Nigeria's state-owned oil company has failed to pay the government $25bn (£17.5bn) over five years, the nation's fiscal commission has said.

It includes $15bn that the nation's auditor general last week said the Nigerian National Petroleum Corporation (NNPC) failed to pay in 2014 alone.

Oil revenue accounts for roughly two-thirds of the government's funding.

President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.

In a statement, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), an independent body, said: "Records at the Commission's disposal indicate that between January 2011 and December 2015, the total indebtedness of NNPC to the Federation Account was 4.9 trillion naira."

Previous allegations

Under the current set-up, the NNPC hands over its oil revenue and money is then paid back based on a budget approved by parliament.

The state oil giant has been mired in corruption allegations and losing money for many years.

Last month, the government announced that the NNPC would be broken up into seven different companies.

A separate audit ordered under former President Goodluck Jonathan and carried out by global accountancy firm PwC, found that the NNPC had failed to pay the government $1.48bn between January 2012 and July 2013.

Nigeria is Africa's biggest oil producer, but the economy has suffered because of the recent decline in the price of oil.

Source: bbc.com

The US Federal Reserve has decided to keep interest rates at between 0.25% and 0.5%.

The central bank said the labour market was strengthening, but it was still looking for inflation to reach its 2% target and expected the US economy to continue to "expand at a moderate pace"

The US central bank last raised rates in December, saying it expected to raise rates four times in 2016.

It now says it expects to raise rates just twice this year.

"Proceeding cautiously will allow us to verify that the labour market is continue to strength given the economic risk from abroad," said the Chairman of the Federal Reserve, Janet Yellen, speaking at a press conference after the announcement.

In a statement issued on Wednesday, the Fed's Open Market Committee - which decides the level of interest rates - said that while the US economy was seeing some improvement, weaker global markets were having a dampening effect.

"Household spending has been increasing at a moderate rate, and the housing sector has improved further; however, business fixed investment and net exports have been soft," the committee said.

Analysis: Michelle Fleury, North American Business Correspondent

As one Fed watcher put it, this amounted to easing of monetary policy.

The Federal Reserve scaled back the number of times it expects to raise interest rates this year, warning that global economic and financial developments continue to pose risks.

Fed officials publish their forecasts for the central bank's key interest rate on a chart known as the "dot plot".

By pencilling in just two hikes this year - instead of the four assumed back in December - they were sending a message: they think the US needs more time to recover.

Fearing that financial markets might get ahead of themselves, Chair Janet Yellen in her new conference warned that the "dot plot" was not a promise and that policy was not on a pre-set course.

A message that may not have got through given the reaction on the S&P which closed at a high for this year.

An unexpected rise in underlying US inflation has led many investors to view June as month when the Fed will raise rates.

The Fed said its target of 2% inflation could be reached over the medium term, however, due to the effect of falling oil prices.

Labour market

Inflation and the job market have been the two key factors in the Fed's decision to raise rates.

The US labour market has been improving. The unemployment rate fell bellow 5% in January. Ms Yellen stressed that the labour market participation rate - which measures the number of people looking for work - had also improved, a further sign of a strengthening economy.

Ms Yellen stressed that "policy is not on a pre-set course" and would change "as shocks positive or negative affected [economic] forecasts".

In December, the Fed downgraded its growth expectations for the US economy from 2.4% to 2.2%.

Oil prices

Energy prices have been a significant factor in the Fed's decision.

The price of oil has risen from an 11-month low of below $30 a barrel to just under $40.

Ms Yellen said this had eased concerns about the health of some companies and foreign markets that rely on oil production.

At the same time lower oil prices have allowed US households to spend in other areas.

Source: bbc.com

Apple has said sorry to iPhone customers whose phones were disabled after third-party repairs, and issued a fix for the problem.

Some users found that their iPhone stopped working following servicing by a non-Apple technician and saw an "error 53" message in iTunes.

Previously, Apple had said the error was a "security measure" taken to prevent fraudulent transactions.

Now, the company has released a software update to fix the error.

In a statement, Apple said that "error 53" occurs when a device fails a standard security test designed to ensure that the Touch ID fingerprint scanner is working correctly.

However, the company added: "We apologise for any inconvenience, this was designed to be a factory test and was not intended to affect customers.

"Customers who paid for an out-of-warranty replacement of their device based on this issue should contact AppleCare about a reimbursement."

A software update has now been released so that iPhone customers with disabled phones may restore their device via iTunes on a PC or Mac.

Apple 'prodded'

"To me, there was a lot of logic in what they said around the 'error 53' element," said mobile analyst Ben Wood at CCS Insight.

