By Sonia Rolley KINSHASA (Reuters) – The government of the Democratic Republic of Congo is opposed to a proposal by Chemaf SA to sell its copper and cobalt mines in the country to China’s Norin Mining, according to a document seen by Reuters. Chemaf, a long-time partner of commodities trader Trafigura, said in June it …
Congo wants Trafigura partner Chemaf’s deal with China’s Norinco halted Read More »
By Lawrence Delevingne (Reuters) -Wall Street and global shares jumped on Friday toward all-time highs, while Treasury yields slumped and the dollar languished, after a speech by U.S. Federal Reserve Chair Jerome Powell confirmed the United States would soon begin interest rate cuts. Powell, in remarks on Friday at the annual economic symposium in Jackson …
Stocks surge while Treasury yields, dollars retreat after Fed signals lower rates Read More »
(Reuters) – Global credit ratings agency S&P downgraded Kenya’s rating on Friday to “B-” from “B,” citing the recent repeal of the East African country’s 2024/2025 Finance Bill, which it said will slow its fiscal consolidation. President William Ruto discarded the government’s finance bill for the year, which contained tax hikes worth 346 billion shillings …
S&P downgrades Kenya on weaker fiscal and debt trajectory Read More »
By Alden Bentley NEW YORK (Reuters) -The dollar fell and sterling rose to its highest in more than two years on Friday after Federal Reserve Chair Jerome Powell gave an unambiguous signal that the long-anticipated U.S. interest rate cut would come next month. The weak dollar also saw the euro hit a 13-month high, and …
Dollar falls after Powell greenlights September easing Read More »
By Erwin Seba HOUSTON (Reuters) -U.S. light crude oil gained more than 2% a barrel on Friday after comments by U.S. Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut interest rates. Brent crude futures settled up by $1.80, or 2.33%, at $79.02 a barrel. U.S. West Texas Intermediate (WTI) crude …
Oil climbs over 2% after Fed’s Powell indicates US rate cuts Read More »
By Ange Aboa ABIDJAN (Reuters) – Ivory Coast’s government will increase its support for small local cocoa exporters to help them more than double their annual purchasing volumes, two government sources said on Friday. Ivorian exporters, which have been struggling to secure financing from local banks due to financial difficulties, have to compete with financially …
Ivory Coast increases support for cocoa exporters, say sources Read More »
By Maxwell Akalaare Adombila ACCRA (Reuters) – Ghana’s cocoa marketing board, Cocobod, is fine-tuning a new funding model for bean purchases that will require global traders to deposit at least 60% of the value of their forward contracts at the start of the season, two sources told Reuters. The new system will replace a three-decade …
JOHANNESBURG (Reuters) -The South African rand jumped on Friday, after comments by Federal Reserve Chair Jerome Powell signalled an interest rate cut next month. At 1520 GMT, the rand traded at 17.71 against the dollar, 1.82% stronger than its previous close. “The time has come for policy to adjust. The direction of travel is clear, …
South African rand jumps as Fed’s Powell signals lower rates Read More »
GABORONE (Reuters) – Canada’s Lucara Diamond Corp has dicovered a 2,492 carat diamond at its Karowe mine in Botswana, the company said late Wednesday, one of the largest stones to be excavated. Lucara did not reveal the stone’s gem quality but its size would make it the second largest rough diamond discovered to date, after …
Lucara finds second biggest diamond yet in Botswana Read More »
By Aaron Ross NAIROBI (Reuters) – Kenya’s biggest telecoms company Safaricom has urged regulators to consider requiring satellite internet providers such as Elon Musk’s Starlink to partner with local mobile network operators. Starlink, a unit of SpaceX, operates in several African countries but has faced regulatory challenges registering in others. It launched in Kenya in …
Kenya’s Safaricom urges new requirements for satellite providers like Starlink Read More »
