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Africa

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  • NEW YORK, March 5- French chocolate maker Cemoi is betting that Africa's growing middle class will add its sweet treat to their diet as the company prepares to open a factory in Ivory Coast, where much of the world's cocoa beans are grown. Cemoi, which competes with the world's biggest bean buyer, Swiss-based Barry Callebaut, as well as processors and merchants like...

  • The Boston Consulting Group said last month mobile money transfers in sub-Saharan Africa alone could generate fees of up to $1.5 billion by 2019.. "If you take out air-time, you have a true view of mobile money, and it's not a good story, more than a decade on," says South Africa- based Johan de Lange, who works with banks and phone companies. In Afghanistan, for example,...

  • "Canada is, for all intents and purposes, one of the best places you can explore," said Ian Ball, president of Abitibi Royalties Inc. "It had fallen out of favor a bit, but it is coming back quite rapidly." But that trend is beginning to turn for some of those with gold projects in Canada. These Canadian mines generally do not hold the promise mega projects like Barrick Gold...

  • DAKAR, March 5- Private equity will play a key role in developing Africa given the massive needs for capital on the continent, says Blackstone Group, which is focusing on infrastructure projects involving power generation and transmission. CEO Steve Schwarzman said he would continue to seek partners like Aliko Dangote-- Africa's richest man, with whom...

  • LONDON/ GENEVA, March 5- Final stage trials of an Ebola vaccine being developed by Merck and NewLink Genetics will begin in Guinea on March 7, the World Health Organization said on Thursday. Signalling global health authorities' determination to see through trials despite a sharp drop in cases in the West Africa epidemic, the WHO said a second shot, developed by...

  • TRIPOLI, Libya— Libya's state-run oil corporation has declared 11 oil fields in the country non-operational after attacks by suspected Islamic State militants, opting for a force majeure clause that exempts the state from contractual obligations. The National Oil Corporation blamed authorities in the Libyan-capital of Tripoli, set up by Islamist-backed...

  • South African Airways refunds customers after bungle Thursday, 5 Mar 2015 | 4:59 AM ET

    JOHANNESBURG— It looked like a steal: $72 for a round-trip business class ticket on South African Airways between Johannesburg and Abu Dhabi. A regular ticket on the same route in business class sells for about $3,400, South African Airways said. "We appreciate the fact that customers would under normal circumstances take advantage of bargains and good travel...

  • CAPE TOWN, March 5- South Africa's hopes of becoming one of the world's top renewable energy hubs are dimming due to poor infrastructure and delays as cash-strapped state utility Eskom is distracted by a scramble to keep the lights on. Upgraded technology and lower costs have enhanced the appeal of clean energy in Africa, as firms such as Enel Green Power and E.ON...

  • *Higher fund flows coming from eastern Europe to Dubai. Swiss-based but Abu Dhabi- owned Falcon would be open to deals covering its core target markets of the Gulf, Eastern Europe, Africa and South East Asia, according to Erich Pfister, who took up the role in January. The last major acquisition by Falcon, which manages around 16 billion francs of assets, was the...

  • TRIPOLI, Libya— Militants purportedly from the Islamic State group attacked an oil field near Libya's central coast, prompting a counterattack by the country's Islamist-backed government that included airstrikes, an official said Wednesday. Al-Waha said on its website that al-Dhahra is one of Libya's oldest fields, with production starting in 1962....

  • BOTHAVILLE, March 4- A proposal by the South African government to limit farm size to 12,000 hectares is a "negotiating tactic" as it tries to press ahead with the redistribution of land to black farmers, the minister of agriculture said. Speaking on the sidelines of a conference organised by industry group Grain SA in the heart of the maize belt west of...

  • Honey, we shrank the SUV _ and Europe loves it Wednesday, 4 Mar 2015 | 2:18 AM ET

    The key in Europe has turned out to be putting the vehicles on platforms originally built for compact or small mid-sized cars. Compact SUVs have gained in popularity globally, but they're really getting attention now in Europe. The recently lower price of gasoline will not hurt, although gas remains painfully expensive in Europe compared with the United...

  • ISMAILIA, Egypt— Bulldozers push earth and dredgers spit mud round the clock at Egypt's Suez Canal in a race to quickly expand the strategic waterway for two-way traffic, a project trumpeted by President Abdel-Fattah el-Sissi to revive both the country's damaged economy and visions of nationalist glory. Although more vessels will be drawn to the canal...

  • Visa, MasterCard moving into mobile pay in Africa Tuesday, 3 Mar 2015 | 4:49 PM ET

    NEW YORK— Americans may just be getting used to mobile pay, but consumers in many African countries have been paying with their phones for years. Now payment processors Visa and MasterCard want to get a slice of that market, and are launching card services aimed at Africa's growing mobile payment industry. Now Airtel Money subscribers in Kenya will be able to get a...

  • JOHANNESBURG, March 3- South African retailer The Foschini Group aims to almost triple the number of its stores across the rest of Africa over the next five years, its chief executive said on Tuesday. Foschini is the biggest reseller of Adidas and Nike products in South Africa where it is the No.3 clothes retailer by market value and operates more than 2,000...

  • North Korea lifts Ebola travel restrictions Tuesday, 3 Mar 2015 | 7:09 AM ET

    TOKYO— North Korea has lifted severe restrictions on foreign travel it imposed last year to keep the Ebola virus from crossing its borders. One tour company that takes tourists into North Korea, Uri Tours, said on its website Tuesday that it had been told by the country's national airline that the ban had been lifted. North Korea's decision to set the restrictions...

  • DUBAI, United Arab Emirates— The United Arab Emirates' budget carrier flydubai, in its fifth year of operation, has turned a profit of $68 million out of total revenue of $1.2 billion last year. The company's earnings report released Wednesday shows flydubai's profits were around 12 percent higher than in 2013. The fast-growing airliner added 23 new routes last...

  • BARCELONA, March 3- Facebook Inc founder Mark Zuckerberg was on hostile turf on Monday as spoke to executives at the world's biggest annual gathering of the mobile industry, renewing attempts to win their backing to help reach billions of users with no Internet access. His comments come amid an increasingly rancorous debate in which telecom and cable firms...

  • Google and Facebook are taking different routes to expanding Internet use and access among the unconnected in developing countries. The two Internet giants gave updates on their efforts— and differing approaches— at the Mobile World Congress wireless show in Barcelona on Monday. And while Facebook CEO Mark Zuckerberg and Google Vice President Sundar...

  • ZIGUINCHOR, Senegal, March 2- Senegal's President Macky Sall said on Monday that the strong U.S. dollar posed risks to the west African country's economy, which has already been hit by a drop in tourism due to the Ebola virus. Sall said the trade imbalance highlighted the need for countries in West Africa to move up the value chain to produce higher quality goods and...