GO
Loading...

Africa

More

  • ABUJA, Dec 17- Nigeria has slashed its forecast for economic growth in 2015 due to the plunge in global oil prices, the finance minister's budget presented to parliament on Wednesday showed. Oil accounts for the bulk of government revenue in Nigeria, but global crude prices have almost halved over the last six months. The 4.3 trillion naira budget is based on a...

  • UPDATE 7-Oil moves above $60 as U.S. crude stockpiles fall Wednesday, 17 Dec 2014 | 11:16 AM ET

    *OPEC, Russia unwilling to cut supply, spurring weakness. LONDON, Dec 17- Brent crude oil moved above $60 a barrel on Wednesday as U.S. data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production. "The decline in overall crude oil inventories was smallish," said John...

  • Nigerian budget slashed by slumping oil prices Wednesday, 17 Dec 2014 | 11:15 AM ET

    ABUJA, Nigeria— Nigeria's finance minister presented a 2015 budget of $23 billion to parliament on Wednesday, slashed by nearly $3 billion to accommodate slumping oil prices. Minister Ngozi Ikonjo-Iweala said she expects government revenue of $19.7 billion off growth of 5.5 percent next year, down from an earlier projection of 6.35 percent.

  • UPDATE 1-Oil prices slash Nigeria 2015 GDP growth Wednesday, 17 Dec 2014 | 8:51 AM ET

    ABUJA, Dec 17- Nigeria's economy will grow 5.5 percent in 2015, down from an earlier projection of 6.4 percent, due to lower oil revenues, according to the budget the finance minister presented to parliament on Wednesday. The 4.3 trillion naira budget rests on a benchmark oil price of $65 a barrel, down from $77.50 in the 2014 budget, and a significant cut on previous...

  • UPDATE 5-Oil falls below $59 as OPEC, Russia keep pumping Wednesday, 17 Dec 2014 | 7:55 AM ET

    *OPEC, Russia unwilling to cut supply, spurring weakness. LONDON, Dec 17- Brent crude oil fell below $59 a barrel on Wednesday, near 5-1/ 2- year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe. "OPEC is trying to choke U.S. oil producers."

  • Ethiopia to expand energy, industry with Eurobond funds Tuesday, 16 Dec 2014 | 12:56 PM ET

    ADDIS ABABA, Dec 16- Ethiopia plans to expand industry, sugar factories and power production using proceeds from its oversubscribed debut Eurobond that raised $1 billion, the finance minister said on Tuesday. Ethiopia is the latest African state to receive a strong response on its first foray into the international debt markets. Offering cheap labor and power...

  • INTERVIEW- Barney Frank on practically everything Tuesday, 16 Dec 2014 | 10:39 AM ET

    Dec 16- Long a legislative lion for Democrats, Barney Frank retired from Congress two years ago. In Congress, he was the controversial Democratic leader on the House Financial Services Committee and was a co-sponsor of the eponymous 2010 Dodd-Frank act, which brought sweeping reform to the financial industry. REUTERS: What do you make of Congress last weekend...

  • FACTBOX-ADM's and Olam's cocoa businesses Tuesday, 16 Dec 2014 | 4:49 AM ET

    Dec 16- Olam International Ltd's $1.3 billion deal to buy Archer Daniels Midland Co's cocoa business will create one of the world's top cocoa bean processors and traders, rivalling Barry Callebaut AG and Cargill Inc.. The Chicago- based firm has eight cocoa bean processing facilities: Ontario, Canada; Koog aan de Zaan and Wormer, the Netherlands; Mannheim, Germany;...

  • Julio Camargo, a consultant for contractor Toyo Setal, and lobbyist Fernando Soares were charged along with Cervero with allegedly paying out $40 million in kickbacks to political parties, executives and contractors and accepting $13 million in bribes from Korean shipbuilder Samsung Heavy Industries, the prosecutors said in a statement.

