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Bloomberg Ethiopia’s nascent energy industry is gathering pace, with a unit of China Poly Group Corp. starting test output of crude oil in a volatile border region and the government estimating initial annual income of $1.2 billion when gas exports begin from the area. Oil and gas income will be a major boost to the landlocked Horn of Africa nation’s ...

Bloomberg The chairman of Libya’s National Oil Corp in Tripoli said he’s confident that the US and other world powers would help block authorities in eastern Libya from exporting any crude after militia captured key ports there. Forces loyal to Khalifa Haftar, a commander in the politically divided nation’s east, have handed over control of ports with a combined export ...

Bloomberg South Africa’s Department of Mineral Resources has issued a moratorium on new applications for petroleum exploration and development in order to change its licensing process. The restriction won’t affect applications received before the date of publication of the notice, which appeared in the online version of the Government Gazette on June 28 and was signed by Minister Gwede Mantashe. ...

Bloomberg German engineering group Robert Bosch GmbH plans to sell its packaging technology division that generated 1.3 billion euros ($1.5 billion) in sales last year to focus on its core business. The main pharmaceutical and food-packaging operations have insufficient synergies with the manufacturer’s other areas and can compete more effectively outside the group, Bosch said in an emailed statement. It ...

Bloomberg Shares of German shipping line Hapag-Lloyd AG plunged as much as 22 percent after the company cut its profit forecast for the year, as overcapacity in the industry combined with rising fuel costs to put a squeeze on profit. Danish rival A.P. Moller-Maersk A/S also fell on Hapag-Lloyd’s surprise profit warning. Container-shipping capacity has been growing faster than trade ...

Bloomberg The UK construction industry fared far better than previously thought during a snow-blighted first quarter, giving an unexpected boost to the economy. Building output fell 0.8 percent from the fourth quarter instead of the 2.7 percent drop estimated last month, the Office for National Statistics said. Overall economic growth was revised to 0.2 percent from 0.1 percent. Separate figures ...

Bloomberg German unemployment fell for the 12th consecutive month in June, suggesting that companies in Europe’s largest economy are relatively optimistic that the current slowdown won’t worsen. The number of people out of work declined by a seasonally adjusted 15,000 to 2.342 million, the Federal Labor Agency in Nuremberg said. Economists in a Bloomberg survey had predicted a drop of ...

Bloomberg In imposing sweeping tariffs, President Donald Trump is betting he can give domestic companies a boost while beating back foreign competitors. The problem is figuring out which one is which. About 40 percent of the cars and trucks that General Motors Co. sells in the US this year, for example, will be imported, according to researcher LMC Automotive. The ...

Bloomberg Mexicans head to ballot stations on Sunday to elect a president and they’re set to hand power to a left-wing leader for the first time in decades, in a revolt against entrenched corruption, crime and poverty. Andres Manuel Lopez Obrador appears headed for a landslide win that could also give him majorities in both houses of Congress — a ...

Bloomberg The party of ousted Malaysian PM Najib Razak has chosen his ex-deputy, Ahmad Zahid Hamidi, as its new president to lead reform after a shock election loss in May ended its six-decade rule. Zahid won with at least 78 votes in the first open contest for the presidency of United Malays National Organisation, Secretary-General Tengku Adnan Tengku Mansor told ...