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OPEC Oil Output Hits Record On Iraq, Libya Boost: Reuters Survey

OPEC Oil Output Hits Record On Iraq, Libya Boost: Reuters Survey

OPEC’s oil output is likely to reach its highest in recent history in September, a Reuters survey found on Friday, as Iraq boosted northern exports and Libya reopened some of its main oil terminals. The increase comes despite lower output in top exporter Saudi Arabia and this week’s agreement by the Organization of the Petroleum […]

Samsung Urges Note 7 Users To Switch Off Phones And Turn Them In

Samsung Urges Note 7 Users To Switch Off Phones And Turn Them In

  Samsung Electronics Co Ltd (005930.KS) on Saturday urged users of its Galaxy Note 7 phones to turn in their handsets as soon as possible as part of a recall aimed at limiting the damage caused by the fire-prone devices. The world’s top smartphone maker said last week it would exchange all Note 7 phones […]

EU Finds Volkswagen Broke Consumer Laws In 20 Countries: Die Welt

EU Finds Volkswagen Broke Consumer Laws In 20 Countries: Die Welt

The European Commission has found that Volkswagen (VOWG_p.DE) broke consumer laws in 20 European Union countries by cheating on emissions tests, German daily Die Welt reported, citing Commission sources. Among them are the Consumer Sales and Guarantees Directive — which prohibits companies from touting exaggerated environmental claims in their sales pitches — and the Unfair […]

S.African Minister Tells Eskom To Release Coal Contracts Report To Treasury

S.African Minister Tells Eskom To Release Coal Contracts Report To Treasury

South African Public Enterprises Minister Lynne Brown said on Tuesday she had asked state-owned power utility Eskom to immediately provide a report required by the Treasury, which is investigating the utility’s coal contracts. Brown said she was concerned a public row between the Treasury and Eskom could lead to the utility being downgraded by credit […]

Samsung, Tencent Surge In Race To Become Asia’s Most Valuable Firm

Samsung, Tencent Surge In Race To Become Asia’s Most Valuable Firm

Tencent Holdings Ltd (0700.HK) and Samsung Electronics Co Ltd (005930.KS) are racing to be crowned Asia’s most valuable company as expectations for robust earnings growth push their share prices to record highs. Their surge – both have gained by a third this year – has made them the world’s best performing large-cap tech stocks and […]

Pfizer Seals $14bn Takeover Of Cancer Drug Specialist Medivation

Pfizer Seals $14bn Takeover Of Cancer Drug Specialist Medivation

Pharmaceutical giant Pfizer has bounced back from its failed merger with Allergan by buying cancer drug maker Medivation for $14bn (£10.7bn). Pfizer, the second-largest US pharma company and the maker of Viagra, had been looking for a deal since its $60bn merger with Dublin-domiciled Allergan collapsed earlier this year. The company had sought to reduce its […]

South Africa’s Rand, Stocks Weaker After Hawkish Fed Comments

South Africa’s Rand, Stocks Weaker After Hawkish Fed Comments

South Africa’s rand retreated for a third consecutive session on Friday to its weakest level in a week against the dollar while stocks also fell, both assets pressured by signs the U.S. central bank could still lift rates this year. By 1600 GMT the rand had slid 0.9 percent to 13.5065 per dollar, following a […]

Africa’s Farmers Fret Over Brexit Amid Calls To Boost Regional Trade

Africa’s Farmers Fret Over Brexit Amid Calls To Boost Regional Trade

African countries must trade more between themselves to be better equipped to deal with shocks in the global economy such as that caused by Britain’s vote to leave the EU. Speakers at a forum on the sidelines of the 14th UN Conference on Trade and Development (Unctad) said enhanced intra-African trade would reduce poverty and […]

Nike To Exit Golf Equipment Business

Nike To Exit Golf Equipment Business

Nike Inc (NKE.N), the world’s biggest sportswear maker, said it would stop selling golf equipment, including clubs, golf balls and bags. The company, which built its golf business on the success of golfer Tiger Woods, said it would instead accelerate innovation in its golf footwear and apparel business and on partnering with more golfers. Nike […]

FG Kick-Starts Steel Development, Takes Ownership Of Ajaokuta

FG Kick-Starts Steel Development, Takes Ownership Of Ajaokuta

    ….signs modified agreement with GSHL on NIOMCO The Federal Government  on Monday took a major step in its plan to revitalise the steel sector as it signed a renegotiated concession agreement with Global Steel Holdings Limited for the Nigerian Iron Ore Mining Company (NIOMCO), Itakpe. By the new agreement, Ajaokuta Steel Complex has […]