"If you're using your fingerprint to unlock sensitive data or make payments and there was the ability for someone to replace the screen and modify the module to take control of your phone - that's not a good thing at all."

Mr Wood added that Apple faced something of a backlash over the error after it appeared "retrospectively" on repaired phones following a software update, and was not something iPhone users had expected.

Apple had even faced a class action lawsuit led by a Seattle-based firm over error 53-disabled phones.

"I think it's a sensible decision by Apple," he told the BBC.

"If they've found a way to allow people to do repairs to the phone without that error occurring, that's great news."

Some customers praised the company's decision on Apple's discussion forums.

"Perhaps my sentiment of a week ago or so (that I would not buy an iPhone 6), which generated so much complaining by people with huge numbers of posts, in its small way helped to prod Apple into fixing this," wrote one user, risandy, following news of the fix.

"Glad to see Apple have back-tracked on this one," added Jay 75.

Source: bbc.com

The airline industry has called on the Thai government to address problems at the country's main airport in Bangkok.

The International Air Transport Association (Iata) says Suvarnabhumi airport has inadequate capacity and substandard taxiways.

The criticism follows safety warnings last year from another air industry organisation about Thailand's regulation and inspection of airlines.

The government has set up two bodies to oversee airports and airlines.

However, it has asked for more time to meet international standards.

Suvarnabhumi airport was opened nearly ten years ago. It is Thailand's main international gateway but Iata says it is now operating beyond its capacity, and needs to be expanded.

Backbone of tourism

"Aviation is critical to Thailand's economic success. It is the backbone of the tourism industry and provides critical global business links," Iata's director general Tony Tyler said in Bangkok.

"It is in jeopardy, however, unless key issues of safety, capacity and costs are addressed urgently."

The organisation urged the Thai authorities to fix the problem of 'soft spots' in poor quality tarmac at Suvarnabhumi airport, where airliners sometimes got stuck and had to be pulled out.

Mr Tyler said a permanent solution was needed. "There seems to be a constant resurfacing with a temporary patchwork of asphalt reinforcements. Frankly, that is not good enough.

"The runway and gate downtime that results from constantly fixing (and re-fixing) them is unacceptable.

"Moreover the situation is a safety risk. The extraordinary power that aircraft need to use around soft spots and extra-towing expose ground personnel, ground equipment and the aircraft to safety risks.

'Deeply disappointing'

He also highlighted the issue of lack of capacity at the airport. He said the Phase Two terminal expansion was badly needed and should be fast tracked.

"For runway capacity, immediate capacity increases can be achieved through addressing the "soft spots" issue which will allow existing capacity to be used fully. But a third runway will be needed eventually. So it is important that work and preparations for a three runway system continue," he added.

Thailand is already struggling to address last year's warnings from the United Nation's International Civil Aviation Organisation (ICAO), about a shortage of inspectors to check safety procedures among Thai airlines.

The US Federal Aviation Administration (FAA) subsequently downgraded its safety rating of Thailand's aviation authority, finding that Thailand did not comply with the ICAO's safety standards.

Iata said it was "deeply disappointing" that the organisations had raised safety concerns about Thailand as a country.

It said the oversight concerns raised in both the ICAO and the FAA reports should be addressed by the Thai government "thoroughly and urgently".

The airport's operator, Airports of Thailand, has said it has come up with several measures to improve the runways using concrete and expand capacity. These are awaiting government approval.

"We have prepared short- to medium- and long-term plans to solve the problems," said Sirote Duangratana, general manager of Suvarnabhumi Airport.

Source: bbc.com

A recent rise in oil prices is a "false dawn" and the oversupply of crude is set to worsen, according to the International Energy Agency (IEA).

The IEA expects oil stocks to grow by two million barrels a day in the first quarter and 1.5 million barrels a day in the following three months.

In January, Brent crude hit a 13-year low of $27.67. It recovered a bit, but on Tuesday was down 7.2% at $30.50.

But that is still a long way from the $112 level reached in June 2014.

The IEA forecast that stock building could continue in the second half of 2016 at a rate of 300 million barrels a day. It said: "If these numbers prove to be accurate, and with the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term."

Meanwhile demand for oil is expected to weaken. The IEA forecasts that demand growth will fall to 1.2 million barrels a day this year, from the 1.6 million barrels a day seen in 2015, the IEA said.

The think tank also questioned whether the recent rise in prices was a "false dawn" and concluded that a number of conditions increased the risk of weak oil prices.

These included doubts that Opec, the oil cartel, was in talks with other oil producing nations to reduce supply.

