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| EU must get credit flowing in struggling economies: EU's Rehn Wednesday, Oct 02, 2013 12:26 AM PDT  MADRID (Reuters) - The European Union must do more to get credit flowing in Spain and other southern member states, EU Economic and Monetary Affairs Commissioner Olli Rehn said in an interview published on Wednesday. Spain's economic prospects are improving "modestly", Rehn told Spanish newspaper Expansion, and that should lead to a gradual recuperation in credit, but this must be supported by policies. ... Full Story | Top |
| South Sudan cuts oil output estimate to 190,000 bpd due to clerical error Wednesday, Oct 02, 2013 12:21 AM PDT  JUBA (Reuters) - South Sudan revised down its crude oil output estimate by 50,000 barrels per day (bpd) to 190,000 bpd, petroleum minister Stephen Dhieu Dau said on Tuesday, after a clerical error. The government, which is struggling to build up effective state institutions and infrastructure after decades of civil war with Khartoum, put out the higher figure two weeks ago. "There was a tabulation mistake. This is the correct number," oil ministry spokesman Nicodemus Ajak Bior told Reuters by phone. ... Full Story | Top |
| Kenyan top grade tea prices dip at latest sale Wednesday, Oct 02, 2013 12:19 AM PDT  NAIROBI (Reuters) - The average price of Kenya's top grade Broken Pekoe Ones tea dipped to $3.97 per kg at this week's auction from $4.03 per kg last week, Africa Tea Brokers (ATB) said on Tuesday. Kenya is the world's top black tea exporter and tea is a leading foreign exchange earner in east Africa's largest economy. ATB said Best Broke Pekoe Ones sold at $3.10-$4.84 per kg, from $3.40-$4.65 per kg last week. Brighter Pekoe Fanning Ones (PF1s) fetched $2.20-$2.80 per kg, compared with $2.25-$2.90 per kg a week ago. Of the 104,558 packages on sale, 23.62 percent went unsold. ... Full Story | Top |
| IMF raises Ivory Coast growth forecast to 8.5 pct in 2013 Wednesday, Oct 02, 2013 12:16 AM PDT ABIDJAN (Reuters) - Ivory Coast's economy will expand by more than 8.5 percent in 2013, the International Monetary Fund said on Tuesday, revising a previous forecast of 8 percent on the back of growth in the construction, agriculture and service sectors. "This year we forecast growth above 8.5 percent due to the good management of the economy and sound direction of public finances. We think it could be 8 percent in 2014," Michel Lazare, who headed an IMF mission to the country, said. Full Story | Top |
| Ivory Coast to issue CFA-franc bond worth $300-$500 mln: PM Wednesday, Oct 02, 2013 12:15 AM PDT ABIDJAN (Reuters) - Ivory Coast will issue new CFA franc-denominated 7-year bonds worth $300 to $500 million on the euro market to finance internal debt repayments, the prime minister said on Tuesday. "They will be for a period of 7 years but for the moment we are in discussions to determine the right timing," Daniel Kablan Duncan told journalists. An advisor to the prime minister said the issuance would take place in 2014. West Africa's regional CFA franc currency is pegged to the euro. Full Story | Top |
| Algeria's new discoveries may double gas output, says minister Wednesday, Oct 02, 2013 12:14 AM PDT  By Lin Noueihed LONDON (Reuters) - Algeria expects to double its gas production in the next seven to 10 years after making a number of significant oil and gas finds in maturing and new fields, Energy and Mines Minister Youcef Yusfi said on Tuesday. OPEC oil producer Algeria is a major supplier of gas to nearby Europe, although strict licensing terms have seen major investments freeze up in recent years and oil and gas output begin to decline. But Yusfi said new discoveries and improved efficiencies meant Algeria was pumping crude oil at a rate of 1. ... Full Story | Top |
| IMF cuts Rwanda 2013 economic growth forecast to 6.6 pct Wednesday, Oct 02, 2013 12:11 AM PDT  KIGALI (Reuters) - Rwanda's economy is likely to expand 6.6 percent this year, the International Monetary Fund said on Tuesday, cutting its previous projection of 7.5 percent in a sign the suspension of aid flows last year had hurt growth. Growth may be picking up in the second half of the year on the resumption of some aid flows that had been withheld last year, the IMF said. International donors suspended aid over Rwanda's alleged backing of rebels in the neighbouring Democratic Republic of Congo. Kigali denies supporting the rebels. ... Full Story | Top |
| S.Africa's Marcus: concerned about economic impact of strike action Tuesday, Oct 01, 2013 11:58 PM PDT  JOHANNESBURG (Reuters) - South African Reserve Bank Governor Gill Marcus said on Tuesday she remained concerned about the impact of strikes on Africa's largest economy, although she welcomed the fact that labour unrest this year had been largely peaceful. South Africa was rocked by waves of wildcat strikes last year, particularly in the mining industry, that left scores of people dead and severely weakened foreign investor confidence in the country. ... Full Story | Top |
