09292016Thu
Last update: Thu, 29 Sep 2016 01am

Middle East & Africa

Markets - Commodities - Middle East & Africa

Mozambique's coal mines shed 4,000 jobs as coal price drops JOHANNESBURG: Nearly 4,000 coal miners have lost their jobs in Mozambique's Tete province over the past year as mining firms such as Brazil's Vale cut back due to lower prices, the African nation's state news agency said on Thursday. Vale, which operates an open cast coal mine in the northwestern part of one of the world's poorest countries, shed 2,348 workers, said the head of Tete province's mineral resources department Portasio Aurelio. Lower coal prices have forced mining companies to cut costs and the province has lost 3,937 jobs in the past year, Aurelio added. Unless the coal price recovers, companies will face further losses, he said, adding taxes collected from mining companies have declined in the first half of the year to a fraction of the government's target. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Egypt's GASC announces international tender for raw sugar CAIRO: Egypt's General Authority for Supply Commodities (GASC) said on Wednesday it is seeking raw sugar in a tender. The deadline for submitting bids is Aug. 25 and the sugar is sought for arrival between Oct. 15-30, the head of GASC said. Offers are to be made on a cost and freight basis with a minimum offer of 50,000 tonnes. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Top price of Kenya's best tea rises at auction NAIROBI: The highest price of the best Kenyan tea grade Best Broken Pekoe Ones (BP1s) rose at this week's sale, Africa Tea Brokers said on Tuesday.Kenya is the world's leading exporter of black tea and the commodity is its leading foreign exchange earner. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Nigeria cuts 2016/17 cocoa forecast due to black pod, higher costs ABUJA: Nigeria has cut its cocoa output forecast for 2016/17 by up to 10 percent to 300,000 tonnes after rain exposed trees to black pod disease and as farmers struggle with higher cost, the head of the country's cocoa association said on Friday."We were expecting Nigeria to get up to 340,000 tonnes but we are now projecting between 300,000 to 305,000 tonnes (for 2016/17)," Sayina Riman, Cocoa Association of Nigeria (CAN) president, told Reuters. In ...

Markets - Commodities - Middle East & Africa

Egypt sets buying price for local rice, maintains export ban CAIRO: Egypt said on Wednesday it would pay its farmers 2,300-2,400 Egyptian pounds ($259-$270) per tonne for rice during the harvest season that starts this month and continue to ban exports of the grain. Egypt is planning to buy 2 million tonnes of paddy rice during the harvest and store it in reserve to avoid a repeat of the subsidised rice shortage and price spikes that racked the country over the past year.The price of ...

Markets - Commodities - Middle East & Africa

Egypt public prosecutor says $70mn worth of local wheat falsely claimed CAIRO: Egypt's general prosecutor said on Sunday that local wheat suppliers worked with government employees to falsely claim 621 million Egyptian pounds ($69.93 million) worth of grain that does not exist. Egypt has been embroiled in a controversy over its local wheat supplies, with grains industry officials claiming that over 2 million tonnes of the 5 million tonnes of locally procured wheat in this harvest may exist only on paper. Egypt's general prosecutor has ordered ...

Markets - Commodities - Middle East & Africa

Egypt's GASC says buys 60,000 tonnes Russian wheat DUBAI: Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Tuesday it had bought 60,000 tonnes of Russian wheat in a tender. The wheat, which is for Sept. 11-20 shipment, was purchased at an average price of $177.09 a tonne cost and freight, vice chairman Ahmed Youssef said. Traders gave the following breakdown of the purchase: Midgulf: 60,000 tonnes of Russian wheat at $168.90 a tonne free-on-board and $8.19 a tonne ...