It also quashed speculation that Opec nations would cut output this year, stating that output from Iraq reached a new record in January. Iran has increased production ahead of sanctions being removed and preliminary data suggested that Saudi Arabia's shipments had increased.

Source: bbc.com

China's foreign currency reserves plunged by $99.5bn in January, the People's Bank of China reported.

China has been running down its vast foreign currency reserves in an attempt to boost the value of its own currency and stem a flow of funds overseas.

At $3.23 trillion, China still has the world's biggest reserve of foreign currency holdings.

But that has declined by $420bn over six months and stands at the lowest level since May 2012.

"While the remaining reserves still represent a substantial war chest, the mathematics around this rapid pace of depletion in recent months is simply unsustainable for any length of time," said Rajiv Biswas, Asia Pacific Chief Economist, IHS Global Insight.

Investor fear

The Chinese authorities fear a rapid devaluation of their currency, as it could destabilise the economy.

Many Chinese businesses hold debt in dollars and managing those debts with a severely weakened yuan could cause problems and some companies to fail.

So China has been trying to engineer an ordered devaluation of the yuan, but that is proving hard to deliver.

Investors have been trying to pull funds out of investments priced in yuan and speculators have been betting on further falls in the currency.

To stabilise the situation China has been selling dollars and buying yuan.

And it has been using other tactics, including curbing currency speculation and ordering offshore banks to retain their reserves of yuan.

Commenting on the decline, veteran economist, George Magnus noted that there is "confusion" over China's foreign currency policy.

"Clearly this can't go on for long," he tweeted, referring to the fall in currency reserves.

Source: bbc.com

HSBC has reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices that contributed to the financial crisis.

The agreement includes a $100m fine and $370m in consumer relief to borrowers.

Investigations began in 2010 after HSBC was found to be signing off foreclosure documents without proper review.

In a statement, the bank's chief executive Kathy Madison called the agreement a "positive result."

The consumer relief will require the bank to cut the loan amount on mortgages for homeowners close to default. HBSC will also be required to change internal practices like foreclosing on homeowners who are being considered for a loan modification.

"The agreement is part of our ongoing effort to address root causes of the financial crisis," said the head of the Justice Department's Civil Division Benjamin Mizer.

The deal settles claims with 49 states, the District of Columbia and the federal government.

HSBC's agreement is similar to deals that were given to US banks including JP Morgan and Bank of America in 2012.

Source: bbc.com

The atmosphere in John Mutau's coffin-making workshop feels sombre.

Coffins ready for the market are lined up across the room, leaving little space for his workbench.

But even in this environment, the young coffin-maker still affords an infectious smile.

Based in the city of Mutare, in eastern Zimbabwe, he is quick to say that coffin-makers are not as heartless as many people in the country think they are.

Instead, he says, with an air of importance in his voice: "We actually want to make decent burials affordable."

The 28-year-old is one of a number of young Zimbabwean entrepreneurs who in recent years have gone into coffin-making, after recognising that it remains a lucrative industry because of Zimbabwe's continuing high rate of Aids-related deaths.

While this may seem exploitative to some people, the new entrants say they are simply helping to meet a need, especially - they add - because their coffin prices are usually much cheaper than the country's established big funeral parlours.

Discarded wood

Despite Aids-related deaths having fallen by more than two thirds in Zimbabwe since 2001, as a result of education campaigns and the increased availability of free antiretroviral drugs, more than 60,000 people a year still die because of the virus, according to the country's National Aids Council.

Meanwhile, the United Nations says that Zimbabwe has the fifth highest prevalence of HIV in sub-Saharan Africa, with an infection rate of 15%. This equates to 1.4 million people, and 15% of adults.

Currently only 618,000 of these infected Zimbabweans - less than one third - have access to the antiretroviral treatments.

To keep his costs down, Mr Mutau makes his coffins predominantly from wood discarded by local timber companies.

This means that his coffins can cost as little as $40, compared with between $200 and $2,000 at the large, decades-old funeral director businesses.

Still, Mr Mutau admits that he, and the other new entrants, have their critics.

Many people think we celebrate death but we don't," he says.

"We are here to provide cheap coffins to the bereaved families."

Mr Mutau ventured into coffin making in 2005, but he admits that it was his business of last resort.

"I never dreamed of becoming a coffin-maker, but I need to feed my family," he says.

"There are no jobs out there. I get up to $500 per month selling coffins."

While Mr Mutau mostly works alone, if business is busy he brings in extra workers.

Another coffin-maker plying his trade in Mutare is 30-year-old Gift Olesi.

He went into the industry back in 2005 after he lost his job at a local timber company that was scaling down its operations due to falling sales.

