By Harry Robertson and Chibuike Oguh NEW YORK/LONDON (Reuters) -The Euro gained on Tuesday following reports that German political parties had agreed to form a coalition, while the U.S. dollar weakened against major currencies and China’s offshore yuan hit a record low. Germany’s conservatives under chancellor-in-waiting Friedrich Merz on Tuesday reached a deal with the …
LAGOS (Reuters) – The African Development Bank is mobilising $2.2 billion to develop agricultural processing zones in 28 states in Nigeria to boost food security and create jobs, the bank’s president Akinwumi Adesina said on Tuesday. Adesina was speaking in northern Kaduna state while launching the first phase of the initiative that is targeting five …
African Development Bank seeks $2.2 billion to support Nigeria’s agriculture Read More »
MAPUTO (Reuters) – Mozambique on Tuesday approved the development plan for Eni’s second floating liquefied natural gas platform, Coral Norte, paving the way for a final investment decision. According to a government statement, the plan will see the production of 3.55 million metric tons per annum of LNG over 30 years from offshore Mozambique’s Rovuma …
Mozambique government approves Eni’s Coral Norte FLNG plan Read More »
By George Obulutsa NAIROBI (Reuters) -Kenya’s central bank cut its policy rate on Tuesday for the fifth meeting in a row, a surprise move aimed at further stimulating private sector lending. The Central Bank Rate was lowered by 75 basis points to 10.0%, the bank’s Monetary Policy Committee said in a statement. Seven of nine …
Kenya central bank surprises with fifth straight rate cut Read More »
By Duncan Miriri NAIROBI (Reuters) -The Africa Export-Import Bank (Afreximbank) has raised 2.2 billion renminbi ($299.9 million) through its first issuance of a Chinese panda bond, it said on Tuesday, charting a path for other African entities seeking new fundraising avenues. China has pledged to open up its domestic markets for African issuers to borrow …
Afreximbank raises $300 million via its first Chinese panda bond Read More »
JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Tuesday as the country’s two biggest political parties said they were not walking away from the coalition government and were open to further talks to try to resolve a bitter dispute over the budget. At 1424 GMT, the rand traded at 19.52 against the dollar, 0.7% firmer on …
South African rand regains some poise as parties commit to coalition Read More »
RAVENNA, Italy (Reuters) – Italian energy group Eni will invest around 24 billion euros ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa …
Italy’s Eni to invest $26 billion in North Africa over next four years, CEO says Read More »
JOHANNESBURG (Reuters) – CMOC Group boosted cobalt production at its mines in the Democratic Republic of Congo in the first three months of this year even after local authorities imposed a temporary halt to exports of the battery metal. CMOC’s cobalt production rose almost 20.7% to 30,414 metric tons in the three months to March, …
China’s CMOC boosts cobalt output at Congo mines despite export ban Read More »
NAIROBI (Reuters) – Kenya’s shilling strengthened slightly against the dollar on Tuesday, data from the London Stock Exchange Group showed. At 0936 GMT, commercial banks quoted the shilling at 129.20/70 per dollar, compared with Monday’s close of 129.30/80, the data showed. (Reporting by Hereward Holland; Editing by Bate Felix)
KAMPALA (Reuters) – The Ugandan shilling was broadly stable on Tuesday, but was under a little pressure as U.S. President Donald Trump’s trade tariffs triggered a surge in dollar demand among interbank players, traders said. At 0931 GMT commercial banks quoted the shilling at 3,704/3,714, compared to Monday’s close of 3,702/3,712. “The broad market view …
Ugandan shilling stable, US tariffs increase interbank dollar demand Read More »
