Reuters Africa Business

Endeavour Mining targets 200,000 oz/year of gold from Ivory Coast mine

19 Oct 2024

By Loucoumane Coulibaly ABIDJAN (Reuters) – London-listed Endeavour Mining said on Saturday it had a goal of producing about 200,000 ounces of gold per year from 2025 from its second gold mine in Ivory Coast. Lafigue Mine, inaugurated on Saturday, is located about 500 kilometres (km) northeast of the commercial capital Abidjan, in the Dabakala …

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IMF approves $341 million for Ethiopia’s first loan program review

19 Oct 2024

(Reuters) – The executive board of the International Monetary Fund approved the first review of Ethiopia’s $3.4 billion lending programme, the fund said on Friday, paving the way for a $340.7 million disbursement. The East African nation secured the four-year financing program from the IMF in July after carrying out a series of reforms like …

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U.S. stocks post sixth straight weeks of gains, gold hits all-time high

18 Oct 2024

By Stephen Culp NEW YORK (Reuters) -Tech stocks powered Wall Street stocks to a higher close and crude prices posted their biggest weekly drop in a month on Friday as investors looked past mixed earnings and focused on solid Netflix results and Beijing’s policy steps to boost Chinese demand. Gold, meanwhile, muscled past the $2,700 …

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Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook

18 Oct 2024

By Georgina McCartney HOUSTON (Reuters) -Oil futures fell on Friday, declining more than 7% on the week after data showed China’s economic growth slowed and investors digested a mixed Middle East outlook. Brent crude futures fell $1.39, or 1.87%, to $73.06 a barrel. U.S. West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or …

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Togo suspends Russian ride-hailing app Yango

18 Oct 2024

(Reuters) -Togo’s transport ministry suspended the ride-hailing app Yango owned by Russia’s tech giant Yandex, over security concerns just months after it began operating in the West African nation. In a statement on Thursday, the ministry said that Yango began operating in June without authorization and in violation of the country’s procedures. The ministry said …

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South African rand firms as focus shifts to inflation print next week

18 Oct 2024

JOHANNESBURG (Reuters) -South Africa’s rand firmed against a weaker dollar on Friday, ahead of a domestic inflation reading next week which could provide clues on the central bank’s rate-cutting path. At 1400 GMT, the rand traded at 17.57 against the dollar, about 0.6% stronger than its previous close. The currency is still down about 1% …

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Nigerian court adjourns trial of Binance executive due to illness

18 Oct 2024

By Camillus Eboh ABUJA (Reuters) – A Nigerian court on Friday adjourned the trial of detained Binance executive Tigran Gambaryan after it was stalled because he could not appear in court due to illness. Gambaryan, a U.S. citizen and head of financial crime compliance at Binance, has been in detention in Nigeria since late February …

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South African click-and-collect firm Pargo considers continent-wide expansion

18 Oct 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -South African click-and-collect company Pargo is exploring an expansion into the rest of Africa, its CEO said in an interview, betting on e-commerce growth on the continent. Africa is forecast to surpass half a billion e-commerce users by 2025, having shown a steady 17% compound annual growth rate of online …

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Tunisian MPs propose bill stripping central bank of exclusivity on interest rates, ending its independence

18 Oct 2024

By Tarek Amara TUNIS (Reuters) – Tunisia’s central bank will no longer have the exclusive power to adjust interest rates or foreign exchange policy, and must only take such action in consultation with the government, but it will be allowed to finance the treasury, a bill proposed by lawmakers showed on Friday. The step is …

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