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| Tullow Oil reports Kenya exploration success Tuesday, Jul 02, 2013 11:55 PM PDT  By Andrew Callus LONDON (Reuters) - Africa-focused Tullow Oil Plc hailed a "very successful" exploration programme in frontier oil country Kenya on Wednesday, reporting a strong well test flow rate and doubling its estimates of the depth of the oil resource in the basin. In the first half 2013 trading statement it also announced confirmation of a new oil discovery at its Etuko prospect in the southern part of the Lokichar basin, and said its Sabisa-1 well in Ethiopia had established that the hydrocarbon system there was oil prone. ... Full Story | Top |
| Obama's Power Africa backer calls weak competition an investment incentive Tuesday, Jul 02, 2013 11:53 PM PDT  By Drazen Jorgic DAR ES SALAAM (Reuters) - Nigerian businessman Tony Elumelu, who backed President Barack Obama's Africa Power initiative with a $2.5 billion investment pledge, said on Tuesday the lack of competition in the continent's nascent power sector makes it an investment gem. Obama's $7 billion plan to shine "light where currently there's darkness" in Africa by doubling access to power on the world's poorest continent, will be backed by another $9 billion in private sector money. ... Full Story | Top |
| Malaysian, Tanzanian firms sign $800 mln ammonia plant deal Tuesday, Jul 02, 2013 11:45 PM PDT DAR ES SALAAM (Reuters) - Malaysia's Huchems Fine Chemical Corporation has signed a memorandum of understanding with two Tanzanian firms to invest $800 million in a new ammonia plant following huge discoveries of natural gas in the east African country. Huchems, a unit of the South Korean chemical manufacturer with the same name, signed the deal for the plant with Gro Energy and Infotech Investments of Tanzania on June 29. "The plant will be located in Tanzania and will utilise the country's abundant natural gas resources. ... Full Story | Top |
| Pennsylvania girl who got lung transplants recovering from more surgery Tuesday, Jul 02, 2013 08:41 PM PDT (Reuters) - A 10-year-old Pennsylvania girl with cystic fibrosis who sparked a national debate about child access to organ donations that led to two lung transplant operations was in recovery on Tuesday after surgery to repair her diaphragm, her family said. Sarah Murnaghan had been left off an adult transplant list because of an age restriction and became eligible only after a judge's order. She had her first lung transplant on June 12, but complications forced a second transplant within days. ... Full Story | Top |
| Former FBI Director Freeh to probe BP spill claims payouts Tuesday, Jul 02, 2013 03:36 PM PDT  (Reuters) - Former FBI Director Louis Freeh will investigate possible misconduct by a lawyer involved in making payments to settle claims by people and businesses affected by the BP spill in the Gulf of Mexico in 2010, the judge in the spill damages case said on Tuesday. Freeh, who recently stepped down as trustee for collapsed brokerage MF Global Holdings Ltd and previously led an internal investigation into the Penn State University sex abuse scandal, was named a "special master" by Judge Carl Barbier, who is hearing the civil case over the spill in New Orleans federal court. ... Full Story | Top |
| French energy minister fired for speaking out of turn Tuesday, Jul 02, 2013 03:05 PM PDT  PARIS (Reuters) - French President Francois Hollande fired his energy and environment minister Delphine Batho on Tuesday for publicly criticizing cuts to her budget. Hollande, whose poll ratings are slumping amid spiraling unemployment and moribund growth, appears increasingly determined to assert his authority over the government while pushing through spending cuts to trim the budget deficit. Foreign Minister Laurent Fabius said other ministers should take note. "There was an obvious problem of coherence within the government," he told the iTele news channel. ... Full Story | Top |
| Wall Street slips in volatile session Tuesday, Jul 02, 2013 02:05 PM PDT  By Angela Moon NEW YORK (Reuters) - U.S. stocks edged lower on Tuesday, erasing earlier gains as the S&P 500 met resistance around its 50-day moving average, a level the index has not been able to close above for the past two weeks. Among the S&P 500's 10 sectors, the energy sector index rose 0.2 percent after crude oil prices hit a nine-month high as turmoil in the Middle East unsettled investors. The S&P's industrial sector index fell 1.1 percent and ranked as the biggest decliner. The major U.S. ... Full Story | Top |
| Some forms of IVF linked to risk of autism, mental disability Tuesday, Jul 02, 2013 01:15 PM PDT By Kate Kelland LONDON (Reuters) - Couples who have certain types of fertility treatment have a higher chance of having a child with autism or learning difficulties - although the overall risk is still extremely small, scientists said on Tuesday. The experts said couples should not consider abandoning or avoiding in-vitro-fertilization (IVF) on the basis of their research findings. ... Full Story | Top |
