By Arathy Somasekhar HOUSTON (Reuters) -Oil prices climbed 1% on Wednesday, rebounding from four-month lows, as hopes of an interest rate cut by the U.S. Federal Reserve in September outweighed demand concern after data showed builds in U.S. crude and fuel stocks. Brent crude futures settled 89 cents higher, or 1.2%, at $78.41 a barrel, …
Oil rises 1% as Fed rate cut optimism offsets demand fears Read More »
By Bhargav Acharya and Tannur Anders JOHANNESBURG (Reuters) -South Africa’s rand fell on Wednesday after the African National Congress (ANC) said it was leaning towards trying to form a government of national unity following its failure to secure a majority in last week’s election. At 1623 GMT, the rand traded at 18.96 against the dollar, …
South African rand tumbles as ANC leans towards unity government Read More »
JOHANNESBURG (Reuters) – South Africa’s central bank said on Wednesday it expected the country’s financial system to remain resilient despite risks from worldwide elections, persistent geo-political tensions and weak domestic market conditions. With more than 70 countries going to the polls this year – among them South Africa last month – the South African Reserve …
South Africa’s financial system stable despite headwinds, central bank says Read More »
CAIRO (Reuters) – Gas supplies will gradually resume flowing as of Thursday to fertilizer factories in Egypt after several chemical and fertilizer companies shut down plants on a temporary basis, the petroleum ministry said. The companies said in bourse disclosures that increased consumption-driven pressures on the natural gas network led to fluctuations in supply. Some …
Egyptian fertilizer plants shut down temporarily due to gas supply pressures Read More »
JOHANNESBURG (Reuters) – South African private sector activity grew in May as new order volumes stabilised and business confidence improved, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers’ Index (PMI) rose slightly to 50.4 in May from 50.3 in April. A reading above 50 denotes growth. “Firms appeared to prioritise building …
South Africa business activity grows again in May, PMI shows Read More »
By Marc Jones LONDON (Reuters) -A clobbering for South Africa’s, Mexico’s and even India’s heavyweight markets in recent days has proved without doubt that politics can still deliver an unexpected uppercut in big emerging economies. Mexico’s peso and South Africa’s rand were both still sliding on Tuesday following their respective election surprises, while the likelihood …
Mexico, South Africa and India deliver political punch to markets Read More »
By Sarah El Safty CAIRO (Reuters) – Egypt’s government has raised the price of its most widely consumed subsidised bread for the first time in decades. Here are some facts about Egypt’s bread consumption and wheat imports. BREAD SALES Bread is a staple of the national diet in Egypt, which has a population of 106 …
Factbox-Why Egypt’s price rise on subsidised bread matters Read More »
SEOUL (Reuters) – Nearly 50 deals and agreements have been signed during South Korea’s first summit with leaders from 48 African countries to cooperate in areas such as mining, energy and manufacturing, South Korea’s industry ministry said on Wednesday. Hyosung Corp, a South Korean conglomerate, signed a contract to supply electric transformers to Mozambique worth …
South Korea, African countries sign agreements on minerals, exports Read More »
By Felix Onuah ABUJA (Reuters) – Nigerian lenders have started submitting plans to meet new minimum capital requirements to strengthen the financial system and support economic growth, the central bank said on Tuesday, after setting the standard in March. Commercial banks with international authorization must have at least 500 billion naira ($344.83 million) in capital …
Nigerian lenders submitting recapitalisation plans, central bank says Read More »
By Koh Gui Qing and Amanda Cooper NEW YORK/LONDON (Reuters) -World stocks and commodities slid on Tuesday as investors turned uneasy about evidence that the U.S. economy’s “exceptionalism” may be starting to unwind, after data showed surprising weakness in business activity. The risk that the U.S. economy might be softening more than expected was brought …
Stocks, commodities slip as soft US data signals cooling economy Read More »
