Category: INTERNATIONAL
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Apple now owns a piece of Uber?
The sale of Uber’s China operations to rival Didi Chuxing could wind up being a big win for … Apple. Here’s how. As a result of the deal, Didi owns a part of Uber and Uber owns a portion of Didi. And since Apple owns a stake in Didi, it now also owns a teeny…
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U.S:Pfizer’s revenue, profit edge past estimates
Pfizer Inc reported better-than-expected quarterly revenue and profit, driven by sales of newer drugs and the acquisition of hospital products company Hospira. The largest U.S. drugmaker’s revenue rose about 11 percent to $13.15 billion in the second quarter, edging past the average analyst estimate of $13.01 billion. Sales of generic medicines rose 15.7 percent in…
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London:Oil takes breather from losses but oversupply concerns remain
Oil edged higher on Tuesday after falling by up to 10 percent in just one week, but investors remained concerned about oversupply weighing on prices. Global benchmark Brent crude was trading up 49 cents at $42.63 a barrel at 1031 GMT (0631 EDT). U.S. West Texas Intermediate (WTI) crude was up 38 cents at $40.44…
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Egypt: Securing IMF Deal Would Be Credit Positive for Egypt – Fitch
Fitch Ratings said on Monday if Egypt secured funds from International Monetary Fund (IMF), it would be credit positive for Egypt. The international credit rating company has affirmed Egypt’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’ with a Stable Outlook. Egypt received on Saturday an IMF mission to conduct negotiations over a…
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Egypt Will Import 700,000 Tonnes of Sugar Over a Year – Cabinet
Egypt will import 700,000 tonnes of raw sugar over the coming year to preserve the commodity price on the market and to fill the gap between consumption and production, said the cabinet on Sunday. Prime Minister Sherif Ismail met with ministers of Finance, Supply and Social Solidarity and decided to purchase two million tons of…
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Egyptians Will Soon Be Able to Purchase Dollars At Unified Rate – Sisi
President Abdel Fattah al-Sisi said that Egyptian would “very soon” be able to purchase U.S. dollars at a unified rate, Reuters reported. The gap between Egypt’s official and unofficial dollar rates hit its widest ever last week as the central bank’s official rate stood at EGP 8.78 to the dollar, while it reached EGP 13…
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South Africa’s Nedbank shares surge on Ecobank returns
Shares in South Africa’s Nedbank jumped 7 percent on Monday after the lender reported rises in income from interest, fees and commissions and its associate Ecobank returned to profit in the first half of the year. Nedbank, a unit of Anglo-South African financial conglomerate Old Mutual, reported its lowest half-year earnings growth in six years…
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Tanzania $3.5 bln Uganda oil pipeline to finish in 2020
Tanzania plans to complete construction of a crude oil pipeline from Uganda in 2020 at an estimated cost of $3.5 billion, its energy ministry said on Monday. Uganda said in April it would build a pipeline, to ship out crude from its fields in the Albertine rift basin, through Tanzania rather than Kenya, which had…
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Kenya’s reforms to increase liquidity
Kenya plans to offer five Treasury bonds for sale in the first quarter of its 2016/17 (July-June) fiscal year, with tenors ranging from two years to 15 years, the National Treasury said on Monday. The finance ministry said it had shifted to publishing a quarterly rather than monthly issuance calendar as part of reforms meant…
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South African motorists need not worry about petrol strike
Production at South Africa’s oil refineries has continued despite an indefinite strike by workers demanding higher wages, the petroleum association said on Monday, while fuel retailers urged motorists not to panic. Around 15,000 members affiliated to Chemical, Energy, Paper, Printing, Wood and Allied Workers union (CEPPWAWU) launched the strike on Thursday, demanding a 9 percent…