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  • Shell faces Dutch lawsuit over Niger Delta pollution Wednesday, 10 Oct 2012 | 7:01 PM ET

    AMSTERDAM, Oct 11- Oil major Royal Dutch Shell Plc will defend its environmental record in the Niger Delta on Thursday as it faces a lawsuit that may set a precedent for damage claims related to the activities of international companies. Plaintiffs are four Nigerians and campaigning group Friends of the Earth.

  • WAfrica Crude-Slide halts ahead of Asian tenders Wednesday, 10 Oct 2012 | 1:49 PM ET

    GENEVA, Oct 10- West African crude oil differentials paused on Wednesday after a sell-off earlier in the week as traders waited for the results of outstanding Asian tenders. But they said sales could improve in the next few session if India's Mangalore Refinery and Petrochemical Ltd.

  • STOCKS NEWS Reuters Results diary Stocks on the move Real-time Equity News 1810 GMT 10 Oct12- Fan Milk rises on earnings expectations---------------------------------------------------------------------. Fan Milk advances 0.05 cedis to 3 cedis on 17,300 shares traded, leading the GSE Composite index up 1.57 points, or 0.15 percent, to 1,044.12 points.

  • Nigeria stock index hits 20-month high, 27,000 points Wednesday, 10 Oct 2012 | 11:19 AM ET

    LAOGS, Oct 10- Nigeria's share index climbed to a 20- month high to the cross 27,000 point threshold on Thursday, driven higher by gains in banking and commodities stocks. Shares in Diamond Bank rose 9.83 percent to 4.47 naira per share, their second day in a row of rising almost the maximum 10 percent allowed, boosted by strong earnings.

  • Nigeria president proposes $29.3B national budget Wednesday, 10 Oct 2012 | 11:17 AM ET

    ABUJA, Nigeria-- Nigeria's president proposes a $29.3 billion federal budget in 2013 for the oil-producing nation, predicting a slight increase in the crude produced each month. President Goodluck Jonathan presented his budget Wednesday to a rare sitting of both chambers of the nation's National Assembly.

  • *Jonathan proposes $31.35 bln budget, 5 pct spending rise* Lawmakers want to inflate oil benchmark to $80/ barrel* Deficit falls 2.17 pct in proposal, assumes 6.5 pct growth By Camillus Eboh.

  • *Lawmakers want to inflate oil benchmark to $80/ barrel. ABUJA, Oct 10- Nigeria's President Goodluck Jonathan on Wednesday presented a 4.93 trillion naira budget to parliament for 2013, but lawmakers immediately disputed it, calling for a formula that would put less oil cash in the savings pot.

  • UPDATE 1-Nigeria president delivers disputed 2013 budget Wednesday, 10 Oct 2012 | 7:18 AM ET

    ABUJA, Oct 10- Nigeria's President Goodluck Jonathan on Wednesday presented a 4.93 trillion naira budget to parliament for 2013, increasing spending but shrinking the deficit and cutting the share taken by recurrent expenditure.

  • Nigeria parliament seeks to inflate budget oil price Wednesday, 10 Oct 2012 | 6:53 AM ET

    ABUJA, Oct 10- Nigeria's parliament speaker Aminu Tambuwal said on Wednesday the house had proposed to inflate cabinet's oil price assumption in the 2013 budget to $80 barrel, from $75 a barrel proposed, signalling a likely showdown over the bill.

  • Nigeria president presents $31.35 bln budget to assembly Wednesday, 10 Oct 2012 | 6:40 AM ET

    ABUJA, Oct 10- Nigeria's President Goodluck Jonathan presented a 4.93 trillion naira budget to parliament for 2013 on Wednesday, increasing spending but shinking the deficit and cutting the share taken by recurrent expenditure.

  • ABUJA, Oct 10- Nigerian President Goodluck Jonathan presented the country's 2013 budget to parliament on Wednesday, saying the budget deficit would fall to 2.17 percent of gross domestic product in 2013, down from 2.85 percent in 2012.. He urged parliament to accept a tighter budget because of ongoing uncertainty over oil prices.

  • ABUJA, Oct 10- Nigerian President Goodluck Jonathan presented the country's 2013 budget to parliament on Wednesday, saying the budget deficit would fall to 2.17 percent in 2013, down from 2.85 percent in 2012.. He urged parliament to accept a tighter budget because of ongoing uncertainty over oil prices. Oil makes up around 80 percent of Nigeria's revenues.

  • African Markets - Factors to watch on Oct 10 Wednesday, 10 Oct 2012 | 1:44 AM ET

    NAIROBI, Oct 10- The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. NIGERIA- President Goodluck Jonathan is expected to deliver the 2013. KENYA- Central Bank of Kenya auctions 182- day Treasury bills.

  • UPDATE 3-Nigeria president faces showdown over 2013 budget Wednesday, 10 Oct 2012 | 12:20 AM ET

    *Lawmakers want to inflate oil benchmark to $80/ barrel. ABUJA, Oct 10- Nigeria's President Goodluck Jonathan on Wednesday presented a 4.92 trillion Nigerian naira budget to parliament for 2013, but lawmakers disputed it, calling for a formula that would put less oil cash in the savings pot.

  • WAfrica Crude-Prices pressured, Unipec resells Tuesday, 9 Oct 2012 | 11:47 AM ET

    LONDON, Oct 9- West African crude oil differentials were under pressure again on Tuesday, as talk that Unipec resold unwanted Angolan cargoes highlighted the limited demand in China. *Qua Iboe: Seen trading around the $2.10 level, little changed from the day before, but below the $2.10 to $2.50 range seen on Friday.

  • Gulf of Guinea pirates free Greek-operated tanker Tuesday, 9 Oct 2012 | 10:21 AM ET

    *Piracy common in West Africa's waters. ATHENS, Oct 9- Pirates freed a Greek-operated gasoline tanker on Tuesday that they had hijacked over the weekend in the Gulf of Guinea, the operator of the Bahamas- flagged ship said, adding that the crew were all safe. Pirate attacks are on the rise in the Gulf of Guinea, which is second only to the waters around Somalia for piracy.

  • Bill Gates in Abu Dhabi: I'll never run for office Tuesday, 9 Oct 2012 | 10:11 AM ET

    ABU DHABI, United Arab Emirates-- Microsoft founder and billionaire Bill Gates on Tuesday ruled out running for office, choosing not to join the parade of rich businessmen who have tried their hand at politics.

  • Nigeria's Diamond Bank rises 10 pct on results Tuesday, 9 Oct 2012 | 8:55 AM ET

    LAGOS, Oct 9- Nigeria's Diamond Bank rose the maximum 10 percent allowed on the bourse on Tuesday, after posting a pretax profit of 23.2 billion naira for the first nine months of the year, compared with a loss of 6.9 billion naira in the same period a year ago.

  • Vitol, Glencore dominate Russian oil trading Tuesday, 9 Oct 2012 | 8:19 AM ET

    *Breakthrough for Glencore as it gets Rosneft invitation. LONDON, Oct 9- Swiss trading houses Vitol and Glencore have become the largest players in the Russian oil export market, dominating supplies from the world's biggest producer after a switch in Kremlin policy opened up the trade. "Everywhere you saw Gunvor before, Glencore is now written in capital letters.

  • LONDON, Oct 5- Royal Dutch Shell's Nigerian joint venture Shell Petroleum Development Company of Nigeria on Friday declared force majeure on its gas supply after an attempt to steal crude oil from a pipeline led to a fire, the company said in statement.