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An Oil Giant Is Still Burning Through Its Cash Pile

An Oil Giant Is Still Burning Through Its Cash Pile

It was meant to be a given that a rebound in oil prices would slow the depletion of Saudi Arabia’s foreign-currency reserves. That hasn’t happened yet, and economists are wondering why. Net foreign assets held by the Saudi central bank have fallen by an average $6.5 billion a month over the past year, and now […]

Ivory Coast Plays Blame Game for Cocoa Crisis in Top Grower

Ivory Coast Plays Blame Game for Cocoa Crisis in Top Grower

Ivory Coast’s cocoa regulator pointed to speculators and prospects for a glut as the reason for a slump in futures that forced the nation to cut the price it pays farmers. There was something it didn’t blame: Itself. Le Conseil du Cafe-Cacao also said a volatile pound and defaults by local exporters contributed to a […]

Samsung’s Sleek S8 Has Curved Screen, Facial Recognition

Samsung’s Sleek S8 Has Curved Screen, Facial Recognition

  Samsung Electronics Co. knows it needs to get its new flagship smartphone right. Apart from making sure the gadget won’t cause bodily harm, the company packed it with a plethora of new features: taller, curved screens, encrypted facial recognition, deeper display colors, system-wide voice control and the ability to turn into a desktop computer. The […]

Sterling Drops as May Signs Brexit Trigger for Process to Begin

Sterling Drops as May Signs Brexit Trigger for Process to Begin

  Sterling fell in early Asian trading as investors brace for the start of the two-year negotiation for the U.K. to leave the European Union. The pound fell as much as 0.6 percent to 1.2377 per dollar, and was the worst performer among the Group-of-10 which saw muted trading. Some funds left it late in […]

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps

Ivory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower. “With cocoa prices falling, we have some new budget constraints,” government spokesman Bruno Kone said by phone from the commercial capital, Abidjan, on […]

IMF Holds Talks With Zambia Over Possible Aid Programme

IMF Holds Talks With Zambia Over Possible Aid Programme

  The International Monetary Fund (IMF) said on Friday it held talks with Zambian authorities over the possibility of an aid programme, and said there was a range of facilities available for the southern African country. Zambia began talks with the IMF in March 2016 about a potential aid package after agreeing the budget deficit […]

The Laptop Ban and What It Means for Air Travel: QuickTake Q&A

The Laptop Ban and What It Means for Air Travel: QuickTake Q&A

Middle East airports and passengers are grappling with new U.S. and British rules barring laptops and other electronic gadgets in carry-on luggage. Both governments prohibited large electronic devices in the cabins of flights headed to their countries. In announcing the rules, officials cited security reasons but didn’t supply many specifics. 1. Is this type of […]

Nigeria Has Floated Naira “Within a Range”-Emefiele

Nigeria Has Floated Naira “Within a Range”-Emefiele

Nigeria has floated the naira “within a range” against the dollar, central bank governor Godwin Emefiele said on Tuesday. The naira, held around 305 per dollar for almost a year, was recently effectively devalued for certain categories of the population, though the central bank continues to tightly manage the rate. He didn’t say what the […]

Dangote Cement Faces Disruptions in Ethiopia Over Jobs Plan

Dangote Cement Faces Disruptions in Ethiopia Over Jobs Plan

Ethiopian regional officials are demanding foreign cement producers including Dangote Cement Plc hand control of some parts of their businesses to groups of unemployed youths. The Nigerian company, controlled by Africa’s richest man, Aliko Dangote, and others such as Saudi billionaire Mohammed al-Amoudi’s Derba MIDROC Cement Plc, should allow the youth to run their pumice […]

Allan Gray Signals Net1 Shareholder Revolt Over South Africa Grants Debacle

Allan Gray Signals Net1 Shareholder Revolt Over South Africa Grants Debacle

Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders’ meeting over the payment technology provider’s handling of the scandal over a South African welfare contract. South Africa’s Constitutional Court was set to rule on Friday in a case concerning the unlawful tender of a contract […]