• *Angola central bank says BES's Angola unit needs capital increase.

  • *Angola admits "bad" loans in local unit's credit portfolio. LISBON/ JOHANNESBURG, July 18- Angola has broken its silence over its connection to Portugal's troubled Banco Espirito Santo, but its admission of bad loans in the local subsidiary focuses attention on a generous state guarantee covering most of this flawed loan portfolio.

  • *Angola central bank says BES's Angola unit needs capital increase. LISBON, July 18- Financial problems at Portugal's Espirito Santo business empire spilled further across national borders on Friday, with Angola's central bank saying the local division of Banco Espirito Santo would need a capital increase to deal with bad loans.

  • JOHANNESBURG, July 18- South African pension manager Alexander Forbes priced its stock market listing in the middle of its marketed range on Friday, raising 3.7 billion rand in Africa's second-largest initial public offering this year. The pricing points to fairly strong demand when the company lists on the Johannesburg bourse next Thursday, a trader said.

  • Cliffs cuts number of board nominees Friday, 18 Jul 2014 | 10:03 AM ET

    At the same time, proxy advisory firms Institutional Shareholder Services and Glass Lewis& Co. recommended Cliffs' shareholders support at least most of the nominees from Casablanca. Casablanca owns about 5.2 percent of Cliffs' stock, and it has pushed the company to cut costs and spin off some of its international assets.

  • LAGOS, July 18- Exporters have resumed loading of cocoa shipments in Nigeria's second-largest producing area, Cross Rivers state, after the state government suspended on Friday a levy on bean exports, a trade body said.

  • China's clout on show with BRICS bank formation Friday, 18 Jul 2014 | 9:04 AM ET

    MUMBAI, India— A developing nation version of the World Bank was formally agreed this week two years after India proposed the idea to Brazil, Russia, China and South Africa. India ensured a sense of parity with its insistence that each of the countries behind the New Development Bank contribute equal shares of $10 billion to its initial $50 billion capital.

  • LISBON, July 18- Banco Espirito Santo should be able to tap private investors if it needs to boost its defences against losses, Portugal's central bank governor said on Friday, reiterating that the lender had sufficient capital reserves.

  • Ethiopia charges 9 journalists with terrorism Friday, 18 Jul 2014 | 6:28 AM ET

    KAMPALA, Uganda— The Committee to Protect Journalists says Ethiopia's government has charged nine journalists with terrorism and inciting violence. The group urged Ethiopia's government to release all the journalists, saying they were in detention simply for doing their jobs.

  • Ericsson sees $394 million second-quarter profit Friday, 18 Jul 2014 | 4:07 AM ET

    STOCKHOLM— Wireless equipment maker Ericsson says second-quarter profit rose 76 percent to 2.7 billion kronor mainly due to higher margins on its premium products, lower restructuring charges and improved overall efficiency.

  • UPDATE 2-IBM software sales weaker than expected Thursday, 17 Jul 2014 | 6:39 PM ET

    WASHINGTON, July 17- International Business Machines Corp's software business grew less than expected in the second quarter, sparking a sell-off in the company's stock, even as its revenue beat forecasts.

  • Cliffs, a Cleveland- based iron ore and metallurgical coal producer, is locked in a proxy battle with Casablanca, which owns 5.2 percent of Cliffs' stock and accuses the company of destroying shareholder value. Casablanca wants to replace Cliffs' chief executive officer with its own nominee and six of the 11 board members, a majority, with its candidates.

  • MOSCOW, July 17- U.S. sanctions on Russia's defense firms took aim at the most iconic names of Soviet and Russian weaponry, hitting their exports and punishing the makers of arms used by pro-Russian separatists in eastern Ukraine.

  • FARNBOROUGH, England, July 17- Traditionally companies which have guarded their secrets closely, arms makers are opening up to partnerships and technology sharing to meet the demands of overseas buyers they need to offset budget cuts at home.

  • July 17- Casablanca Capital LP said two independent proxy advisory firms have recommended shareholders of Cliffs Natural Resources Inc vote in favor of the hedge fund's bid to replace a majority of the miner's board members.

  • *Woolworths confident of securing Country Road deal. SYDNEY/ JOHANNESBURG July 17- South Africa's Woolworths cleared the final hurdle to its $2 billion takeover of David Jones after an Australian court gave the upscale clothing and food retailer the green light on Thursday.

  • Philip Morris Int'l 2Q profit falls 13 percent Thursday, 17 Jul 2014 | 7:43 AM ET

    NEW YORK— Philip Morris International's second-quarter profit declined 13 percent, stung by foreign exchange rates for the U.S. dollar. The seller of Marlboro cigarettes and other brands outside the U.S. earned $1.85 billion, or $1.17 per share, for the period ended June 30. Shares of Philip Morris International rose 78 cents to $85.48 in morning trading.

  • July 17- Casablanca Capital LP said two independent proxy firms have recommended that shareholders of Cliffs Natural Resources Inc vote in favor of the hedge fund's board nominees. Cliffs is locked in a proxy battle with New York- based hedge fund Casablanca, which owns 5.2 percent of Cliffs stock and accuses the company of destroying shareholder value.

  • UPDATE 1-Starbucks opens in Colombia, home of Juan Valdez Wednesday, 16 Jul 2014 | 12:53 PM ET

    July 16- Starbucks Corp opened its first shop in Colombia on Wednesday, 43 years after the world's biggest coffee chain first started buying beans from the country famous for its premium arabica coffee named after fictional coffee farmer Juan Valdez.

  • *Strike has forced Toyota, GM, Ford to halt production. CAPE TOWN, July 16- South Africa's main manufacturing union, NUMSA, said it has agreed a plan of action to intensify a three-week strike over pay that has hit car makers and construction companies.