Reuters Africa Business Archives - Page 27 of 692

US dollar falls as markets brace for presidential debate, inflation

10 Sep 2024 10 Sep 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar slid against some major currencies on Tuesday, consolidating Monday’s gains ahead of key inflation data and a highly anticipated U.S. presidential debate, even though neither outcome is likely to affect overall monetary policy. Safe-haven currencies such as the yen and Swiss franc also gained amid a rout …

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The legitimacy crisis in Libya’s state institutions

10 Sep 2024 10 Sep 2024

(This Aug. 28 story has been corrected to fix the name of the head of the Presidential Council to Mohammed al-Menfi, not Abdullah al-Menfi, in paragraph 16) (Reuters) – The standoff over control of the Central Bank of Libya has hit the country’s oil exports and threatens a new internal rupture. These are the state …

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AngloGold in $2.5 billion deal for Centamin, targets ‘Tier 1’ assets

10 Sep 2024 10 Sep 2024

By Nelson Banya and Aby Jose Koilparambil (Reuters) -AngloGold Ashanti is now in a position to pursue growth through the acquisition of high-value assets, CEO Alberto Calderon said on Tuesday, after the miner agreed to buy Egypt-focused smaller rival Centamin in a $2.5 billion stock and cash deal. Shares in Centamin jumped over 20% to …

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UN Libya mission to resume talks between factions over bank governor

10 Sep 2024 10 Sep 2024

DUBAI (Reuters) – The U.N. mission in Libya will resume facilitating talks between factions in Tripoli on Wednesday to try to resolve the central bank crisis that has slashed oil output and threatened to end four years of relative stability. Libya’s two legislative bodies, the House of Representatives based in Benghazi in eastern Libya, and …

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South African rand drifts weaker with focus on U.S. data

10 Sep 2024 10 Sep 2024

JOHANNESBURG (Reuters) -The South African rand weakened alongside other emerging market currencies on Tuesday, with markets looking to Wednesday’s U.S. inflation print for clues about the Federal Reserve’s interest rate path. At 1502 GMT, the rand traded at 17.92 against the dollar, down about 0.3% on Monday’s closing level. “It has retreated in line with …

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Kenyan court halts proposed Adani lease of country’s main airport

10 Sep 2024 10 Sep 2024

NAIROBI (Reuters) -Kenya’s high court has temporarily blocked a proposed deal for India’s Adani Group to lease the country’s main airport for 30 years in exchange for expanding it, court documents showed. In a joint application, the Law Society of Kenya (LSK), the country’s main bar association, and the Kenya Human Rights Commission (KHRC) told …

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Egypt inflation unexpectedly quickens to 26.2% in August

10 Sep 2024 10 Sep 2024

CAIRO (Reuters) -Egypt’s annual urban consumer price inflation rate unexpectedly accelerated to 26.2% in August from 25.7% in July, data from statistics agency CAPMAS showed on Tuesday. Month-on-month, prices jumped by 2.1%, speeding up from a 0.4% rise in July. Food prices climbed by 1.8% in August after having eased by 0.3% in July and …

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Apple supplier Jabil to set up South India plant with $238 million investment

10 Sep 2024 10 Sep 2024

NEW DELHI (Reuters) – Electronic components maker Jabil will set up a manufacturing plant in India’s southern state of Tamil Nadu with an investment of about 20 billion rupees ($238.2 million), the state’s industries minister said on Tuesday. U.S.-based Jabil, a supplier to Apple, will base its plant near the city of Trichy as part …

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Wall Street surges, dollar firms ahead of data, expected rate cut

9 Sep 2024 9 Sep 2024

By Stephen Culp NEW YORK (Reuters) -U.S. stocks closed sharply higher on Monday and the dollar strengthened as markets awaited key data and actions from central banks. All three major U.S. stock indexes surged more than 1%, with the S&P 500 and the Dow ending a four-session losing streak, bouncing back from their biggest weekly …

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US dollar perks up as traders reduce bets on larger Fed rate cut

9 Sep 2024 9 Sep 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar snapped back against the yen and other major currencies on Monday after losses last week, as investors looked ahead to key U.S. inflation data and reduced expectations for an outsized Federal Reserve interest rate cut next week. The greenback rose for the first time in five sessions …

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