By Shariq Khan NEW YORK (Reuters) -Oil prices tumbled by $3 a barrel on Monday to their lowest in nearly four months, as investors worried that a complicated OPEC+ output decision could lead to higher supplies later in the year even though demand growth has been slow. Brent crude futures fell by $2.75, or 3.4%, …
Oil hits four-month low as OPEC+ decision fails to allay demand worries Read More »
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar fell to a three-week low on Monday after data showed the U.S. economy is gradually slowing down with weaker-than-expected readings on manufacturing and construction spending, suggesting that the Federal Reserve is on track to start cutting interest rates later this year. The dollar index, a measure of …
US dollar sinks to three-week low on signs of slowing economy Read More »
By Isaac Anyaogu and Camillus Eboh LAGOS/ABUJA (Reuters) -Nigeria’s main labour unions on Monday shut down the national grid and disrupted flights across the country as they began an indefinite strike over the government’s failure to agree a new minimum wage. The strike began after talks broke down between the government and the country’s two …
Nigerian strike shuts power grid, disrupts airlines Read More »
By Tannur Anders and Kopano Gumbi JOHANNESBURG (Reuters) -South Africa’s rand, stocks and government bonds gained on Monday, as investors bet on the prospect of the African National Congress (ANC) striking a coalition deal with a market-friendly party after failing to get a majority in last week’s election. The assets tumbled last week on worries …
South African assets gain on rising hopes of market-friendly coalition Read More »
By Wendell Roelf CAPE TOWN (Reuters) -A South African appeals court on Monday suspended a previous ruling that halted offshore exploration by Shell along the unspoilt Wild Coast and allowed oil companies another chance at public consultation, court documents showed. The lack of public consultation was among key reasons why a lower court ruled against …
South African appeal court throws lifeline to Shell’s Wild Coast exploration Read More »
ABUJA (Reuters) – Nigeria’s central bank said on Monday it had revoked the banking licence of unlisted lender Heritage Bank Plc due to a breach of banking regulations. “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the licence the next necessary step,” the regulator …
Nigeria central bank revokes licence of Heritage Bank as bank rules breached Read More »
JOHANNESBURG (Reuters) – South African manufacturing activity slumped in May, a Purchasing Managers’ Index (PMI) survey showed on Monday, with respondents citing uncertainty linked to last week’s election and sluggish demand. Wednesday’s vote saw the African National Congress lose its outright majority for the first time in 30 years, meaning it must now share power …
South African factory activity slumps in May on election uncertainty – Absa PMI Read More »
By Jack Kim SEOUL (Reuters) – Africa’s rich mineral resources and its potential as a vast export market are at the top of South Korea’s agenda as it hosts a summit with the leaders of 48 nations this week with plans for aid on industrial infrastructure and digital transformation. Africa is a “crucial partner” for …
South Korea’s Yoon hosts Africa summit to tap minerals, vast export market Read More »
CAIRO (Reuters) – Planning Minister Hala al-Saeed predicted Egypt’s economy would grow by 2.9% or 3% in the financial year to end-June before accelerating to 4.2% in 2024/25, according to a ministry statement released on Sunday. The growth would come from investment spending, net exports and imports and consumer spending, Saeed said. During International Monetary …
Egypt’s economy likely to grow by 4.2% next year, says minister Read More »
By Olivia Kumwenda-Mtambo and Karin Strohecker JOHANNESBURG/LONDON (Reuters) – The prospect of South Africa’s first coalition government of the post-apartheid era is likely to keep markets jittery for months, but the weakened ANC party could soothe some nerves by seeking a deal with the pro-business Democratic Alliance, investors say. South Africa’s currency and bonds fell …
Jittery markets struggle with South Africa coalition puzzle Read More »
