Category: INTERNATIONAL
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South African strike could hit oil refineries- union
South African energy workers plan to strike from Thursday(today) over wages, potentially affecting crude oil refineries and fuel depots, the Chemical, Energy, Paper, Printing, Wood and Allied Workers Union (CEPPWAWU) said yesterday. Around 23,000 workers in the petrochemical and pharmaceutical sectors are expected to down tools, Clement Chitja, head of collective bargaining, said. “We want a…
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London:Shell misses expectations with 70 percent earnings plunge
Royal Dutch Shell (RDSa.L) reported a more than 70 percent fall in quarterly profit on Thursday, well below analyst estimates, blaming weak oil prices, poor refining profits and higher charges resulting from its $54 billion acquisition of BG Group. Shell’s current cost of supplies — its definition of net income — came to $1 billion…
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Asia:SoftBank first-quarter profit flat, signs of sharp Sprint recovery seen
SoftBank Group Corp (9984.T) reported flat first-quarter operating profit as solid earnings for its domestic telecommunications business offset losses at U.S. unit Sprint Corp (S.N). While the U.S. carrier posted wider losses in quarterly earnings this week, it also said it expected to be cash flow positive in the next financial year. “Sprint has been…
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Asia:Nikkei falls as Bank of Japan meets
Shares in Japan have fallen with investors remaining cautious as the country’s central bank meets to discuss monetary policy. The Bank of Japan’s news conference on Friday will be watched closely any news of further stimulus measures. The benchmark Nikkei 225 index closed down 1.13% at 16,476.84. Shares in export-related companies fell as the yen…
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Samsung profits boosted by smartphone sales
Strong smartphone sales have helped Samsung Electronics post its best quarterly results in more than two years. Second-quarter operating profit jumped 18% to 8.1tn Korean won ($7.17bn; £5.46bn), in line with the company’s guidance issued in July. Operating profit at its mobile division soared 57% year-on-year to 4.3tn won. That is mainly driven by strong…
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UK still ‘attractive’ post Brexit as it invests £275m
GlaxoSmithKline is to invest £275m to expand its UK manufacturing sites, saying the country remains “an attractive location” despite Brexit. The pharmaceutical firm, whose chief executive Sir Andrew Witty backed the Remain campaign, said the UK’s skilled workforce and competitive tax system helped drive the decision. It said most of the products made at the…
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Facebook profits beat expectations
Facebook has posted another exceptional quarter of growth, with profit up 186% from this time last year. Facebook earned $2bn (£1.5bn) in the period from April to June, up from $719m in 2015. Analysts had anticipated revenue of $5.8bn, but the company managed to beat even those high expectations bringing in $6.4bn in revenue. Chief…
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Nigeria: Criticism Trails CBN’s Decision to Hike MPR to 14%
The Central Bank of Nigeria(CBN), yesterday, jerked up its Monetary Policy Rate (MPR)to 14 per cent, attracting criticism from business experts who predicted that the hike will lead to increased corporate failures, unemployment and decline in the nation’s stock market. At the end of its Monetary Policy Committee (MPC) meeting in Abuja yesterday, the CBN,…
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Nigeria:India’s Bharti Airtel blames Nigerian losses as Q1 net profit drops 31 pct
India’s largest telecom network operator, Bharti Airtel Ltd, reported a 30.8 percent fall in first-quarter net profit on Wednesday, blaming an adverse foreign exchange impact in Nigeria, although it beat analysts’ estimates. Consolidated net profit fell to 14.62 billion rupees ($218 million) in the quarter ended June 30, from 21.13 billion rupees last year, the…
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Egypt: More Electricity, Less Fuel, Lower Cost
GE has completed an upgrade at the Nubaria power plant in Egypt that is being implemented for the first time in the Middle East and African, and the third time globally. The upgrade was implemented on two GE heavy duty 9FA gas turbines that will help Egypt boost power generating capacity before the summer spike in electricity…