Reuters Africa Business

Ethiopia agrees minerals, energy deals worth $1.7 billion, chiefly with Chinese firms

14 May 2025

ADDIS ABABA (Reuters) -Ethiopia has signed investment deals for its minerals and energy sectors worth more than $1.7 billion, mostly with Chinese firms, its finance ministry said. The East African nation, which struck a four-year, $3.4 billion program deal with the International Monetary Fund last July, is in the midst of a far-reaching reform drive, …

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IMF cuts Angola’s 2025 growth forecast to 2.4% on emerging risks

14 May 2025

NAIROBI (Reuters) -The International Monetary Fund has cut Angola’s preliminary growth outlook for 2025 to 2.4% from an initial 3%, it said after an assessment mission to Luanda, citing lower prices of oil and tightening external financing conditions. The Southern African oil exporter had to pay $200 million as extra security for a $1 billion …

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Crude oil climbs more than $1.60 a barrel on tariff cuts, economic outlook

13 May 2025

By Erwin Seba HOUSTON (Reuters) – Crude oil futures climbed more than $1.60 a barrel on Tuesday, lifted by a temporary cut in U.S.-China tariffs and a better-than-expected inflation report. Brent crude futures settled at $66.63 a barrel, up $1.67, or 2.57%. U.S. West Texas Intermediate (WTI) crude finished at $63.67, up $1.72 or 2.78%. …

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Dollar falls after cooler-than-expected consumer price data

13 May 2025

By Chuck Mikolajczak NEW YORK (Reuters) – The dollar retreated on Tuesday, giving back some of its sharp gains a day earlier after an inflation reading came in below market expectations. The Labor Department said the consumer price index increased 0.2% last month, below expectations of economists polled by Reuters for a 0.3% gain, after …

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Tullow Oil divests Gabon operations in $300 million deal

13 May 2025

(Reuters) -Tullow Oil Plc said on Tuesday its unit, Tullow Gabon Limited, has agreed to sell its entire stake in Tullow Oil Gabon S.A. to Gabon Oil Company for $300 million in cash. (Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Tasim Zahid)

Congo’s battle against M23 strains public finances, IMF says

13 May 2025

(Reuters) – An escalation of fighting in eastern Democratic Republic of Congo has strained the Central African nation’s public finances, the International Monetary Fund said on Tuesday. Rwanda-backed M23 rebels have staged an unprecedented advance in eastern Congo this year, triggering a fresh cycle of violence in a decades-long conflict in a region rich in …

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South Africa calls for affordable, balanced energy transition

13 May 2025

By Maxwell Akalaare Adombila and Colleen Goko ABIDJAN (Reuters) -South African officials ramped up their calls for a balanced approach to energy transition on Tuesday, arguing that economic development and environmental protection must work in tandem rather than in opposition. “We must be allowed to integrate the two,” said Mineral and Energy Resources Minister Gwede …

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TotalEnergies aiming to drill in South Africa next year, says executive

13 May 2025

PARIS (Reuters) -French oil major TotalEnergies is hoping to drill in South Africa next year, once it gets permits, senior vice president for Africa, Mike Sangster, told a conference on Tuesday. The company holds exploration rights over four offshore blocks in the country. (Reporting by Forrest Crellin. Writing by Dominique Patton. Editing by Mark Potter)

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