Despite complaints from some people that he charges too much, Mr Olesi says he made a conscious decision to target the middle class, and so only makes coffins for more than $250.

"I get at least $900 a month, and I am able to feed my family," he says.

'Good nutrition'

While the new breed of coffin-makers is assisting the bereaved families of people who have died from Aids, other businesses are trying to help people with HIV or early stage Aids while they are still alive.

Green World Zimbabwe, a Harare-based company that manufactures herbal medicines and nutrition supplements, helps people with HIV start their own businesses selling its products.

It also markets its supplements to people with HIV.

Osmond Tafadzwa Chakauya, the company's senior consultant, says: "Yes some people living with HIV are getting antiretroviral drugs, but for the drugs to work they need good nutrition. Hence we provide such supplements."

So far the business has helped train up to 3,000 independent sales people, of which 1,000 have HIV.

Yet Phyllis Muloyi, who has been living with HIV for 18 years thanks to her antiretroviral drugs, cautions that such business support schemes mean little if people with HIV cannot get funding from a bank, something she says can be very difficult indeed.

Jephias Mundondo, an independent HIV/Aids campaigner, says that due to the increased availability of the drugs, banks should only be looking at the likely strength of someone's business, and his or her ability to run and grow it, not the fact that they have the virus.

Source: bbc.com

Yahoo is cutting 15% of its workforce as the company pursues an "aggressive strategic plan" to return to profitability.

The job cuts will reduce the number of its employees to about 9,000 by the end of 2016.

The announcement came as Yahoo reported a $4.3bn (£3bn) loss for the year.

In a statement, chief executive Marissa Mayer said: "This is a strong plan calling for bold shifts in products and in resources."

She added that it would "dramatically brighten our future and improve our competitiveness, and attractiveness to users, advertisers, and partners."

The head-count reduction is the latest part of Ms Mayer's attempt to turn around the troubled internet company, which is struggling to compete against the likes of Facebook and Google.

Marissa Mayer has been chief executive at Yahoo since 2012

Cost-cutting

In December, the company announced it was reversing a plan to sell its stake in the Chinese e-commerce site Alibaba, and would instead look to spin off its core internet business.

Ms Mayer was forced to change course on the Alibaba sale following pressure from several activist investors.

The focus on cutting costs and raising profits is being seen as the latest sign that the company is becoming more serious about selling its core internet business.

But some analysts are sceptical.

"They can slim down to improve profitability, but they are in an industry that is growing and they're not," said Martin Pyykkonen, managing director at Rosenblatt Securities.

"If the core business was really a valuable asset someone would have come and tried to buy it already," he added.

Under pressure

As well as shedding much of its workforce, Yahoo plans to sell of some of its product lines - such as Yahoo TV and Yahoo Games - so that it can focus on its search business, email and Tumblr blogging site.

It is also closing offices in Dubai, Mexico City, Buenos Aires, Madrid, and Milan.

That should lead to "modest and accelerating growth in 2017 and 2018," the company said.

Yahoo has estimated the cutting back of its product line alone could generate $1bn.

Ms Mayer has been under pressure from investors to step down as chief executive.

"We would like to see a higher stock price, and we think Marissa and her current management team have become a hindrance to that," said Eric Jackson, managing director of SpringOwl.

Yahoo's shares fell 1.4% in after hours trading.

Source: bbc.com

Apple has reported the slowest growth in iPhone sales since the product's 2007 launch and warned sales will fall for the first time later this year.

The US tech giant sold 74.8 million iPhones in its fiscal first quarter, compared with 74.5 million a year ago.

Apple said revenue for the next quarter would be between $50bn (£34bn; €46bn) and $53bn, below the $58bn it reported for the same period a year ago.

This would mark Apple's first fall in revenues since it launched the iPhone.

Despite first-quarter iPhone sales being below the 75 million expected by analysts, it was still a record quarter for the company.

Apple revenue in the three months to 26 December was $75.9bn and net profit was $18.4bn, both of which are the highest ever recorded by the company.

Sales of iPhones accounted for 68% of the company's revenue in the period.

Any other company announcing record profits and revenues might expect a warm welcome from investors. But now that Apple has scaled so many peaks the worry is that the only way is down - and there's evidence in these figures to back up those concerns.

Sales of the iPhone, surely the single most profitable product any company has produced, were basically flat. What's more, the revenue outlook for the next three months indicates we can expect the first fall in sales since the iPhone's 2007 launch.

Then there's China - still growing but far more slowly. The iPhone is still an object of desire there, but at a time when Apple says it's seeing softness in the economy, the attractions of cheaper rivals from local firms like Xiaomi may grow.

