Pfizer seeks to quash Nigerian drug test report

(Reuters) - Pfizer has asked a Nigerian court to disregard an experts' report into drug tests it conducted on Nigerian children in 1996 and which are now the subject of four court cases, the company said on Friday.

The Nigerian federal government and the northern state of Kano are suing Pfizer for a total of about $8.5 billion in damages and also pressing criminal charges over what they say was unethical testing of Trovan, an antibiotic drug.


Read more at Reuters Africa

Noble says actively looking to buy assets

(Reuters) - The company also said it had temporarily suspended its
share repurchase program, citing uncertainty about costs
related to a probe of its Nigerian affiliate.




In June, Noble said it is investigating whether its
Nigerian unit made illegal payments to customs agents while
trying to get permits to bring drilling equipment into Nigerian
waters.


Read more at Reuters.com Bonds News

Nigeria to cut sugar imports to 30 percent by 2010

(Reuters) - Nigeria should cut sugar imports in the next three years to cover 30 percent of its usage as it aims to become 70 percent self-sufficient through local production of the sweetener, authorities said on Monday.

The National Sugar Development Council said the inflow of 120.3 billion naira in new investment in the last eight years, 99.5 billion naira of which came from abroad, has helped revive the formerly moribund sector.


Read more at Reuters Africa

Brent Crude Oil Rises Above $78 a Barrel, Reaching 11-Month High in London

(Bloomberg) -- Brent crude-oil futures traded above
$78 a barrel in London for the first time since Aug. 9 as
maintenance shutdowns limited North Sea supplies and violence in
Nigeria curbed its oil exports.

The August Brent contract rose as high as $78.02 a barrel and
was trading at $78 a barrel, up 43 cents, at 8:38 a.m. on London's
ICE Futures exchange. Brent has averaged $64.56 so far this year
for contracts closest to delivery, after averaging $66.11 last
year, $55.25 in 2005 and $38.04 in 2004.


Read more at Bloomberg Energy News

CORRECTION: Oil eases from 11-month high, supply worries

(Reuters) - SYDNEY - Oil prices edged lower on Monday after reaching an 11-month high late last week, as light post-weekend profit-taking was limited by concerns over U.S. fuel supplies, Nigerian crude shipments and North Sea maintenance.




London Brent crude , currently seen as a better indicator of the global market, eased 14 cents to $75.48 a barrel by 0637 GMT, within sight of Friday's $76.01 peak and near its all-time high of $78.65 a barrel one year ago on August 8.


Read more at Reuters.com Business News

Gold, Silver Rise in Asia as Oil Costs Spur Demand for Inflation Hedge

(Bloomberg) -- Gold and silver gained in Asia on
speculation that rising energy costs will boost demand for the
precious metal as a hedge against inflation.

Crude oil in New York traded near 10-month high after
rising yesterday on concern unrest in Nigeria may curb shipments
and breakdowns at U.S. refineries may slow fuel production. Some
investors buy gold to hedge against accelerating consumer prices.


Read more at Bloomberg Commodities News

Nigerian Gunmen Kidnap 3-Year-Old British Girl, Port Harcourt Police Say

(Bloomberg) -- Nigerian gunmen kidnapped the 3-year-
old daughter of a British expatriate on her way to school, a
police spokesman said.

The girl was taken from her car by armed gunmen in the
southern oil city of Port Harcourt, Nigerian police spokesman
Haz Iwendi said. More than 200 expatriates have been kidnapped
since the start of last year by militants and other criminal
groups in Nigeria's main oil-producing region.


Read more at Bloomberg Energy News

UPDATE 1-Proposed Nigerian ministers named, no portfolios

(Reuters) - The names were read out in the Senate, which under the
Nigerian constitution, must screen and approve the nominees
before they take up their posts. Senate President David Mark
said the screening would start next Tuesday.




It is unlikely that the portfolios intended for the nominees
will be detailed until the end of the screening process.


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Oil dips on expected US stockbuild, Nigeria supply

(Reuters) - Oil prices eased on Tuesday amid swelling U.S. inventories and hopes that Nigerian exports could rise, but held above $71 after a series of U.S. refinery outages during the peak summer demand season.

London Brent crude, currently seen as the best benchmark for global oil prices, slipped 19 cents to $71.17 a barrel by 0309 GMT, after gaining 18 cents on Monday. U.S. light, sweet crude dipped 4 cents to $69.14 a barrel.


Read more at Reuters Africa

Oil slides nearly 1 pct as Nigerian strike ends

(Reuters) - Oil prices fell by more than half a dollar to below $71 a barrel on Monday as Nigerian unions ended a strike that had threatened to disrupt oil exports.

Benchmark London Brent crude for August fell 64 cents or 0.9 percent to $70.54 a barrel by 0636 GMT. The contract touched a 10-month high of $72.25 a barrel early last week as dealers fretted over the potential impact of the general strike.


