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Reuters

Glencore completes sale of majority stake in oil storage assets

29th December 2017 Diversified miner Glencore announced on Friday that it has completed the sale of a 51% interest in HG Storage International (HGSI) to HNA Innovation Finance Group, subject to certain regulatory approvals and closing conditions by US authorities. HGSI is a new vehicle which has consolidated... 

Chile expects copper production to increase 13.9% by 2028 – Cochilco

28th December 2017 Chile state copper commission Cochilco said on Thursday the country's production of the red metal would increase 13.9% over 2016 levels by 2028. Cochilco based its projection on the state of current and anticipated mining investments in the world's top copper producer, which it said would... 

South Africa trade surplus soars to R13bn in November

28th December 2017 South Africa's trade surplus soared to R13.02-billion ($1.06-billion) in November, its highest in a one-and-a-half years as exports of mineral and chemical products as well as commodities and vehicles grew briskly while imports were subdued. It was a big jump in the surplus from R4.34-billion in... 

Supply discipline and demand to prop up oil prices in 2018

28th December 2017 The Organisation of the Petroleum Exporting Countries (Opec) and Russia's efforts to curb oil output, combined with forecasts for strong global demand growth, are expected to keep crude prices close to $60/bl in 2018, a Reuters poll of analysts showed on Thursday. The survey of 32 economists and... 

Moody's downgrades Steinhoff deeper into junk on default fears

28th December 2017 Ratings agency Moody's on Thursday downgraded Steinhoff's debt deeper into 'junk' territory and warned further downgrades could follow due to mounting cash flow problems at the South African retail group. The company, majority owned by tycoon Christo Wiese, is fighting for survival following its... 

South Africa's rand hits 2-1/2 year high on bets on leadership change

28th December 2017 South Africa's rand on Thursday extended gains that have seen it soar to its firmest in two-and-a-half years, with investors believing a leadership change in the ruling party would spur an economic rebound. At 06:40 GMT the rand traded at 12.2650, inching 0.04% ahead in early trade following a... 

Nigeria says US agrees delayed $593m fighter plane sale

28th December 2017 The US has formally agreed to sell 12 Super Tucano A-29 planes and weapons to Nigeria, the West African country's air force said, confirming the resurrection of a deal frozen by the Obama administration over rights concerns. Former US President Barack Obama delayed the sale in one of his last... 

Congo Republic to cut 2018 spending by 9% as growth lags

28th December 2017 Congo Republic's government said on Wednesday it planned to cut spending next year by 8.6% to 1.38-trillion CFA francs ($2.5-billion), following a 45% cut to the 2017 budget this month, as it seeks an International Monetary Fund bailout. The economy has been badly hit by low oil prices and poor... 

Liberia presidential camps offer duelling predictions before first results

28th December 2017 Former soccer star George Weah's camp said on Wednesday he was set to win Liberia's presidential election run-off against Vice President Joseph Boakai but Boakai's camp said the contest was still too close to call ahead of the first official results. Liberians voted on Tuesday in a run-off for a... 

China's Shanxi urges coke makers to halt curbs to boost gas output – official

28th December 2017 Coke producers in China's Shanxi province have been urged by authorities to resume full output in an effort to produce more coke oven gas, a provincial government official told Reuters on Thursday. Coke oven gas is a by-product of coke production and oven gas can be treated and turned to... 

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