| Prosecutors consider trial for ex-Vatican bank managers: sources Tuesday, Jul 02, 2013 12:16 PM PDT By Paolo Biondi ROME (Reuters) - Rome prosecutors are considering requesting that two directors of the Vatican bank who resigned on Monday be sent to trial on suspicion of authorizing illegal financial transactions, judicial sources said on Tuesday. The Vatican bank's director general, Paolo Cipriani, and its deputy director, Massimo Tulli, left after the arrest of a senior cleric who is accused of plotting to smuggle 20 million euros ($26 million) into Italy from Switzerland. A spokesman from the Vatican bank, known formally as the Institute for Works of Religion (IOR), declined to comment. ... Full Story | Top |
| Oscar-winning filmmaker to challenge Azeri president in vote Tuesday, Jul 02, 2013 10:11 AM PDT By Lada Evgrashina BAKU (Reuters) - Azerbaijan's embattled opposition named an Oscar-winning screenwriter on Tuesday as its candidate to challenge President Ilham Aliyev's decade-long rule in an October election. Rustam Ibragimbekov's huge popularity will go some way to open up the election race in the oil and gas-producing former Soviet republic, but analysts said Aliyev was still expected to win. Ibragimbekov co-wrote "Burnt by the Sun", which tells the story of a Soviet army officer and his family during the Stalinist purge and won the best foreign language film Oscar in 1994. ... Full Story | Top |
| French energy minister sacked after row over budget Tuesday, Jul 02, 2013 09:21 AM PDT PARIS (Reuters) - France's energy and environment minister Delphine Batho was dismissed on Tuesday, the president's office said, after she publicly criticized cuts to her ministry's budget for 2014. Socialist Party lawmaker Philippe Martin was named as her successor. Earlier on Tuesday, Batho told RTL radio she disagreed with a plan to cut the environment ministry's budget by 7 percent next year as the government battles to cut public spending by 14 billion euros to avoid its deficit veering off course. (Reporting by Elizabeth Pineau; Writing by Nathalie Huet) Full Story | Top |
| South African coal exports rise to 5.3 mln T in June Tuesday, Jul 02, 2013 08:08 AM PDT  JOHANNESBURG (Reuters) - South Africa's Richards Bay Coal Terminal (RBCT) exported 5.3 million tonnes of coal in June compared with 4.35 million tonnes the previous month, RBCT data showed on Tuesday. South Africa - a major exporter of coal to power stations in Europe and Asia - had 2.85 million tonnes of stock at the terminal at the end of June, RBCT said. Coal producers in South Africa include Anglo American, BHP Billiton, Exxaro, Optimum Coal and Xstrata. Full Story | Top |
| Russia loses $200 million satellites as launch ends in flames Tuesday, Jul 02, 2013 08:01 AM PDT  By Dmitry Solovyov ALMATY, Kazakhstan (Reuters) - A Russian rocket carrying three navigation satellites worth around $200 million crashed shortly after lift-off from the Russian-leased Baikonur launch facility in Kazakhstan on Tuesday after its engines suddenly switched off. The accident led to a large spill of heptyl, a highly toxic rocket propellant, but there were no reports of casualties or of any immediate threat to nearby settlements. State-run Rossiya-24 television showed footage of the Proton-M booster rocket veering off course seconds after take-off. ... Full Story | Top |
| Top banker takes on City watchdog to clear name of market abuse Tuesday, Jul 02, 2013 07:38 AM PDT  By Clara Ferreira-Marques and Clare Hutchison LONDON (Reuters) - One of London's most prominent bankers begins a battle this week to overturn a 2012 fine for market abuse, in a high-profile case likely to test Britain's newly beefed-up regulator. Ian Hannam was famous in financial circles as a so-called rainmaker at JP Morgan - his presence alone enough to bring in clients, money and respect. But the former soldier, known for his bulging contacts book and knack for a new idea, fell foul of the City watchdog last year and was hit by a fine of 450,000 pounds. ... Full Story | Top |
| AFRICA INVESTMENT: Can Obama's Africa Power plan hold a candle to China? Tuesday, Jul 02, 2013 05:58 AM PDT By Ed Stoddard JOHANNESBURG (Reuters) - U.S. President Barack Obama's $7 billion plan to shine "light where currently there's darkness" in Africa by doubling access to power on the world's poorest continent was billed as a highlight of his African tour. He announced the Power Africa initiative in Cape Town on Sunday in a speech which he also urged the fast-growing but still troubled region to follow the shining example of South Africa's anti-apartheid hero Nelson Mandela. But Obama's proposal, which aims to partner U.S. ... Full Story | Top |
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