Of course, the worries about "peak iPhone" have surfaced before and evaporated with the hugely successful iPhone 6. Last year's upgrade to the 6S was a minor one, and we can expect something more radical in September.

But the pressure is now mounting on Apple to deliver another blockbuster product to keep the profit engine running.

The Apple watch will not fill that role - we've still not even heard any sales figures for the product.

Perhaps the 1,000 engineers rumoured to be working on an Apple Car will come up with the exciting innovation which Apple's fans and investors await with growing impatience.

Is the mighty iPhone in decline?

Chinese 'softness not seen before'

Apple boss Tim Cook credited "all-time record sales of iPhone, Apple Watch and Apple TV" for the performance.

But the firm's chief financial officer, Luca Maestri, said the company was operating in "a very difficult macroeconomic environment".

He added that "iPhone units will decline in the quarter" and that the company was not projecting beyond those three months.

Mr Maestri partly blamed the strong US dollar for Apple's flat sales, estimating it had knocked $5bn off the company's revenues.

Apple's sales in Greater China - defined by the company as China, Hong Kong and Taiwan - rose 14%, but that was much slower than the 70% increase a year ago.

Mr Maestri said the softness in China was "something that we have not seen before", Reuters reported.

'Mother of all balance sheets'

China accounts for almost a quarter of Apple's sales, more than all of Europe combined.

The profitability of Apple's business improved, with gross margin - or how much the company makes per product - increasing to 40.1%.

Geoff Blaber, an analyst at CCS Insight, said Apple was "generating industry defying margins" and had cash of almost $216bn.

Speaking to analysts, Mr Cook said the company had "the mother of all balance sheets" and that its financial position had never been stronger.

Apple's shares were down 2.7% in after hours trading at $97.28.

Daniel Ives, an analyst at Capital Markets who owns shares in Apple, said given the "white knuckles fears" ahead of the results, he would "characterise the overall headline performance as better than feared".

Source: bbc.com

UK shares fell again on Friday, with mining stocks dragging the market lower as the prices of oil and commodities continued to tumble.

The FTSE 100 was down 124.9 points, or 2.1% at 5,793.3 points.

Overnight, BHP Billiton announced it was writing down the value of its US shale assets by $7.2bn amid the collapse in oil prices.

Meanwhile, US stocks were sharply lower after the drop in oil prices.

The Dow Jones Industrial Average finished down 321 points lower - 2.4% -15,987.26,

The S&P 500 was down 2.2% and the Nasdaq Composite index dropped 2.7%.

Phil Orlando, chief equity strategist at Federated Investors in New York, said: "Investors are scared to death."

Miners decline

In the London market, BHP Billiton shares dropped 6.5%. Among the other mining stocks, Anglo American fell 11.5% and Glencore slid 7%.

After a brief recovery on Thursday, oil prices fell again to hit fresh 12-year lows. The price of Brent crude dropped to $29.01 a barrel at one point, before nudging back to $29.16 while US crude futures reached a low of $29.39 before edging up to $29.66.

The sell-off on the UK market followed another big fall in Chinese shares, with the Shanghai Composite dropping 3.5% on Friday.

Markets across Europe were lower, with Germany's Dax index down 2.5% while in France the Cac 40 also dropped 2.4%.

Sterling falls

In London, shares in telecoms group BT fell 0.8% to 463.3p, despite the Competition and Markets Authority giving final clearance to BT's takeover of mobile phone firm EE.

In the FTSE 250, shares in Moneysupermarket fell 11% after investors were rattled by a larger-than-expected fall in sales in the company's insurance unit during the fourth quarter. Revenues in the insurance business were down 10% compared with a year earlier.

On the currency markets, the pound hit fresh five-and-a-half-year lows against the dollar after the release of weak UK construction data.

Official figures showed construction output in November fell by 0.5% compared with the month before, and was down 1.1% from a year earlier.

Sterling had already weakened earlier this week after industrial production figures showed a fall in output.

The pound slid to $1.4296, a new five and a half year low. Against the euro, sterling fell by more than one euro cent to €1.3057.

Source: bbc.com

Cocoa, one of a few bright spots in the commodities world in 2015, is having a bad start to this year.

The bean behind chocolate joined this week’s global market selloff as algorithmic traders jumped on a shift in the supply outlook, brokers say.

In 2015, cocoa was one of only two commodities tracked by S&P to trade higher, posting a 13% gain in London trading as dry conditions hit the harvest. This year cocoa is trading 4% lower after dropping as much as 7% earlier in the week, a decline first triggered by expectations of increased supply.