Read more at Reuters Africa

Oil Rises as Nigeria's Government Fails to Reach an Accord to End Strike

(Bloomberg) -- Crude oil rose after the government
of Nigeria failed to reach an agreement with unions to end a
three-day-old general strike in the largest oil-producing country
in Africa.

Yesterday, oil unions withdrew workers from export terminals
in a bid to halt shipments and intensify pressure on the new
administration of President Umaru Yar'Adua. About a third of the
nation's output was already halted by political and criminal
violence. The strike comes during the summer driving season, when
U.S. fuel consumption peaks.


Read more at Bloomberg Energy News

Crude Oil Falls on Expectations U.S. Will Report Rising Gasoline Supplies

(Bloomberg) -- Crude oil fell from near a nine-month
high amid expectations U.S. gasoline stockpiles will rise.

A U.S. Energy Department report today will probably show the
country's gasoline supplies grew last week for the seventh straight
week, according to analysts surveyed by Bloomberg News. Crude rose
5.7 percent over the past five sessions before a general strike
started today in Nigeria, Africa's biggest oil producer.


Read more at Bloomberg Energy News

Asian stocks up, yen mired near lows

(Reuters) - Oil prices eased despite fears over a strike by Nigerian unions. Brent crude futures drifted but remained just under $72 a barrel.




Gold held firm, hovering around $660 an ounce after rising to its highest in nearly two weeks the previous day.


Read more at Reuters.com Hot Stocks News

Oil Approaches $70 for First Time in Nine Months on Nigeria Strike Plans

(Bloomberg) -- Crude oil in New York approached $70
a barrel for first time since September after Nigerian unions
planned a strike this week, threatening supplies from Africa's
biggest oil producer.

Oil production is likely to be affected during the strike as
Nigeria's two main oil unions plan to participate, a labor leader
said. Nigeria produces low-sulfur, or sweet, crude oil, prized by
U.S. refiners because of the high proportion of gasoline it
yields. New York oil reached a record $78.40 a barrel on July 14
on concern that Middle East unrest would cut oil shipments.


Read more at Bloomberg Commodities News

Oil hits 10-month high above $72 a barrel

(Reuters) - Oil surged above $72 a barrel on Monday to a 10-month high as a general strike loomed in Nigeria and attacks on oil installations cut more supply from the world's eighth largest exporter.

Low U.S. gasoline inventories at a time of peak summer demand, a possible oil workers' strike in Brazil next month and OPEC's reluctance to boost oil output are also helping to boost the market, analysts said.


Read more at Reuters Africa

Environment, governance shapes African bank lending

(Reuters) - The majority of banks in South Africa are taking into account issues such as the environment and government corruption when they lend money, a joint United Nations-South African study said on Thursday.

Environmental, social and governance (ESG) issues have become factors in credit risk assessments for 70 percent of banks in South Africa and a quarter of those in Nigeria -- the continent's two largest economies -- the study said.


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Nigeria's Oil Production Fell 2.3 Percent in February, Central Bank Says

(Bloomberg) -- Oil production in Nigeria, Africa's
biggest producer, fell 2.3 percent in February, the central bank
said.

The west African country produced 2.15 million barrels per
day in the month, compared with 2.20 million barrels in January,
the Abuja-based Central Bank of Nigeria said today on its Web
site. Total output for the month was 60.2 million barrels,
compared with 68.2 million barrels in the previous month, it
said.


Read more at Bloomberg Energy News

Oil holds at $68 ahead of expected US stock builds

(Reuters) - Oil prices held at $68 a barrel on Wednesday in London ahead of U.S. inventory data expected to show rising crude and fuel stocks.

London Brent crude traded up 14 cents at $68.27 a barrel by 0300 GMT, after tumbling $1.58 on Tuesday on U.S. refinery restarts and easing concerns over Nigerian shipments.


Read more at Reuters Africa

Nigeria hikes local pump prices before handover

(Reuters) - The Nigerian government unexpectedly raised the pump price of fuel by 15 percent to 75 naira per litre on Sunday, an unpopular move that comes just three days before President Olusegun Obasanjo steps down.

The price hike, implemented at service stations without any official announcement, is likely to cause an immediate crisis for the incoming government of Umaru Yar'Adua, who takes over on Tuesday.


Read more at Reuters Africa

Oil Rises on Signs N.Y. Prices Fell Too Far, Nigeria Oil-Worker Kidnapping

(Bloomberg) -- Crude oil rose in New York on
speculation that yesterday's 2.4 percent drop in prices was
larger than justified, and after oil workers were kidnapped in
Nigeria, Africa's biggest producer.

``Some recovery is to be expected after the huge move we had
yesterday,'' said Tom Bentz, an oil broker with BNP Paribas Inc.
in New York. ``There are still plenty of bullish factors to be
concerned about. There are more kidnappings in Nigeria and
threats of strikes and violence, the Iran situation simmers and
gasoline supplies are tight.''


Read more at Bloomberg Energy News