Business News
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A TOTAL of 173 505kg of flue-cured tobacco worth US$618,350 were sold on the first day of the 2012 tobacco selling season that started on Wednesday. The average price was US$3,56. Last season a total of 84 542kg valued at US$216, 666 were sold on the first day at an average price of US$2,56. Boka Tobacco Sales Floor had the
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Libreville - The National Wood Company of Gabon has obtained a loan of €13.7m to help build a plant to treat timber at Libreville's Owendo port, officials say. The Development Bank of Central African States is providing €12.2m and the private Ecobank, which operates in west and central Africa, is lending the remaining €1.5m. The equatorial African country is densely
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Juba - South Sudan's oil minister is accusing northern neighbour Sudan of stealing 120,000 barrels a day of the south's oil. The accusation on Tuesday comes the same day the two sides are to begin another round of negotiations over their formally unified oil industry. South Sudan broke away from Sudan in July to become the world's newest country, and
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Warid telecom, one of the telecom companies in Uganda has marked two weeks in the mobile money business registering success, a top official at the company has said. Shailendra Naidu, Warid's commercial officer told The Independent in an interview that the facility (Warid Pesa) which was launched in December last year has so far seen many customers use without any
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Italian oil giant ENI, the top producer of Libyan crude, has resumed production of about 70 percent of its pre-conflict output from the North African country, its chief Paolo Scaroni said Thursday. "We are close to 200,000 barrels a day" of oil equivalent including gas, Scaroni said at the World Petroleum Congress in Doha. Current production "has to be compared
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Kinshasa, Democratic Republic of Congo - The winner of last week's presidential election in the Democratic Republic of Congo (DRC) is due to be named on Tuesday, stirring fears of new unrest in the conflict-prone country. The latest result projections, announced early on Tuesday by the country's electoral commission, gave Joseph Kabila, the incumbent president, 46.4 per cent with votes
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The UN Framework Convention on Climate Change conference ('COP 17') started on Monday 28th in Durban. Whatever South Africa's contribution to the multilateral debate, the business community remains somewhat uncertain about what the government intends on the home front by way of binding measures to address carbon emissions. It's true that since around 2009 the government has made no secret
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Egypt's bourse on Tuesday spiked more than 5.0 percent in a buying spree sparked by the orderly start to voting in the country's first post-revolution election, leading to the suspension of trading. The main EGX-30 index rose 5.08 percent or 191.93 points to touch 3,972.06, after weeks of political upheaval and deadly clashes between police and protesters that caused huge
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Recent World Bank’s “Doing Business Survey” has placed Liberia in the 35 position amongst 183 countries involved in providing starting up businesses for small and medium range entrepreneurs across the globe. Addressing journalists yesterday, November 16, 2011 at the head office of the National Investment Commission, NIC’s boss O. Natty B. Davis described the improvement of the country’s business sector
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London - Oil giant Shell should commit $1bn as a first step to clean up the Niger Delta following two devastating oil spills in 2008, rights groups said on Thursday. Shell has accepted responsibility for the spills in the southern Nigerian state of Ogoniland that affected the Bodo fishing community and has agreed to pay compensation, which is currently being
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Beverage exporters are expecting a boom in earnings this year following sustained high prices and favourable foreign currency exchange rates. New data from both the Nairobi Coffee Exchange (NCE) and regional tea auction in Mombasa show that earnings for the soon ending 2010/11 season would hit historic highs. "The prices of coffee have been very high this season and the
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Tanzania's energy regulator raised the prices of petrol, diesel and kerosene on Monday due to high international prices, pointing to increased pressure on inflation in east Africa's second-biggest economy. Year-on-year inflation jumped to 16.8 percent in September from 14.1 percent in the previous month on higher food and fuel prices. The Energy and Water Utilities Regulatory Authority (EWURA) raised the
