Business

Somali businessman kidnapped in South Africa

Johannesburg, South Africa - (Horn Observer) Somali businessman was reportedly kidnapped in the South African capital in Johannesburg, the latest in a string of attacks against the Somalis in South Africa.

Djibouti government slams DP World dispute court case in London

Djibouti - Dibouti government slammed the decision by the dispute court in London filled by the UAE's DP world over their port, saying they have nothing to do with that court case or is not in agreement with DP World.

Somalia to investigate dead fish found in its shores

MOGADISHU, Somalia - Somalia government on Wednesday that its investigating dead fish seen in Mogadishu shores and vows to take DNA tests for the Somalia fish to combat the illegal fishing, Sonna reported.

Somalia to export first shipment of Banana to Saudi Arabia

MOGADISHU (Horn Observer) Somalia on Wednesday announced the resumption of its banana export for first time in decades, officials said, in what many say is encouraging step to the Somali businesses to get their products sold.

IMF reforms clear last hurdle with US adoption

The US Senate has adopted long-awaited reforms to give emerging economies a greater say in how the International Monetary Fund (IMF) is managed. China's voting rights will rise to 6%, from 3.8% and IMF resources will double to about $660bn (£440bn).This is the biggest shake-up since the IMF and…

EU renegotiations: Pathway for deal found - Cameron

David Cameron has said there is a "a pathway to a deal" on new terms for Britain's membership of the EU after talks with other leaders, the prime minister set out his reform demands, which include controversial plans to curb access to benefits for migrants, at a dinner in Brussels.

GSK pays $1.4bn for next generation of HIV treatments

GlaxoSmithKline has ended a frenetic week for the pharmaceutical sector with a $1.4bn (£939m) takeover of HIV drug development assets from Bristol-Myers Squibb. ViiV Healthcare, GlaxoSmithKline's HIV business, will acquire two operations specialising in late stage treatments and early phase medicines.

Shell to face Nigeria oil spill lawsuit

A Dutch judge has ruled that a court in the Netherlands should hear a case against Royal Dutch Shell brought by four Nigerian farmers, the farmers and fishermen want Shell to clean up oil spills in four villages in the Niger Delta and pay compensation. the latest ruling overturns a decision that was…

Ukraine halts $3bn Russia debt repayment

Ukraine will not repay a $3bn debt owed to Russia by this weekend, claiming Russia has refused to accept repayment terms already offered to other international creditors, the moratorium means that Ukraine is likely to default on the debt, which is due on Sunday.

Brazil dam collapse: Judge blocks BHP Billiton and Vale assets

A federal judge in Brazil has blocked the assets of mining giants BHP Billiton and Vale in the country over the deadly collapse of a dam, the joint-venture company they own, Samarco, does not have enough resources to cover the potential damages, estimated at 20.2bn reais ($5.2bn; £3.4bn), the judge…