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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Cocoa ban to remain in place through March in Ivory Coast

Mar 14, 2011 01:01 PM

The internationally recognized winner of a disputed presidential election in the nation that produces the world's biggest supply of cocoa prolonged a ban on exports of the commodity through the next two-plus weeks, Bloomberg reports.

An advisor to Alassane Ouattara, Malick Tohe, said the ban that first began on January 24 will run through the end of the month of March in the Ivory Coast.

"The ban has been extended until March 31," Malick Tohe told Bloomberg on Monday during an interview from the commercial capital, Abidjan.

Ouattara imposed the ban as a strategy to force Laurent Gbagbo from office. Ouattara and Gbagbo, who refuses to step down from office despite the collapse of tax revenue making its way to his government, squared off in a late November election that remains unresolved.

At 2 p.m. on Monday, cocoa futures were down 0.67 percent, a $23 decrease to $3,389 per metric ton.

The warehouses of exporters near the port of Abidjan hold about 440,000 metric tons of cocoa. Earlier this month, Gbagbo attempted to collect export taxes by seizIng cocoa purchases and exports.

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