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  • 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...

  • JOHANNESBURG, Dec 12- South Africa will announce a series of renewable energy projects on Monday that will add 1,000 megawatts of power into the country's constrained electricity grid, sources close to the deals told Reuters. Another non-government source familiar with the bidding said the following firms were strong contenders: Johannesburg- based...

  • SQUEEZED FX BROKERS FACE CHOICE: MERGE OR SPEND BIG ON TECH@* Boom in M&A for mostly London- based specialist brokers* Brokers made millions undercutting banks on corporate FX* But squeeze coming from spread of multi-dealer platforms. LONDON, Dec 12- Next year may prove a watershed for a generation of London forex entrepreneurs who have made millions undercutting...

  • Pulitzer-winning photojournalist dies in Liberia Friday, 12 Dec 2014 | 6:34 AM ET

    WASHINGTON— Photojournalist Michel du Cille, a three-time Pulitzer Prize winner who recently captured compelling images of Ebola patients and their caretakers, died in Liberia while on assignment for The Washington Post. Du Cille won two Pulitzer Prizes as a photographer with the Miami Herald in the 1980 s and shared a third in 2008 as a reporter with the Post—...

  • ADDIS ABABA, Dec 11- Swedish telecom group Ericsson is set to sign a contract with Ethiopia to expand telecom infrastructure, taking a slice of an $800 million contract from Chinese firm ZTE Corp because of a row over terms, a senior official told Reuters on Thursday. ZTE Corp's deal with state-run operator Ethio Telecom was signed in 2013. The other half of the...

  • JOHANNESBURG, Dec 10- South African stocks rebounded on Wednesday, led by gold mining companies such as Gold Fields and AngloGold Ashanti which rose on the back of a firm gold price and a weaker rand. Gold Fields was the biggest climber on Johannesburg's broader All-share index, gaining 6.6 percent to its highest level in more than a year. Africa's largest gold...

  • Texas, North Dakota, Oklahoma, New Mexico and Colorado together account for almost 98 percent of the total rise in U.S. oil output since the beginning of 2008.. But Oklahoma, New Mexico and Colorado have collectively contributed almost an extra half million barrels per day compared with January 2008, according to the U.S. Energy Information Administration.

  • UN predicts increased global economic growth Wednesday, 10 Dec 2014 | 10:31 AM ET

    UNITED NATIONS— UNITED NATIONS— The global economy will grow by more than 3 percent in 2015 and 2016, the United Nations predicted Wednesday, but that growth will be uneven in some regions. The World Economic Situation and Prospects 2015 report says business investment will be a major driver in the United States, growth in the world's least developed economies...

  • OMISALJ, Croatia, Dec 10- Spurred by the demise of Russia's South Stream gas pipeline project, Croatia has revived a decade-old idea of building a liquefied natural gas import terminal at the deepwater oil port of Omisalj on the island of Krk. But the Ukraine crisis and the collapse of South Stream have refocused minds in central and eastern European nations on...

  • HSBC dismisses head of FX trading for EMEA -source Wednesday, 10 Dec 2014 | 6:53 AM ET

    LONDON, Dec 10- British bank HSBC has dismissed its head of foreign exchange trading for Europe, Middle East and Africa, Stuart Scott, a source with knowledge of the decision said on Wednesday. Heidi Ashley, spokeswoman for HSBC in London, declined to comment. Scott's dismissal, first reported by the Wall Street Journal on Wednesday, follows the departure of two...