But the size of the moves has surprised brokers, who say buying and selling is being driven by the computerized traders that are increasingly dominating this market.

“There are a lot more system funds involved in cocoa than there ever have been before,” said Jonathan Parkman, head of agricultural brokerage at Marex Spectron. “There’s been a power shift.”

Algorithmic trading systems buy or sell based on sets of rules linked to price levels and the timing of market movements.

The rising ability of algorithmic trading to influence prices has affected other markets, including U.S. Treasurys, one of the most heavily traded markets in the world. That is leading to amplified swings that often don’t reflect economic fundamentals, particularly in smaller markets like cocoa, some analysts say.

It is unclear what percentage of trade in cocoa is coming from these systems, as data from the ICE exchange, which tracks market positions, doesn't distinguish between different kinds of investors.

Cocoa soared in 2015 as dry weather and production shortages in Ghana, where about 17% of the world’s cocoa is grown, crimped supply. In early December, cocoa prices hit £2,326 ($3,397) a metric ton, their highest since March 2001 when the world’s largest producer, Ivory Coast, was in the midst of a cocoa export ban and civil war.

Those gains came as other commodities were hit by a combination of oversupply and concern about weaker demand from China. The S&P GSCI Index, a measure of 27 commodities, lost 32.9% in 2015. Only cocoa and cotton ended the year in positive territory.

Cocoa’s big climb may have been helped by buying from the algorithmic traders who are now being blamed for the downdraft.

“There was a big speculative bet on cocoa prices [in 2015],” said Carlos Mera, a senior commodities analyst at Rabobank.

In late December, a pickup in cocoa shipments sent the cocoa price lower. Early this week, the downward drift became a rout, the size of which surprised analysts.

“If you really believed the fundamentals, [investors] should have just been selling a little every week,” said Max Goettler, a cocoa trader at Rotterdam-based Cocoanect.

Analysts are mixed on whether the market will continue to fall. Some point to what could be a larger crop from West Africa that will winnow down the current deficit. Other analysts say that potentially dry weather in Ghana could hit the crop.

Some traders say the early new year fall is bringing back buyers. On Friday, the market had recovered some of its losses, with the price of cocoa rising more than 2% by midafternoon in London.

Either way, market participants believe that cocoa will continue to see volatility as trade is exaggerated by the presence of algorithmic traders.

Source: peacefmonline.com

The price of tomatoes have increased in Ghanaian markets in the second week of January, 2016.

It increased by 4 percent. Currently a ‘medium size tomato tin’ is being sold at GHc11.68.

Another commodity which also increased is Yam (Pona) and is being sold in the market at GHc 4.50 “per medium size tuber.”

Cowpea, Groundnut and Soya beans also followed with a percentage point gain each to close the week at GHc 7.70, GHc 12.90 and GHc 5.60 per olonka respectively.

Meanwhile, checks by Esoko Ghana revealed that Cassava (fresh tubers) dropped by 2 percent to close the week at GHc 5.30 per “3-4 tubers”.

Cassava (Gari) and Rice (imported –unclesam) also dropped by a percentage point each to close the week at GHc 4.50 and GHc 28.90 per “olonka” and “1 small bag (5kg)” respectively.

The price for an “olonka” of maize on the various markets remained the same.

A “medium size tomato tin” full of fresh tomatoes gained 17 percent in Kumasi to close the week at GHS 8.90 with Techiman gaining 5 percent to close at GHS 7.00 and also with Takoradi gaining 9 percent to close the week at GHS 21.60 and in Accra it dropped by 3 percentage points to close the week at GHS 19.80.

In the other markets, the price remained the same.

Source: peacefmonline.com

WOW air, the ultra-low-cost transatlantic airline from Iceland, is to begin flying to the US West Coast in summer 2016 with Los Angeles and San Francisco confirmed as their fifth and sixth destinations in North America. 

The routes will be serviced by three new Airbus A330-300 aircraft, the first wide-body planes in the WOW air fleet, which will each carry 340 passengers in a single-class configuration. The routes will connect with daily flights to Keflavik from London Gatwick (and other WOW air destinations in Europe), allowing Brits to travel with the airline to Los Angeles four times per week and San Francisco five times a week, all year round. 

Los Angeles skyline

Skúli Mogensen, founder and CEO of WOW air, said: 

“We are thrilled to add Los Angeles and San Francisco to our fast growing network. This is a game changer for WOW air as we cement ourselves as the industry leader in the ultra-low-cost long haul category. With the addition of these long range A330-300 aircraft to our fleet, we will be able to offer fares from Europe to the US West Coast far cheaper than our competitors whilst maintaining great service with a smile, as we did with our routes to Boston, Washington DC, Toronto and Montreal. We have had a tremendously positive response to our low prices on our current transatlantic routes and this gives us confidence that passengers will take up the chance to travel even further afield. Equally, we're sure Californians will welcome our super low fares to Europe.”  

