JPMorgan, to save the 544- year-old bank, will incur about 250 million euros in...

  • JOHANNESBURG, Aug 5- Africa's biggest mobile phone operator MTN Group Ltd cut investor payouts by almost 50 percent as it reported its first-ever half-yearly loss after taking a hit from a hefty regulatory fine in Nigeria. MTN agreed in June to pay a 330 billion naira fine in a settlement with Nigeria for missing a deadline to cut off unregistered SIM cards from...

  • LONDON, Aug 5- Emerging market stocks jumped on Friday, on track for a fourth week of gains, and currencies traded broadly stronger with South African assets firming after local elections saw the ruling ANC party lose significant support. Russia's rouble gained 0.6 percent against the dollar, shrugging off weaker oil prices, while South Africa's rand...

  • *3,500 MW of projects planned in Africa but progress slow. SANTHIOU MEKHE, Senegal, Aug 4- In an expanse of sand 60 miles north of Senegal's capital, two men set to work digging up tree stumps to clear space for what could soon be the biggest solar plant in West Africa. In less than a year, says developer Senergy PV SA, this shrubby lot will be covered with 96,000 gleaming...