Economy

Poor harvests drive up Burundi inflation in January

Burundi's year-on-year inflation jumped to 12.9% in January from 9.6% in December after a drop in food harvests, official data showed on Thursday.

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Crude oil rises after report shows drop in stockpiles

Oil futures climbed nearly 1% on Thursday after data showed a surprise decline in US crude stocks as imports fell, supporting the view that a global glut is ending.

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Exxon revises down oil and gas reserves

US oil major, ExxonMobil Corp, has revised down its proved crude reserves by 3.3 billion barrels of oil equivalent as a result of low oil prices throughout 2016, a company filing showed on Wednesday.

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ARM Cement to boost Kenya plant capacity

ARM Cement plans to expand grinding capacity at its one million ton-a-year plant in Kenya by 50% over the next year to meet rising demand, its Chief Executive said.

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Mondi's 2016 profit rises, see challenges ahead

South African paper and packaging company, Mondi's 2016 underlying profit rose, helped by good performance in all its businesses despite pricing pressure in a number of key paper grades.

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Barclays to pay millions to split from African business

Barclays has agreed to pay Barclays Africa nearly $1 billion to fund investments needed for it to split from its African business, paving the way for the British bank to cut its stake to below 50%.

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Gabon oil workers’ strike at Maurel et Prom Gabon fields

Workers in Gabon have gone on strike at the Maurel et Prom Gabon SA oilfields halting production of 28 000 barrels per day, Sylvain MayabiBinet, Deputy Secretary General of the National Organisation of Petroleum Employees, said.

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Glencore reports 18% 2016 core profit rise

Miner-trader Glencore reported an 18% increase in 2016 profits, buoyed by a rebound in commodities, and said the company had never been so well-positioned financially, meaning it was ready for small acquisitions or big dividends.

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SA's Bidcorp CFO says can tap about $1.2 bln for M&A

South Africa's Bid Corporation (Bidcorp) can tap as much as 1 billion Pounds for acquisitions of other food service groups, the firm's Head of Finance said on Thursday without giving more detail.

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Barclays gets surprise core capital boost as profit climbs

Barclays reported a surprise increase in its core capital ratio on Thursday, as the bank took advantage of its rising profits to put money aside for expected demands on its cash from legal issues and worsening global market conditions.

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