05272016Fri
Last update: Fri, 27 May 2016 11am

Middle East & Africa

Markets - Commodities - Middle East & Africa

Egypt's GASC says no need for new ergot guarantees before wheat tender ABU DHABI: Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Tuesday it did not need to give further guarantees on the maximum level of ergot fungus allowed in imports after statements made on Sunday. "Suppliers are free to offer or not if any future tenders are announced," Mamdouh Abdel Fattah, GASC's vice chairman, told Reuters. "The agriculture minister said on Sunday very clearly that shipments that pass tests abroad at port of origin will pass tests here," he added. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

South Africa's Kumba Iron Ore's FY profit falls 66pc JOHANNESBURG: South Africa's Kumba Iron Ore's reported a 66 percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient. Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled 11.8 rand in the year to end December compared with 34.3 rand a year earlier.Headline EPS is the main gauge of profit in South Africa and strips out certain one-off items.Iron ore prices ...

Markets - Commodities - Middle East & Africa

Ivorian cocoa arrivals seen at 1,104,000 T by Feb. 7 ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast had reached around 1,104,000 tonnes by Feb. 7 from the start of the season on Oct. 1, exporters estimated on Monday, down from 1,141,000 tonnes during the same period of the previous season. Exporters estimated around 41,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Feb. 1 to Feb. 7 down from 48,000 tonnes during ...

Markets - Commodities - Middle East & Africa

Ivorian cocoa arrivals seen at 1,104,000 tonnes by Feb. 7 ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast had reached around 1,104,000 tonnes by Feb. 7 from the start of the season on Oct. 1, exporters estimated on Monday, down from 1,141,000 tonnes during the same period of the previous season. Exporters estimated around 41,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Feb. 1 to Feb. 7 down from 48,000 tonnes during ...

Markets - Commodities - Middle East & Africa

Egypt seeks to reassure wheat market after two cancelled tenders CAIRO: Egypt sought to reassure wheat markets over its import requirements on Sunday after weeks of confusion over the allowed limits of a fungus rattled traders and prevented its state grain buyer from purchasing wheat in two successive tenders.Egypt, the world's largest importer of wheat, has sent confusing messages to exporters in recent weeks, with agriculture authorities demanding a zero tolerance level for ergot, a common grains fungus, that traders say is impossible to guarantee.In ...

Markets - Commodities - Middle East & Africa

Anglo, BHP Billiton seen hardest hit by commodities slump JOHANNESBURG: Anglo American and BHP Billiton are expected to report far weaker earnings following the commodity price slide than their rivals among the top five global miners. The global commodity rout, which has seen crude oil and copper prices hit multi-year lows this year, has forced Anglo, Glencore and Vale SA to sell assets and cut dividends and capital spending to preserve cash and reduce debt. Within the five top miners, Rio Tinto is seen ...

Markets - Commodities - Middle East & Africa

Egypt says in talks to import 3mn tonnes of wheat ABU DHABI: Egypt's state grain buyer, the General Authority for Supply Commodities, said on Tuesday it was in negotiations to secure a supply contract of 3 million tonnes of wheat. "Negotiations are ongoing now for the import of 3 million tonnes outside of the tender process," Mamdouh Abdel Fattah, Vice Chairman of GASC, told Reuters. GASC made the statement after traders said no offers were made at a tender to import wheat earlier on Tuesday, ...