Reuters Africa Business

South African rand claws back losses as markets bet on US rate cuts soon

16 Jul 2024

JOHANNESBURG (Reuters) -The South African rand clawed back some losses on Tuesday, after tumbling on Monday, on rising expectations that the U.S. Federal Reserve will soon cut interest rates. At 1508 GMT, the rand traded at 18.0750 against the dollar, about 0.7% stronger than its previous close. Federal Reserve Chair Jerome Powell said on Monday …

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Ghana’s debt rework helps cocoa regulator post $149.8 million profit

16 Jul 2024

By Maxwell Akalaare Adombila ACCRA (Reuters) – Ghana’s cocoa marketing board Cocobod made a 2.3 billion cedi ($149.84 million) profit in 2022/23, helped by the restructuring of its debt, the west Africa nation’s auditor general said in a report obtained by Reuters on Tuesday. The report showed that the cocoa regulator posted its first profit …

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UAE, Ethiopia sign currency swap agreement with value of up to $817 million

16 Jul 2024

DUBAI (Reuters) – The central banks of the United Arab Emirates (UAE) and Ethiopia on Tuesday signed a bilateral currency swap agreement with a value of up to 3 billion dirhams ($816.79 million). The two central banks also signed preliminary agreements to establish a framework for the use of local currencies in settling cross-border transactions …

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S.Africa’s Reserve Bank seen cutting rates in September, not November: Reuters poll

16 Jul 2024

By Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s Reserve Bank will leave its repo rate on hold this week but cut rates by 25 basis points to 8.00% in September as inflation cools, a Reuters poll found on Monday, earlier than a November move that was expected in a June survey. Eighteen of 20 economists …

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Rio Tinto’s African iron ore project receives all necessary approvals

16 Jul 2024

(Reuters) – Rio Tinto said on Tuesday its massive African iron ore project in Guinea that it is jointly developing with a Chinese consortium has received all the regulatory approvals, including those from the local and Chinese governments. The Simandou project, which has a complex ownership structure, has seen its construction delayed for years by …

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Stocks, Treasury yields gain as odds of Trump win increase

16 Jul 2024

By Caroline Valetkevitch NEW YORK (Reuters) -World stock indexes and Treasury yields rose on Monday as investors weighed the prospect of Republican Donald Trump winning the U.S. presidential race after he survived an assassination attempt, while the dollar dipped after comments from Federal Reserve Chair Jerome Powell. Longer-dated U.S. bond yields climbed on the assumption …

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South African rand tumbles as attack on Trump shakes up markets

15 Jul 2024

JOHANNESBURG (Reuters) -The South African rand tumbled against the dollar on Monday, as the assassination attempt on former U.S. president Donald Trump this weekend dented appetite for riskier assets and spurred safe-haven demand globally. The risk-sensitive rand’s fall was in line with moves seen in other emerging market currencies, as investors bet the attack would …

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