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Dollar hits four-month low as weak US jobs data boosts rate cut bets

2 Aug 2024

By Karen Brettell NEW YORK (Reuters) -The U.S. dollar dropped to a four-month low on Friday after a weaker-than-expected employment report for July raised expectations that the Federal Reserve will cut interest rates by 50 basis points in September as the economy sours. Employers added 114,000 jobs, below expectations for an increase of 175,000. The …

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Exclusive-Petrobras’ bid for Galp’s Namibia prospect to include at least one partner, sources say

2 Aug 2024

By Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) – Brazil’s Petrobras will include at least one partner in its bid for a 40% stake in Galp Energia’s Mopane oil prospect in Namibia, two sources with knowledge of the matter told Reuters. Last week, Petrobras’ director of exploration and production, Sylvia dos Anjos, told Reuters that …

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Thrifty shoppers throng as Shein opens first pop-up store in South Africa

2 Aug 2024

JOHANNESBURG (Reuters) – Reneilwe Malahlela was one of almost a hundred shoppers queuing at the opening of Shein’s first pop-up store in South Africa on Friday, keen to check out clothes and accessories often selling for the equivalent of less than $10 each. “We like affordability because as a student in this economy, it just …

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Sub-Saharan Africa to gain new IMF board seat on Nov. 1

2 Aug 2024

WASHINGTON (Reuters) – The International Monetary Fund’s board of governors has approved a resolution to add an executive director on the fund’s executive board intended to increase sub-Saharan Africa’s representation, the IMF said on Friday. The addition will take effect on Nov. 1, the IMF said in a statement. It brings the total number of …

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S.Africa’s ‘construction mafias’ are scaring away investors, minister says

2 Aug 2024

By Nellie Peyton PRETORIA (Reuters) – Powerful and politically-connected “construction mafias” are scaring away investors and holding back infrastructure projects needed to grow South Africa’s economy, the country’s new public works and infrastructure minister said on Friday. Dean Macpherson took office last month in South Africa’s new coalition government and is now tasked with helping …

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Ethiopia will save $4.9 billion from debt restructuring, state minister says

2 Aug 2024

By Dawit Endeshaw ADDIS ABABA (Reuters) -Ethiopia will enjoy $4.9 billion in relief from debt repayments when it completes a long-delayed restructuring, State Finance Minister Eyob Tekalign said on Friday, adding that he hopes to sign deals with creditor nations in the coming months. The East African country, which became the third economy on the …

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Stocks sell off as US data sparks worry, yields plunge

2 Aug 2024

By Chris Prentice and Samuel Indyk NEW YORK/LONDON (Reuters) – Global equities dropped on Thursday, with Wall Street’s major indexes selling off as U.S. data sparked economic worries and financial stocks in Europe saw their biggest one-day rout since March 2023. Treasury yields plunged following the weak data, with the U.S. two-year to 10-year note …

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Oil slips over $1 as supply intact despite Middle East conflict fears

1 Aug 2024

By Arathy Somasekhar HOUSTON (Reuters) -Oil prices settled more than $1 lower on Thursday as global supply seemed largely unaffected by worries of a wider Middle East crisis after the killing of a Hamas leader in Iran, and as investors refocused on demand concerns. Global benchmark Brent crude futures closed $1.32, or 1.6%, lower at …

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