Business News Africa

  • *Libra Association selects board at first meeting. "It is a correction; it's not a setback," said Dante Disparte, head of policy and communications for the Libra Association, whose 21 remaining members held their inaugural meeting in Geneva. Libra lost its last global payments backers on Friday, when Mastercard Inc and Visa Inc abandoned the Geneva- based Libra...

  • *reuters:// realtime/verb= Open/url= cpurl:// apps.cp./ Apps/econ-polls? RIC= ZAGDPQP South Africa poll data. JOHANNESBURG, Oct 14- Sub-Saharan Africa's economy will accelerate going into next year but could be derailed as the world moves onto an uncertain path that could bring an end to the recent synchronised uptrend, a Reuters poll showed on Monday.

  • When it is the latest maneuver in the long-running trade dispute between the United States and China. The tit-for-tat tariffs have also not been removed or wound back, the only concession being that the United States won't lift tariffs to 30% from 25% on about $250 billion in Chinese goods that was supposed to have gone into effect on Tuesday.

  • *Higher freight, narrow Brent-WTI spread hit US oil flow to Asia. The cost of shipping crude from the Americas, Europe, Africa and the Middle East to Asia has surged over the past two weeks as companies shunned nearly 300 tankers on fears of violating sanctions against OPEC members Iran and Venezuela. Higher freight rates and a jump in crude premiums after the Saudi...

  • LONDON, Oct 11- Gabon has told OPEC it will comply fully with its pledge to cut oil output under a 2019 supply deal between the exporter group and rivals such as Russia, in the latest sign of an OPEC push to improve compliance before its next meeting in December. The nation pumped 199,000 barrels per day in September according to OPEC figures, above its target under...

  • SANTIAGO, Oct 11- Uber said on Friday it would buy a majority stake in online grocery provider Cornershop as the ride-hailing giant moves to expand its fast-growing delivery service into the grocery store market. Santiago- based Cornershop operates in Mexico, Chile, Canada and Peru, but Chief Executive Oskar Hjertonsson said the deal would allow it to deliver...

  • *Higher freight, narrow Brent-WTI spread hit US oil flow to Asia. The cost of shipping crude from the Americas, Europe, Africa and the Middle East to Asia has surged over the past two weeks as companies shunned nearly 300 tankers on fears of violating sanctions against OPEC members Iran and Venezuela. Higher freight rates and a jump in crude premiums after the Saudi...

  • SANTIAGO, Oct 11- Uber said on Friday it would buy a majority stake in online grocery provider Cornershop as the ride-hailing giant moves to expand its fast-growing delivery service into the grocery store market. Santiago- based Cornershop operates in Mexico, Chile, Canada and Peru, but Chief Executive Oskar Hjertonsson said the deal would allow it to deliver...

  • *Lagos boat service pilot test to last two weeks. *Uber partnering with local boat firm and Lagos state government. LAGOS, Oct 11- Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria's commercial capital Lagos to attract commuters seeking to avoid the megacity's notoriously congested roads.

  • Ren Zhengfei, CEO of Huawei.

    The role of Huawei Founder Ren Zhengfei's daughter is widely known, but far less visible are Ren's brother, son and wife, though all play big roles within Huawei's subsidiaries.

  • LAGOS, Oct 10- Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum sales if crude prices exceed $20 a barrel, the attorney general told Reuters on Thursday. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria,...

  • LAGOS, Oct 10- Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum sales if crude prices exceed $20 a barrel, the attorney general told Reuters on Thursday. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria,...

  • *Thai prices narrow to $396- $400 a tonne from $396- $417. "Demand seems to be recovering now with more vessels waiting to be loaded at Ho Chi Minh City ports," a trader based in the Mekong Delta province of An Giang said. Preliminary data showed at least 70,600 tonnes of rice are scheduled for loading at Ho Chi Minh City ports during October 1-20, with most bound for West...

  • CAPE TOWN, Oct 10- New currency controls enforced by the Bank of Central African States could ruin the oil and gas industry in the Gulf of Guinea and "destroy" Equatorial Guinea's economy, the country's oil minister told Reuters on Wednesday. Equatorial Guinea, a small West African member of the Organization of the Petroleum Exporting Countries, derives more than...

  • LAGOS, Oct 10- Nigeria aims to team up with Cameroon to agree a premium for their cocoa with buyers, the vice president of the World Cocoa Producers Organisation told Reuters, after top growers Ivory Coast and Ghana moved to boost prices for their crops. World Cocoa Producers Organisation Vice President Sayina Riman, who doubles as president of the Cocoa...

  • LAUNCESTON, Australia, Oct 10- Asian refiners are once again paying the price for the ongoing battle between the United States and Iran, with the effective price of crude oil being kicked higher by a sharp rise in tanker freight costs. Given Asian refiners rely heavily on long-distance supplies from the Middle East, Africa and the United States, the rise in freight...

  • DAR ES SALAAM, Oct 10- Tanzania's earnings from gold exports rose 25.1% in the year to August, buoyed by higher output of the precious metal, its central bank said on Thursday. Gold exports fetched $1.91 billion in the year ending August 31, up from $1.53 billion the previous year. Africa's fourth-biggest gold producer after South Africa, Ghana and Mali hopes its...

  • CAIRO, Oct 9- Egypt denounced Ethiopia on Wednesday for moving forward with building and operating a hyropower dam on the Nile, which Cairo worries will threaten already scarce water supplies. Ethiopia, the source of the Blue Nile which joins the White Nile in Khartoum and runs on to Egypt, says the dam will not disrupt the river's flow and hopes the project will...

  • *Budget proposal assumes $57 per barrel oil price. ABUJA, Oct 8- Nigerian President Muhammadu Buhari presented a record 10.33 trillion-naira budget for 2020 to lawmakers on Tuesday as he aims to spur growth in Africa's largest economy at the start of his second term in office. The plan for Africa's top oil exporter assumes crude production of 2.18 million...

  • The comments highlight the risk that NOC might break up after eastern authorities allied to Khalifa Haftar, whose troops have been trying to seize Tripoli, set up a board for the NOC Brega unit in areas under his control in charge of fuel supplies. NOC based in Tripoli, which is home to the internationally recognised government, has denounced the move as an attempt...