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US dollar mixed after inflation report supports smaller Fed rate cut

11 Sep 2024

By Gertrude Chavez-Dreyfuss and Chibuike Oguh NEW YORK (Reuters) -The U.S. dollar was mixed overall on Wednesday in choppy trading after data showed underlying inflation in the world’s largest economy rose in August, reinforcing expectations that the Federal Reserve will likely implement a smaller 25-basis-point interest rate cut option next week. The greenback posted gains …

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US crude oil climbs more than $2 on fears of Hurricane Francine

11 Sep 2024

By Erwin Seba HOUSTON (Reuters) -Oil prices climbed more than 2% on Wednesday, driven by fears of lengthy production shutdowns in the U.S. offshore oil patch, which Hurricane Francine was barreling through on the way to landfall in Louisiana. Brent crude futures settled at $70.61 a barrel, up $1.42, or 2.05%, on Wednesday. U.S. crude …

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Kenyan aviation workers end protest against India’s Adani

11 Sep 2024

By Edwin Waita NAIROBI (Reuters) – Workers at Kenya’s main international airport ended a day-long strike on Wednesday, a union official said, after they were assured by the government that a plan to lease the airport to an Indian company would only proceed with the union’s approval. The workers, blowing plastic trumpets and scuffling with …

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Ghana raises cocoa farmgate price by nearly 45% to boost farmers’ incomes

11 Sep 2024

By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) – Ghana has raised the fixed farmgate price paid to cocoa farmers by nearly 45% to help boost their incomes and deter bean smuggling, Agriculture Minister Bryan Acheampong said on Wednesday. Reuters reported earlier this month that Ghana’s cocoa producer price review committee would raise the …

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Kenya aviation workers’ union ends strike, union official says

11 Sep 2024

NAIROBI (Reuters) – Members of Kenya’s aviation workers’ union have agreed to resume work after spending the day on strike, the head of the country’s umbrella trade union organisation said on Wednesday. Francis Atwoli, secretary general of the Central Organisation of Trade Unions, said the aviation workers’ union and the government had agreed that no …

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South Africans pull $230 million from pension funds in 10 days since reform took effect

11 Sep 2024

JOHANNESBURG (Reuters) – South Africans asked to withdraw 4.1 billion rand ($230 million) from their pension funds in the first 10 days after a reform took effect on Sept. 1 allowing fund members to make partial withdrawals before retirement, the tax service said. The “two-pot” pension policy reform is expected to spur domestic demand in …

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Growthpoint Properties annual income slumps 10% on high interest rates

11 Sep 2024

JOHANNESBURG (Reuters) – South Africa’s largest listed property group Growthpoint Properties reported a 10% fall in annual distributable income on Wednesday hurt by high interest rates. Its distributable income per share (DIPS) – a primary measure of profit for real estate investment trusts (REITs) – fell to 141.9 South African cents per share in the …

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Kenya airports union workers say they will strike over planned airport leasing

10 Sep 2024

NAIROBI (Reuters) – The biggest union of Kenya’s aviation workers plans to go on strike on Wednesday to protest against a proposed deal for India’s Adani Group to lease the country’s main airport for 30 years in exchange for expanding it, a union official said on Tuesday. WHY IT’S IMPORTANT Kenya’s government has said the …

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Oil settles near 3-yr low on weak demand outlook

10 Sep 2024

By Georgina McCartney HOUSTON (Reuters) -Global oil benchmark Brent crude futures settled at their lowest since December 2021 on Tuesday, after OPEC+ revised down its demand forecast for this year and 2025, offsetting supply concerns from Tropical Storm Francine. Brent crude futures settled down $2.65, or 3.69%, at $69.19 a barrel. U.S. West Texas Intermediate …

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