  • The prosecutors said Nestor Cervero, the former head of Petrobras' distribution subsidiary, as well as lobbyist Fernando Soares and Julio Camargo of local contractor Toyo Setal funneled $40 million of kickbacks and accepted $13 million in bribes from Korean shipbuilder Samsung Heavy Industries. Toyo Setal and Samsung Heavy Industries were not...

  • Bankers at war: Portugal probe exposes crisis feud Monday, 15 Dec 2014 | 2:26 AM ET

    An investigation by Portugal's Parliament into last summer's collapse— and 4.9 billion euro bailout— of the country's largest listed bank has turned into gripping television as members of the wealthy Espirito Santo banking dynasty wash their dirty laundry in public. Regulators have already accused Banco Espirito Santo's leadership of fraud, forgery and...

  • TRIPOLI, Dec 14- Libya has declared force majeure for the country's two biggest oil exports ports, Es Sider and Ras Lanuf, the Tripoli- based state National Oil Corp said on Sunday. Oil production flowing to the two eastern ports would be gradually shut down, NOC said in a statement, blaming clashes nearby between armed factions allied to Libya's two rival...

  • Bruce Aylward, the head of Ebola response at the World Health Organization, said Sierra Leone was well placed to contain the disease-- its worst outbreak on record-- with infrastructure, organization and aid. While neighboring Liberia has turned the tide of Ebola, and both Mali and Nigeria quickly smothered outbreaks, Sierra Leone has more than 70 percent of cases...

  • Libya: Fighting closes largest oil export terminal Sunday, 14 Dec 2014 | 8:38 AM ET

    TRIPOLI, Libya— The minister of oil in Libya's Tripoli- based government says the country's largest oil shipping terminal has been shut down due to clashes between rival militias. Both are controlled by eastern militias loyal to Libya's rival elected government, based in the eastern city of Tobruk. The Tripoli- based government— backed by militias from the...

  • Kenya cuts maximum retail prices of fuel Sunday, 14 Dec 2014 | 7:50 AM ET

    NAIROBI, Dec 14- Kenya's Energy Regulatory Commission cut the maximum retail prices of petroleum products on Sunday saying the cost of importing refined products had fallen. The ERC reduced the maximum price of a litre of petrol in the capital Nairobi by 4.5 percent to 102.01 shillings, but still far higher than the 70- 80 shillings it retailed at in 2009, when the...

  • China shocked by fatal riot in Madagascar Sunday, 14 Dec 2014 | 2:00 AM ET

    BEIJING— The Chinese Embassy in Madagascar expressed shock Sunday at a deadly riot involving local workers at a Chinese-run sugar plant and criticized the island nation's government for failing to protect Chinese interests. "We hope the Madagascar government will take necessary measures to properly handle the attack at the Morondava sugar plant and to...

  • BENGHAZI, Libya, Dec 13- Libya's recognized government has appointed a second official to head state-run National Oil Corp, it said on Saturday as it vies with a rival government for control of the vital oil sector. The OPEC producer has had two governments and parliaments since August when a group called Libya Dawn seized Tripoli after a month-long battle with a...

  • JOHANNESBURG, Dec 13- South Africa's government defended its economic policies on Saturday after credit ratings agencies cited the country's low GDP growth and budget and current account deficits as weaknesses. Ratings agency Fitch maintained South Africa's BBB rating, two notches above junk status, in a review on Friday, but kept its negative outlook and...

  • India and Indonesia currently look the most promising, fund managers say, following the election of pro-business governments on a ticket to introduce reforms that will open up state companies to foreign investment and cut red tape. "Reformers are performers," said Bill Street, head of investments for Europe, the Middle East and Africa at State Street.

  • LONDON, Dec 12- Britain has all the right ingredients for an M&A boom, upbeat company bosses, a vibrant economy and a buoyant stock market, but dealmaking is lagging behind the rest of the world. In Britain, although M&A activity is up compared to 2013, it has been flat for the last five years. Ten years ago, dealmaking in Britain, Europe's financial hub and home to some of...