Africa

Financial News

Gold Fields Profit Drops 36% as Output Falls and Asset Sales Not Repeated Gold Fields Ltd., Africa's second- biggest gold producer, said third-quarter profit fell 36 percent after gains from the sale of assets in the previous three months weren't repeated and output declined following power cuts.

South African Rand Declines Against Dollar for the Week as Stocks Slump South Africa's rand fell against the dollar this week, snapping a six-week advance, as equity-market losses around the world sapped investor demand for higher- yielding assets.

Tiger Brands' Adcock Ingram Business Agrees to Pay Price-Fixing Penalty Tiger Brands Ltd. said its Adcock Ingram healthcare unit will pay a fine of 53.5 million rand ($6.9 million) after acknowledging charges of price fixing.

South African Stocks: DRDGold, Tiger Brands, Pioneer Foods, Impala Move South Africa's FTSE/JSE Africa All Share Index fell from a record, losing 17.33, or less than 0.1 percent, to 32,136.15. The measure still gained 4.5 percent this week.

Tongaat Says Fire Destroys Sugar Stores at Refinery in Port City of Durban Anglo American Plc's Tongaat Hulett Ltd., South Africa's second-biggest sugar producer, said a fire destroyed two stores and damaged a third today at its refinery in the eastern port city of Durban.

South African Foreign Currency Reserves Decline 0.3% in April, Bank Says South Africa's gold and foreign currency reserves fell 0.3 percent in April, the first decline in 18 months, as the bullion price declined.

DRDGold Third-Quarter Profit Jumps 56% After Metal Price Climbs to Record DRDGold Ltd., South Africa's fourth- biggest gold producer, said third-quarter profit jumped 56 percent after the price of the metal rose to a record.

Nigeria Says No Extra OPEC Meeting Unless Conditions in Oil Market Change Nigerian Petroleum Minister of State H. Odein Ajumogobia said there are no plans for an extra OPEC meeting before September because there's enough supply of oil.

General News

MMC'S $3 Billion Aluminum Smelter in Saudi Arabia Will Get Low-Cost Power MMC Corp. said its $3 billion aluminum project at Jazan Economic City in Saudi Arabia will benefit from low-cost power after the government agreed to supply subsidized fuel to a power plant.

Beirut Gun Battles Kill 10 as Hezbollah Challenges Prime Minister Siniora Gun battles raged across western and southern Beirut, leaving 10 people dead, as fighters from the Shiite group Hezbollah pressed their party's challenge to Lebanon's pro-Western government.

Al-Qaeda in Iraq Leader Al-Masri Wasn't Held in Raid, U.S. Military Says The U.S. military said a man detained in northern Iraq wasn't al-Qaeda's purported leader in the country, Abu Ayyub al-Masri.

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