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  • The naira is under pressure as falling global oil prices have depressed Nigeria's foreign reserves and the central bank is struggling to keep the currency in a new target band set last week when it devalued the currency by 8 percent to protect its reserves. On Thursday, the finance ministry said it had cut its oil price forecast on which its 2015 budget is based by...

  • NAIROBI, Dec 4- On the edge of Kenya's capital, two doors down from a gleaming display of Germany's luxury Porsche cars, another showroom offers Africa's answer to the continent's potholed roads. Mobius Motors hopes to succeed where many others have failed: designing, building and selling a product in Africa, which has long provided the raw materials to feed the...

  • *Good news for robusta growers such as Vietnam, Indonesia. MUMBAI/ SEOUL, Dec 4- Mumbai civil servant Sachin Kenjale regularly ends his day with a steaming cup of instant coffee after trying the drink for the first time with friends around two years ago. Reaching that milestone would underscore a major market shift, with robusta's popularity soaring as increasing...

  • LAGOS, Dec 2- The Nigerian naira closed higher on Tuesday for only the second time since it was devalued a week ago as the central bank stepped up interventions to support the currency, which still ended below the bank's new target range. The naira has lost 12.3 percent versus the dollar this year as the falling oil price weighed on the already shaky finances of...

  • 2014 goals for Ebola treatment may not be met: UN Tuesday, 2 Dec 2014 | 1:34 AM ET
    File photo: A young man, dressed in a biohazard costume, stands on the corner of 546 West 147th Street in October 2014 in New York City after an American doctor carrying the ebola virus was admitted to Bellevue Hospital

    The World Health Organization expressed doubt on Monday about achieving important United Nations benchmarks in battling Ebola, the NYT reports.

  • *Fosun- led consortium offers 23.50 euros/shr for Club Med. PARIS, Dec 1- Chinese billionaire Guo Guangchang on Monday sweetened his bid for Club Mediterranee at the last minute, outbidding Italian tycoon Andrea Bonomi's offer in France's longest-running takeover battle. Bonomi has until 1700 GMT on Dec. 17 to make a counter-offer and a spokesman for Global...

  • LAGOS, Dec 1- Nigeria's central bank failed to keep the naira within its new target band again on Monday and the currency posted a record low closing level as investors continued to fret about the impact of plunging oil prices on Africa's biggest economy. Oil sales provide around 95 percent of Nigeria's foreign exchange and the naira is being driven down by...

  • *Focus on impact of low oil prices on Africa's top producer. LAGOS, Dec 1- The Nigerian naira posted a record low closing level against the dollar on Monday, despite central bank intervention to try and halt its slide, which is being driven by worries about the impact of plunging oil prices on Africa's biggest economy. The central bank has struggled to keep the naira...

  • PARIS, Dec 1- Chinese billionaire Guo Guangchang is set to sweeten his bid for the struggling French holiday group Club Mediterranee to trump Italian tycoon Andrea Bonomi's offer in France's longest-running takeover battle. A source familiar with the $1 billion- plus bid process told Reuters that Guo's conglomerate, the Shanghai- based Fosun, was set to raise...

  • JOHANNESBURG, Dec 1- Anglo American Platinum expects full-year earnings to fall by at least 20 percent because of the record five-month strike that hit its South African operation, it said on Monday. The wages dispute with the Association of Mineworkers and Construction Union, which ended in June, cost Amplats 424,000 ounces in lost production and a further...

  • *U.S. light oil exports to Asia only started 4 months ago. SINGAPORE, Dec 1- An aggressive strategy by Mideast Gulf producers to exploit the lowest oil prices in five years to defend market share is showing signs of bearing fruit as U.S. crude exports to Asia grind to halt. Last week Ali al-Naimi, the oil minister of OPEC kingpin Saudi Arabia, warned his fellow OPEC...

  • *U.S. light oil exports to Asia only started 4 months ago. SINGAPORE, Dec 1- U.S. crude exports to Asia are grinding to a halt just four months after they began, in a sign of how an aggressive strategy by Gulf producers to defend their market share is starting to bear fruit. The move shows how the Organization of the Petroleum Exporting Countries, with its influential...

  • PARIS, Nov 30- Chinese conglomerate Fosun, controlled by billionaire Guo Guangchang, is set to raise its bid for holiday company Club Mediterranee on Monday to trump Italian tycoon Andrea Bonomi, a source familiar with the process said. Fosun had previously offered 22 euros a share in a takeover leapfrog saga that dates back to an offer from Fosun in May 2013.

  • China's Xi tones down foreign policy rhetoric Sunday, 30 Nov 2014 | 4:54 AM ET
    Chinese President Xi Jinping and U.S. President Barack Obama listen to their national anthems during a welcoming ceremony inside the Great Hall of the People in Beijing, China.

    China's President Xi Jinping ratcheted down Beijing's heated rhetoric and called on the government to expand its foreign agenda through cooperation.

  • *OPEC decision not to cut output weighs on Nigeria unit. LAGOS, Nov 28- Nigeria's naira fell 2.5 percent on Friday, despite central bank intervention, and it briefly touched a record low on concerns OPEC's decision not to cut oil output would put further pressure on Nigeria's shaky finances. The central bank has struggled to keep the naira within its preferred band...

  • WARSAW, Nov 28- Poland's embassy in Algiers is not the grandest posting- the diplomats share the building with their Swedish colleagues to keep costs down- but last year it oversaw the fastest growth in trade of any Polish mission. When Poland joined the European Union a decade ago, it believed it had found its path to prosperity. That Poland and its peers in eastern...

  • TRIPOLI, Nov 28- Libya's self-proclaimed prime minister has warned that attempts by a rival government in the east to assert control over the oil industry could escalate the political conflict dividing the OPEC member state and force it to break in two. Libya has had two governments competing for power since August when a group called Operation Libya Dawn,...

  • MELBOURNE, Nov 28- Private funds are trawling for bargains in Australia in the aftermath of a global mining boom, looking to strip the fat at companies and projects they believe hold promise but which are struggling under the weight of sagging commodity prices. Most of those funds have focused on snaring assets in Africa and Latin America, shunning Australia due...

  • BUSINESS-NEWS-SCHEDULE AT 2000 GMT / 3:00 p.m. ET Thursday, 27 Nov 2014 | 3:00 PM ET

    Oil prices plunge after OPEC decides against output cut. CALGARY- Brent crude oil plunged as much as $6.50 a barrel, and U.S. crude dropped by nearly as much, posting their steepest one-day falls since 2011, after OPEC decided against cutting output despite a huge oversupply in world markets. BOGOTA- Hundreds of thousands of people displaced from their land...

  • *Nigerian firms issued $5 billion hard currency bonds since 2007. Companies in Africa's largest economy have rushed in recent years to take advantage of rock-bottom global borrowing costs and investors' hunger for yield, selling some $5 billion in hard currency bonds since 2007, according to Thomson Reuters data. Of this more than $2 billion was raised this...