WOW air's expansion to California follows the successful launch of transatlantic services from London Gatwick to Boston and Washington, D.C. in early 2015 and the announcement that the airline would begin flying to Montréal and Toronto in May 2016, all via Iceland and with fares as low as £99.  The existing US services now operate year round and maintain consistent carrier loads of 90% plus. WOW air's entry to the market has already brought prices down industry-wide by 30% between Boston and Iceland and by 14% on flights between Boston and the UK.

Launched in November 2011, WOW air now connects twenty destinations across the US and Europe with the Icelandic capital. WOW air's annual passenger capacity will more than double in 2016 to over 1.8 million, up from approximately 840,000 in 2015.

WOW air's A330-300 aircraft will host a single-class configuration with a capacity of 342 passengers. Seat pitch will vary from 30 inches as standard to 34 inches at an additional charge.

Tickets to San Francisco and Los Angeles will go on sale in January 2016.

Source: wowair.us

This week, Icelandic budget airline WOW Air unveiled a set of new flight deals from Los Angeles International Airport and San Francisco International Airport: $199 one-way tickets to various destinations in Europe, and $99 straight to Iceland.

Yes, you read those numbers right.

The $199 flights have a one-hour stopover in Keflavik, Iceland, before allowing you to jump to 18 different cities in Europe, including London, Paris, and Berlin.

For a long-haul transatlantic commute, that's a steal; a quick online price check with traditional carriers shows nonstop flights for later this month going for $1,200 and up, and one-stop options hovering in the $700 range. With more than two stops on your route, you're still going to have to shell out $518.

Meanwhile, budget transatlantic air rival Norwegian Air is posting prices upwards of $275.

So what's the catch? WOW Air is a notorious budget carrier, along the lines of the Spirit, Ryanair, and Allegiant brands. They identify as part of the "ultra-low-cost long haul" category, in which they're shooting to become the industry leader.

Currently rated at 2.5 stars on Yelp, you're going to have to pony up for traditional carrier amenities. It's $25 for an aisle seat; $10 for seat assignment in advance; up to $48 for an extra five inches of legroom; a $48 fee for "overweight" carry-on luggage, which means anything over 11 lbs.; and $67 or more for checked luggage. Reviewers also mention that in-flight refreshments are not free. 

Still, since they launched Boston and Washington, DC low-cost routes in 2015, they've grown substantially, running at 90% capacity this year and expecting to double their passenger capacity this year.

"We have had a tremendously positive response to our low prices on our current transatlantic routes and this gives us confidence that passengers will take up the chance to travel even further afield," said CEO and Founder Skuli Mogenson in a statement posted on their site. 

You'll be flying in one of three new Airbus A330-300 aircraft that WOW purchased just for these routes, each holding up to 340 passengers. And there will be no "upgrades" to business class, as WOW flies single class only. 

Don't get too excited about making an affordable last-minute escape to Europe this winter, though. A quick search shows that their $199 deals are booked out to most destinations through the fall of 2016. But you know what they say: Paris is always a good idea. It'll be lovely next October, especially for just $199.

There is WOW in everything we do!

WOW air is a happy Icelandic low-cost airline that flies to Iceland from a number of cities in Europe and North America the whole year round. The airline was founded in November 2011 and its inaugural flight was to Paris on May 31st 2012. WOW air is committed to providing the cheapest flights to and from Iceland, but doing so with a smile and providing a memorable service all the way. 

WOW history

WOW air was founded by entrepreneur Skúli Mogensen, whose extensive business background is largely in technology and telecoms in Iceland, Europe and North America. WOW air is entirely owned by Mogensen, debt free. He sits on the board of many tech companies both in North America and Europe and was selected Business Man or the Year in Iceland 2011.

In October 2012 WOW air took over the flight operations of Iceland Express. Only a year later, in October 2013 WOW air was awarded the Air Operator‘s Certificate (AOC) by the Icelandic Transport Authority. 

WOW aircraft

WOW air operates four Airbus A320 aircraft, the choice of many of the world's leading airlines and a perfect fit for our short haul flights between Europe and Iceland. For our longer flights to North America, WOW air operates the Airbus A321, the largest member of the Airbus A320 Family. We are proud to be able to say that as of spring 2014, WOW air has the newest aircraft fleet in Iceland with the lowest emission. Planes are the cars of the sky and the same rule applies; newer planes burn less fuel which is better for the environment and your wallet, and they are more comfortable!

