The loss is combined from its corporate service unit and its three refineries. The total annual loss was consistent with the company's continuing monthly loss over the past year. Nigeria, as Africa's biggest economy and largest oil producer, has been greatly suffered the oil prices fall.
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African coffee producers suffer from low prices
The increasing output in Brazil and falling prices are posing a major challenge to African coffee producers. Coffee exports revenues are a major source of income for several African nations. The coffee production in Brazil is forecast to reach 52 million of bags in 2016 from 43.2 million bags in 2015.
Public spending propels Africa's fastest growing economy Ethiopia
The east African nation Ethiopia is poised to grow at 8.1 percent in 2016 from 8.7 percent growth in 2015. This makes Ethiopia a fastest growing nation in the world. The government spending on infrastructure projects is mainly driving the economy growth.
VTech to acquire US toy maker LeapFrog
VTech Holdings said that it has entered into an agreement to acquire electronic toymaker LeapFrog in an all cash offer. The electronic learning toy maker will fund the acquisition with the internal resources.
Just Eat to buy Rocket Internet's online food delivery businesses
Just Eat said that it has agreed to purchase Rocket Internet's businesses in Italy and Spain as well as Mexican and Brazilian arms from Foodpanda. The company believe that the acquired assets will help it to broaden its vision.
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The leading steel company, ArcelorMittal, has no option but to raise money to pay off its huge debts. The company has resorted to issuing shares and selling off its minority stake in Gestamp, the Spanish auto-parts manufacturing company. The decision should fetch Lakshmi Mittal almost $4 billion - $3 billion from share issue and $1 billion from Gestamp - and reduce the debt burden to some extent.
Continental Automotive Systems has decided to recall almost 5 million vehicles worldwide after they detected flaws in air-bag deployment units. The supplier has already alerted its potentially affected customers and rolled out the recalling phase through automakers like Honda, Fiat Chrysler, and Mercedes-Benz.
Vivo, the trade name of Telefonica Brasil prepared a strategy in the worsening economy. The strategy is expected to increase sales and efficiency.
BEHL is going to purchase the leading German waste to energy recycler EEW for €1.44 Billion. The deal appears to be the largest ever Chinese direct investment in Germany. Following legal obligation, the transaction will be cleared under the German Foreign Trade and Payments Ordinance.
Apple has tasted the sweet of transforming iPhone apps to Android compatible versions through Apple Music in 2015. In addition to introduce versatile range of products, Apple CEO has announced the future plan in a company wide meeting. Analysts have presumed that Apple is considering every feasible mean to boost up revenue earnings.
LinkedIn on Thursday reported its fourth quarter earnings in 2015. The number is better than analyst expectation, but its stock dropped to 30% because of weaker earnings guidance that analyst forecasted.
Nestle has decided to acquire the remaining stake of 36.3% in Osem and take the Israeli food company fully private. An offer of $840 million has been made to buy out the shares, and a shareholder meeting has been scheduled in March which should reveal the final decision arrived at by the company.
The completion of the first stage will also begin the second and third stage of the project. Once finished this power plant will be the world's largest, providing electricity for 1.1 million people in Morocco. The project would also help reduce the country's dependence on imported energy source as well as reducing carbon emission.
The US Dollar plunged to its worst single day drop outside of the 1998 and 2008 crisis today due to speculation regarding 'no rate hike' policy that the Federal Reserve might be implementing for this year. The plunged however, cause a reversal effect helping oil price to increase and help boosting Asian stocks.
