DAKAR, Dec 20 (Reuters) – Africa’s efforts to supply more of
its booming demand for fuel are being dashed by fierce
competition from foreign oil refiners and traders flooding the
$80 billion market with imports.
African governments want more oil refineries to cut fuel
import bills and get better value from the continent’s own
LIBREVILLE/DAKAR, Dec 3 (Reuters) – Gabon expects economic
growth to accelerate to 7.8 percent and a budget back in surplus
in 2014 as higher gold and manganese output adds to oil revenue,
according to a bond issue prospectus.
But no decision will be made on developing its giant Belinga
iron ore project until 2015, suggesting the central African
country will remain deeply reliant on oil which now accounts for
more than 40 percent of GDP.
DAKAR/LUANDA, Nov 29 (Reuters) – Investors are stepping up
the hunt for hundreds of billions of dollars worth of oil
beneath a deep submerged salt crust offshore West Africa,
seeking to emulate Brazil’s major discoveries across the
Geologists have long held that Africa’s western seabed
mirrors South America’s. The continents were fused into a single
plate nearly 200 million years ago.
LOMPOUL, Senegal (Reuters) – Encircled by moon-lit sand dunes, desert blues band Tamikrest from Mali’s northern city of Kidal was the headline act at a Sahel music festival this weekend, held seemingly light years away from unrest in the group’s native country.
The six-man Tuareg band strummed out mellow, hypnotic electric-guitar driven ballads on the themes of suffering and kinship in the local Tuareg language Tamashek.
LONDON/DAKAR, Nov 24 (Reuters) – Global trading giant
Trafigura has raised $500 million via a stake sale in its Puma
unit, showing that private traders will favour partnerships with
selected investors over public share offerings as a way to raise
“The company believes private ownerships is the right type
of ownership for us. There is no active consideration of an IPO
for Puma,” a company source said.
DAKAR/LONDON (Reuters) – Swiss industrial group Klesch has agreed that Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) will supply crude oil to its German refinery in a deal worth hundreds of millions of dollars a month that boosts the bank’s drive to increase its commodities business.
New regulations have forced many of the biggest banks in commodities to scale back their activities, especially proprietary trading.
GENEVA/DAKAR (Reuters) – Switzerland said it had opened an investigation into Argor-Heraeus, one of the world’s largest gold refiners, for suspected money laundering and complicity in war crimes.
The probe follows a criminal complaint filed by Swiss NGO TRIAL on November 1 which accused the refiner of processing close to three tons of gold sourced from an armed group in the Democratic Republic of Congo.
GLION, Switzerland (Reuters) – The sign on the door with a stick figure of a man overlaid with a big “X” will have to go now that the last Swiss finishing school, bending to economic reality and social change, is accepting men.
The Institut Villa Pierrefeu, located on a hill above Lake Geneva, is the last in a line of institutions that struggled to shake their image as “schools for princesses” after Diana Spencer, who later became Lady Diana, attended one in the same canton.
GENEVA, Oct 17 (Reuters) – Trading giant Louis Dreyfus
Commodities said on Thursday it has entered a joint venture
agreement with Brooklyn Kiev LLC to develop and manage a
multi-commodity terminal in Odessa as it expands in one of the
world’s top grain exporters.
While Louis Dreyfus is already active in shipping grains
from the Black Sea – a region which accounts for about a quarter
of global wheat volumes – the terminal will help it to compete
with rivals such as Bunge which already has an export
GENEVA/FRANKFURT (Reuters) – Two leading European Central Bank policymakers said they saw no need now for the ECB to make fresh long-term loans to banks, playing down the prospect of any immediate action to tackle moves in money market rates.
The comments from Benoit Coeure, a member of the ECB’s Executive Board and generally seen as a policy dove, and the hawkish Bundesbank chief, Jens Weidmann, suggest there is little urgency on the Governing Council for a new splurge of liquidity.