Category: INTERNATIONAL
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Angola’s state-run oil company fires subsidiary’s board
The head of Angola’s state oil company Sonangol has fired the executive committee of subsidiary Sonangol Exploration and Production, the company said on Tuesday. Sonangol’s chief executive Isabel dos Santos, the billionaire daughter of President Jose Eduardo dos Santos, has told the Financial Times she plans to split the company into three units. Dos Santos…
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Ethiopia, Algeria Agree to Enhance Business Ties
State Minister Hirut Zemene dubbed Ethio-Algerian relations ‘very fraternal’. Foreign State Minister Hirut Zemene discussed ways of improving economic cooperation with her Algerian counterpart Ramtane Lamamra in Oran, Algeria Sunday. In a statement to the press after the meeting, Hirut said the talks focused on improving bilateral consultations. “We have agreed to further develop our…
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Zambia:Vedanta Resources slapped with $100m settlement
Konkola Copper Mines (KCM), owned by Vedanta Resources, has been ordered by a London court to pay the Zambian government more than $100 million for a claim related to the copper price, a state-owned company involved in the dispute said. The claim relates to outstanding payments under a 2013 copper price participation settlement agreement between…
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Europe to re-examine ties with Congo
France’s foreign ministry called for the European Union to re-examine its relations with Democratic Republic of Congo after President Joseph Kabila failed to step down when his mandate expired on Monday. “After the constitutional mandate of President Kabila ended, France is concerned by reports of arrests as well as violence in Kinshasa and Lubumbashi,” spokesman…
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Nigeria Fin.Min attempts to eliminate naira black market
Nigeria’s central bank will try to eliminate the currency black market, where the naira trades about 40 percent below the official rate against the dollar, Nigeria’s finance minister said on Tuesday. Africa’s largest economy, dependent on oil exports, is in its first recession in 25 years as low global crude prices take their toll. The…
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IMF chief Christine Lagarde convicted over payout
A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment. As French finance minister in 2008, she approved an award of €404m ($429m; £340m) to businessman Bernard Tapie for the disputed sale of a firm. Lagarde, who always denied wrongdoing, was not present in…
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Standard Bank seeks court protection from political interference
Standard Bank has asked a court to block the South African government from intervening in its decision to cut ties with the Gupta family which is at the centre of allegations of influence-peddling with the government. Standard Bank is one of four banks in South Africa to have closed bank accounts of companies controlled by…
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Oil prices rise in anticipation of tighter 2017 market
Oil prices rose on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.41 per barrel at 0756 GMT, up 20 cents from their last close. U.S.…
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Samsung Electronics likely to procure phone batteries from LG Chem: Chosun Ilbo
Samsung Electronics Co Ltd is in talks with LG Chem Ltd to make it one of its smartphone battery suppliers, the Chosun Ilbo newspaper said on Monday – a move that would diversify its supplier base after the failure of its Galaxy Note 7. Samsung Electronics, the world’s top smartphone maker, currently procures Note batteries…
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Dollar, yields, stocks all cool their jets
The dollar and U.S. bond yields fell on Monday while Asian shares hit a four-week low, as investors cashed in on some of their recent bets that the anticipated fiscal boost from the incoming Trump administration will support riskier assets. Wall Street hit record highs and the dollar rose to a 14-year peak last week,…