| South Africa's rand steady vs dollar, bonds weaker Tuesday, Oct 01, 2013 11:57 PM PDT  JOHANNESBURG (Reuters) - South Africa's rand was steady against the dollar on Wednesday after failing to take advantage of a struggling greenback, which has been on the back foot following the first partial U.S. government shutdown in 17 years. The rand was at 10.1450 to the dollar at 0604 GMT, barely changed from its close in New York on Tuesday. Although the dollar fell to an 8-month low on Tuesday after the U.S. Congress failed to agree on a bill that funds government operations, weak local PMI and vehicle sales data meant the rand ended the session lower. ... Full Story | Top |
| Poland determined to get compensation for Dreamliner glitches Tuesday, Oct 01, 2013 11:47 PM PDT  WARSAW (Reuters) - Poland is determined to get compensation from Boeing for the glitches haunting its 787 Dreamliner jets which are used by the country's state-controlled carrier LOT , its treasury minister said on Wednesday. "When it comes to Dreamliners I would say it's a rather nervous dream," Wlodzimierz Karpinski told Polish public radio in an interview. "I'm angry. There are problems not only for the Polish airlines. I want to ensure that we will seek compensation from the producer with full determination. ... Full Story | Top |
| Asian stocks edge higher, U.S. shutdown causes wariness Tuesday, Oct 01, 2013 11:45 PM PDT  By Saikat Chatterjee HONG KONG (Reuters) - The dollar came off an eight-month low and Asian markets edged higher on Wednesday as investors hoped the first partial U.S. government shutdown in 17 years will be short-lived and not snuff out a spreading but still tepid economic recovery. Because of the shutdown, investors may face a period when they cannot take cues from key U.S. government data, like the monthly jobs report which is due on Friday but might not come out. ... Full Story | Top |
| Senator: Pakistan central bank head says $25m cash smuggled out daily Tuesday, Oct 01, 2013 11:44 PM PDT By Katharine Houreld ISLAMABAD (Reuters) - The head of Pakistan's central bank has told legislators he believes $25 million in cash is being smuggled out through the country's airports every day, a senator said on Wednesday. Senator Nasreen Jalil told Reuters that the central bank governor singled out smuggling as one reason the Pakistani rupee had been falling in foreign exchange trading. Jalil said governor Yassen Anwar told a committee of parliament's upper house that he intended to try to stop the smuggling of large sums but that controls were weak. ... Full Story | Top |
| Tesco posts flat UK sales as turnaround plan struggles for growth Tuesday, Oct 01, 2013 11:43 PM PDT  LONDON (Reuters) - Tesco , Britain's biggest grocer that is 18 months into a recovery plan, posted flat quarterly sales in its home market on Wednesday, as 1 billion pounds ($1.62 billion) of investment failed to boost its fortunes. The country's biggest retailer and the world's third largest said sales at UK stores open over a year, excluding fuel and VAT sales tax, showed zero growth in the 13 weeks to August 24, its fiscal second quarter. That compared to analysts' forecasts in a range of flat to down 0.5 percent and does represent an improvement on a first quarter decline of 1 percent. ... Full Story | Top |
| ECB's Constancio says Europe's banks better than perceptions: FT Tuesday, Oct 01, 2013 11:40 PM PDT  FRANKFURT (Reuters) - Banks in Europe are not in as bad shape as markets commonly judge them to be, European Central Bank Vice-President Vitor Constancio was quoted as saying on Wednesday. The ECB is scheduled to take over supervision of the region's banks in about a year's time, and a bank resolution mechanism should follow in 2015. Before that, the central bank of the 17-member euro zone is due to conduct an asset-quality review, followed by stress tests, to ensure that banks enter common supervision in good health. ... Full Story | Top |
| U.S. court lifts block on competitor to AstraZeneca's Nexium Tuesday, Oct 01, 2013 11:30 PM PDT LONDON (Reuters) - A U.S. court has lifted a temporary block stopping South Korea's Hanmi Pharmaceutical from launching a close relative of AstraZeneca's Nexium stomach-acid drug in the United States. AstraZeneca said on Wednesday that the U.S. Court of Appeals for the Federal Circuit had removed the temporary injunction on Hanmi's esomeprazole strontium product that had been imposed last month while a legal dispute continues. ... Full Story | Top |
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