Business

Mon,27Feb2017

Business

Nigeria says it is owed $12.7bn in undeclared oil exports

A man walks on oil pipelines near an oil flow station belonging to Agip Oil company in Obrikom, Nigeria. Photo: GEORGE OSODI/AP/SIPANigeria has said it is owed a total of $12.7bn by more than a dozen companies for allegedly not declaring exports of crude oil to the United States between 2011 and 2014, according to court documents seen by Reuters on Wednesday.

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Flour Mills of Nigeria targets more exports to Europe helped by a weaker naira

Egyptian workers load a truck with sacks of flour at a flour mill. Photo: Nasser Nasser/AP/SIPAFlour Mills of Nigeria has exported 10 percent of its locally processed soya bean products for the first time to feed mills in Europe and North Africa, its chairman said, helped by a weaker domestic currency.

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Kenya's cap on rates may hit commercial bank lending, central bank governor says

Kenya Central Bank Governor Patrick Njoroge in his office. Photo: Thomas Mukoya/ReutersKenya's commercial banks may stop extending loans to borrowers deemed higher risk after the government capped commercial lending rates and the central bank cut the benchmark interest rate, the central bank governor said Wednesday.

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Moody's says could downgrade South Africa rating if growth below forecasts

A Moody's sign on the tower of the World Trade Center in New York. REUTERS/Mike SegarThe probability of a credit rating downgrade for South Africa is about a third, Moody's said on Tuesday, warning however that a cut was likely if economic growth fell below its estimated growth of 0.2% this year.

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Private equity in Africa loses its shine

A general view of the lobby outside of the Carlyle Group offices in Washington. Photo: REUTERS/Jonathan ErnstMajor private equity firms have seen a number of top management departures in Africa, individuals familiar with the matter said, as the funds grapple with investments hurt by a weak economy.

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South African data supports Gordhan's dismissal of recession

Finance Minister Pravin Gordhan gestures during his address at a business summit in Sandton, South Africa, September 13, 2016. REUTERS/Siphiwe SibekoSouth Africa's current account deficit narrowed more than expected in the second quarter, data showed on Tuesday, supporting Finance Minister Pravin Gordhan's view that Africa's most industrialised economy was not in "recession territory".

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GSK sells anesthetics to South Africa's Aspen for up to $370m

The GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013. REUTERS/Luke MacGregor/File PhotoGlaxoSmithKline is to sell its portfolio of anesthetic drugs to South Africa's Aspen Pharmacare for up £280m ($372m) as part of a drive by the British drugmaker to focus on core therapy areas.

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