Category: INTERNATIONAL
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Oil extends losses after report shows surprise U.S. stocks build
Crude oil prices fell for a fourth day on Wednesday, as jittery investors awaited official U.S. stockpile figures later in the day after industry data showed a surprise build in inventories, underlining a persistent global glut. The American Petroleum Institute said crude stockpiles rose by 9.3 million barrels in the week to Oct. 28, more…
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Uber partners with GM’s Maven car-sharing program
Uber Technologies Inc [UBER.UL] said on Tuesday it would partner with car-sharing service Maven, operated by General Motors, to allow Uber drivers to rent GM vehicles on a weekly basis. The 90-day pilot is a surprise move for Maven and General Motors, which with Lyft – Uber’s main competitor in North America – announced a…
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Tesla says SolarCity would add $1 billion to 2017 revenue
Tesla Motors Inc (TSLA.O) said on Tuesday its $2.6 billion merger with SolarCity Corp (SCTY.O) would add over $500 million in cash to the electric carmaker’s balance sheet over the next three years, while contributing over $1 billion to revenue in 2017. Shares of Tesla fell another 2 percent in after-hours trade after tumbling 4…
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Pfizer cholesterol drug fizzles, hitting shares
Pfizer Inc (PFE.N) scrapped its high-profile cholesterol fighter after its effectiveness waned over time in large clinical trials, sending its shares 2 percent lower and prompting the company to trim its 2016 earnings forecast. The largest U.S. drugmaker trimmed the top end of its 2016 profit estimate on Tuesday, citing costs of scrapping the experimental…
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U.S. EXIM jet financing could resume in December, official says
The U.S. Export Import bank may win legal approval to resume export financing for Boeing Co (BA.N) passenger jets as early as December, a senior official at the agency said on Wednesday. The bank, which provides financing for many U.S. exporters, is currently unable to agree new business for large jets because only two of…
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Nigeria: Buhari Reacts to Senate’s Decision to Reject U.S.$30 Billion Loan
The Presidency has said it will not dispute the decision of the Senate to reject the request of President Muhammadu Buhari to borrow $29.9 billion. The Senior Special Assistant to President Buhari on National Assembly Matters, Sen. Ita Enang, disclosed this while briefing journalists in Abuja on Tuesday. The Senate on Tuesday rejected the request…
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Egyptian Pound Official Rate Remains Steady, Plummets On Black Market
Egypt’s central bank kept the pound steady at the official rate on Tuesday, while it traded at an unprecedented 18 pounds to the dollar on the black market in the past two days. The central bank said it sold $120 million at the weekly sale, with the cut off price stable at the official rate…
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Nigeria’s Senate deals blow to President Muhammadu Buhari’s borrowing plan
Nigeria’s Senate dealt an unexpected blow to President Muhammadu Buhari on Tuesday by rejecting his plan to borrow $30 billion abroad for infrastructure projects and budget support until 2018. Senators threw out the plan, introduced last week, without debate. When a surprised Senate President Bukola Saraki held a second vote, most senators shouted again “Nay”.…
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Mozambique to launch next oil and gas licensing round
CAPE TOWN Nov 1 (Reuters) – Mozambique, which has vast offshore gas reserves, will hold its sixth round of oil and gas licensing round late in 2017 or in 2018, a government official told an industry conference on Tuesday. Augusto Macuvele, a senior official with Mozambique’s National Petroleum Institute, provided few details about the rounds in…
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Kenya:Safaricom underlines role in economy with 845,000 jobs
Telecoms operator Safaricom’s voice, data and M-Pesa business sustained more than 845,846 jobs in the year to March 2016, a newly released study shows. The report by consulting firm KPMG — ordered and paid for by Safaricom — says the telecoms operator sustained the jobs through its own workers and the linkages created by products…