Check the Route map:

Check the destinations and dates below.

*Flights from U.S. to Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to Iceland (KEF) on Mondays, subject to availability. Available for travel: January 11 - March 14 and April 4-26, 2016. Restrictions and baggage fees may apply.

*Flights from U.S. to Berlin, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to Berlin (SXF) on Mondays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from U.S. to Bristol, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to Bristol (BRS) on Tuesdays, subject to availability. Available for travel: May or September, 2016. Restrictions and baggage fees may apply.There is WOW in everything we do!

Below are some of theroutes they ply.

*Flights from U.S. to Dublin, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to Dublin (DUB) on Thursdays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from U.S. to Stockholm, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to Stockholm (VST) on Thursdays, subject to availability. Available for travel: May or September, 2016. Restrictions and baggage fees may apply.

*Flights from U.S. to London, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to London (LGW) on Fridays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from U.S. to Amsterdam, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) and Washington, D.C. (BWI) to Amsterdam (AMS) on Sundays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from Boston to Copenhagen, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) to Copenhagen (CPH) on Wednesdays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from Washington, D.C. to Copenhagen, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Washington, D.C. (BWI) to Copenhagen (CPH) on Mondays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from Boston to Paris, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Boston (BOS) to Paris (CDG) on Thursdays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

*Flights from Washington, D.C. to Paris, via Iceland - Based on lowest one-way fare, per person, incl. taxes, fees and carrier charges when booked via wowair.com. Travel from Washington, D.C. (BWI) to Paris (CDG) on Sundays, subject to availability. Available for travel: January 10 - March 10, 2016. Restrictions and baggage fees may apply.

Source: wowair.us

General Motors (GM) shares have jumped after the firm said it would be more profitable and return more money to shareholders.

Shares in the biggest US car maker rose more than 2% after it raised its 2016 earnings forecast by 25 cents to between $5.25 and $5.75 per share.

GM also plans to raise its stock buyback programme by 80% to $9bn and extend it to the end of 2017.

In total it plans to give $16bn back to shareholders by the end of 2017.

GM executive Mary Barra said: "We made significant progress executing our strategic plan and the results are being demonstrated through our improved earnings."

Ford disappoints

Shares in rival car maker Ford fell more than 3.5% after it said US margins could hit a plateau of 9.5%.

Ford said on Tuesday it would give a special $1bn dividend, and that it expects pre-tax profit of between $10bn and $11bn in 2015.

But this figure was at the lower end of analyst expectations.

"Their guidance is in line or below what was expected," said Matthew Stover of Susquehanna Financial.

Source: bbc.com

African exports to China fell by almost 40% in 2015, China's customs office says.

China is Africa's biggest single trading partner and its demand for African commodities has fuelled the continent's recent economic growth.

The decline in exports reflects the recent slowdown in China's economy.

This has, in turn, put African economies under pressure and in part accounts for the falling value of many African currencies.

Is China a brake on Africa's progress?

Special report: China in Africa

Presenting China's trade figures for last year, customs spokesman Huang Songping told journalists that African exports to China totalled $67bn (£46.3bn), which was 38% down on the figure for 2014.

BBC Africa Business Report editor Matthew Davies says that as China's economy heads for what many analysts say will be a hard landing, its need for African oil, metals and minerals has fallen rapidly, taking commodity prices lower.

Chinese investment down

There is also less money coming from China to Africa, with direct investment from China into the continent falling by 40% in the first six months of 2015, he says.

Meanwhile, Africa's demand for Chinese goods is rising.

In 2015 China sent $102bn worth of goods to the continent, an increase of 3.6%.

Last year, South Africa hosted a China-Africa summit during which President Xi Jinping announced $60bn of aid and loans, symbolising the country's growing role on the continent.

Source: bbc.com

Oil prices have been volatile again, hit by continuing oversupply, the strong dollar and weak global demand.

Some members of the Opec group of oil producers have called for an emergency meeting to discuss reducing output.

Opec president Emmanuel Ibe Kachikwu said an extraordinary meeting could be held in early March.

On Tuesday, Brent crude fell as low as $30.43 per barrel before recovering to trade 0.5% higher at $31.75 a barrel.

Meanwhile the US benchmark, West Texas Intermediate, slipped to $30.41 before regaining some ground to $31.06 a barrel.

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Oil prices have fallen about 15% since the start of the year to near-12 year lows.

North Sea Brent Crude has fallen 70% since September 2014, when it it was last at $100 per barrel.