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Ivory Coast, the world's biggest cocoa producer, is to reintroduce minimum price guarantees for farmers after a decade of liberalisation in the sector, the government said on Wednesday. A price between 50 and 60 percent of the international price would be guaranteed to farmers, a statement said, adding that a regulatory body would also be reinstated. Reform of the cocoa
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Zimbabwe has secured a $300m loan from Brazil to finance agriculture and boost crop production after successive years of food deficits, state media reported on Thursday. The loan is part of Brazil's aid programme for Africa, the state-controlled Herald newspaper said. Agriculture Minister Joseph Made said the funds would be used to support farmers who have largely failed to get
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A Nigerian tribal king filed a lawsuit in a US court seeking $1bn from Royal Dutch Shell to compensate for decades of pollution that sickened his people and damaged their lands, his lawyer said on Thursday. The suit was filed a day after the US Supreme Court said it will consider a lawsuit accusing Shell of human rights abuses in
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Air traffic between Senegal and Mauritania has resumed after a three-month pause, ending a row over onward flights, Senegalese sources said. A Senegal Airlines flight took off from Dakar for Nouakchott in mid-afternoon Thursday, an airport official said. There was no immediate information on possible flights in the opposite direction by Mauritania Airlines. The bilateral row, which prevented all flights
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Ivory Coast's cocoa production hit a record 1.48 million tonnes in 2010-2011, with favourable weather conditions wiping out the effects of a damaging political crisis, authorities said Monday.
The output as of September 25 was more than 25 percent higher than in 2010, Massandje Toure-Litse, head of the state cocoa management committee, said at a meeting
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Manchester United boss Sir Alex Ferguson has gone a notch higher by opting to invest in a South African beverage company.
Ferguson bought a 10% stake in the company BOS, an organic ice tea company that blends local south Africa tea with natural fruit flavours and ingredients .
Ferguson was quoted as saying
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Minmetals Resources Ltd, a unit of state-owned China Minmetals Group, on Friday made a $1.28 billion offer for Congolese copper firm Anvil Mining Ltd.
The move highlights the willingness of Chinese firms to invest in risky regions -- despite recent dips in commodity prices -- as China seeks further resources to fuel its rapid economic growth.
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Harare - Foreign banks operating in Zimbabwe have missed a deadline to hand in plans to cede their majority shares under a new equity law, a cabinet minister said on Thursday.
"We have our Standard [Chartered] Bank who still show a lot of disrespect of our laws," Indigenisation Minister Saviour Kasukuwere told journalists.
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Tullow Oil plc has announced that the Enyenra-3A appraisal well, in the Deepwater Tano licence offshore Ghana, has successfully encountered oil in high quality sandstone reservoirs. Pressure data indicates that the Enyenra-3A well has confirmed an up-dip extension of the Enyenra oil field.
Located 6.5km north of the Owo-1 discovery well and 14km north of Enyenra-2A,
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Libya's first crude oil cargo to be shipped in months sailed from the eastern port of Marsa el Hariga on Sept 25 bound for Italy, Libya's port authority chief told Reuters on Tuesday.
The country, formerly Africa's third-largest producer, had exported only two other crude oil cargoes since a rebellion erupted against former leader Muammar Gaddafi
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Standard Bank's Personal and Business Banking growth in Africa has gained further traction with the announcement this week of three significant milestones: 500 branches, 2.5-million customers and 3-milllion active accounts in 16 countries across the continent.
The Nigerian town of Ajao Estate, Osolo this month became home to the Standard Bank Group's 500th branch in Africa,
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Africa's richest man wants his continent to grow -- and some say his project to build its largest fertiliser plant could provide relief to farmers and help put a dent in food shortages.
The project, set to come on stream in three years, may also serve as an example of how Nigeria, the continent's largest oil
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Tripoli - Tripoli's port is back to near-normal business less than a month after the ousting of Muammar Gaddafi, authorities said on Sunday, with the Libyan capital's international airport also ready to operate flights.
As cranes lifted containers and sacks of goods onto the docks, and trucks manoeuvred into position to be loaded, port interim manager
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