×

Business Africa

  • *Graft allegations concern Guinea, Togo port contracts. *Guinea president in 2016 said "I favour friends". Bollore, whose logistics empire is a powerhouse in former French colonies across West Africa, is suspected of corrupting foreign public officials and complicity in corruption, his lawyer has said.

  • PARIS, April 25- French hotel group AccorHotels is in talks to buy hotel chain Movenpick Hotels& Resorts, Le Figaro newspaper reported in its Thursday edition. Movenpick, which manages 20,000- plus rooms in more than 83 hotels across Africa, Asia, Europe and the Middle East, could not be reached for comment. AccorHotels, Europe's biggest hotel group, said last week it...

  • *Graft allegations concern Guinea, Togo port contracts. *Guinea president in 2016 said "I favour friends". Bollore, whose logistics empire is a powerhouse in former French colonies across West Africa, is suspected of corrupting foreign public officials and complicity in corruption, his lawyer has said.

  • PARIS— French businessman Vincent Bollore has been given preliminary charges in an investigation into alleged corruption surrounding lucrative port deals in Africa. It was a stunning move against one of France's most powerful tycoons, whose Bollore Group has vast holdings from transport and media to the oil sector. Bollore Group is suspected of using...

  • PARIS, April 25- A French judge has indicted businessman Vincent Bollore in a corruption investigation related to his group's businesses in two countries in Africa, the company said on Wednesday. "Vincent Bollore has been indicted by Judge Tournaire," Groupe Bollore said in a statement. The decision to place the French tycoon under formal investigation over...

  • FRENCH JUDGE INDICTS BUSINESSMAN BOLLORE IN AFRICA CORRUPTION INVESTIGATION- GROUP BOLLORE STATEMENT.

  • The tiremaker said it expects second quarter earnings to be reduced by about $65 million from last year, partly because of the raw-materials costs. The forecast was "indicative of pricing pressure we've observed in the market recently," Longbow Research analyst Anthony Deem said, adding that the company was having a tough time setting prices high enough to...

  • *Graft allegations concern Guinea, Togo port contracts. The probe involves two separate cases, one in Guinea and the other in Togo. Groupe Bollore confirmed on Tuesday its African business interests were under investigation over the billing for work carried out in Guinea and Togo between 2009 and 2010 by its communications business Havas Worldwide.

  • *Graft allegations concern Guinea, Togo port contracts. The probe involves two separate cases, one in Guinea and the other in Togo. Groupe Bollore confirmed on Tuesday its African business interests were under investigation over the billing for work carried out in Guinea and Togo between 2009 and 2010 by its communications business Havas Worldwide.

  • JOHANNESBURG, April 25- South African glass bottle maker Consol pulled a planned $240 million Johannesburg stock market flotation on Wednesday, citing challenging market conditions. In what would have been South Africa's biggest initial public offering so far this year, Consol hoped to ride investor confidence in new President Cyril Ramaphosa, who has...

  • DETROIT/ SAO PAULO, April 25- General Motors Co is planning for long-term profitability in South America built on the back of draconian cost cutting during Brazil's recession and the same low-cost vehicles it is developing for Chinese consumers, which are due to hit dealerships in 2019.. That "one family" will consist of an expected 2 million units made annually...

  • Goodyear, which counts Japan's Bridgestone Corp and France's Michelin as its rivals, hiked its tire prices last year to counter rising raw material costs that have pressured tiremakers. However, the Akron, Ohio- based company reiterated full-year forecast for segment operating income- combined earnings of its three units- of $1.8 billion to $1.9 billion,...

  • *Industry losses estimated at $81 million. PRETORIA, April 25- South African pork prices have fallen over a third in recent months as demand for processed cold meats tanked in the wake of the deadliest outbreak of listeria in history. Cheaper pork will add to downward pressure on food prices, which have been slowing on expectations of a solid maize crop, helping to...

  • Goodyear, which counts Japan's Bridgestone Corp and France's Michelin as its rivals, has hiked tire prices last year to counter raw material costs. Sales in the Americas, Goodyear's biggest market, dipped 1.5 percent to $1.93 billion in the first quarter ended March 31, as it shipped fewer tires while they rose 7.3 percent to $1.33 billion in Europe, Middle East...

  • Chinese construction workers build the new African Union building on November 17, 2010, in Addis Ababa, Ethiopia.

    China has poured tens of billions of dollars into Africa but the continent's countries need a better strategy, according to an expert.

  • *No signs of cargo downturn due to U.S.- China trade war threat. SINGAPORE, April 25- Hong Kong's Cathay Pacific Airways Ltd expects its core airline business, which has been operating at a loss, to swing into the black next year as a turnaround plan bears fruit, the carrier's chief executive said on Wednesday. The improvement will be driven by a combination of...

  • DETROIT/ SAO PAULO, April 25- General Motors Co is planning for long-term profitability in South America built on the back of draconian cost cutting during Brazil's recession and the same low-cost vehicles it is developing for Chinese consumers, which are due to hit dealerships in 2019.. That' one family' will consist of an expected 2 million units made annually...

  • Brent crude oil futures were at $73.71 per barrel at 0655 GMT, down 15 cents, or 0.2 percent, from their last close and almost $1.8 below the November-2014 high of $75.47 a barrel reached the previous day. West Texas Intermediate futures were down 12 cents, or 0.2 percent, at $67.58 a barrel, also off the late-2014 highs of $69.56 a barrel marked earlier in April.

  • *Brent forward prices are above $70/ bbl until end of 2018. Brent crude oil futures were at $73.89 per barrel at 0455 GMT, up 3 cents from their last close but around $1.60 below the November-2014 high of $75.47 a barrel reached the previous day. That has been driven by production cuts led by the Organization of the Petroleum Exporting Countries which were...

  • *Brent forward prices are above $70/ bbl until end of 2018. Brent crude oil futures were at $73.74 per barrel at 0238 GMT, down 12 cents from their last close and over $1.7 below the November-2014 high of $75.47 a barrel reached the previous day. That has been driven by production cuts led by the Organization of the Petroleum Exporting Countries which were...