Reuters Africa Business

Nigeria secures $600 million Maersk investment in seaport infrastructure

28 Apr 2024

ABUJA (Reuters) – Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk, the presidency said in a statement on Sunday. The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia. …

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Japan’s yen tumbles to 34-year low; US dollar gains after inflation data

26 Apr 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar surged to a fresh 34-year high against the yen on Friday, bolstered in part by U.S. inflation data that showed no signs of easing, coming in line with forecasts and affirming expectations that the Federal Reserve will likely delay cutting interest rates to later this year. The …

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Oil settles higher on supply concerns in the Mideast, economic woes subdue gains

26 Apr 2024

By Georgina McCartney HOUSTON (Reuters) -Oil prices settled higher on Friday, garnering support from tensions in the Middle East, but a strong dollar and U.S. inflation data quashed hopes that the Federal Reserve would cut interest rates soon, giving prices a ceiling. Brent crude futures settled up 49 cents, or 0.55%, to $89.50 a barrel. …

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South African rand firms as poll shows ANC support at around 40%

26 Apr 2024

JOHANNESBURG (Reuters) – South Africa’s rand strengthened on Friday as analysts said a recent poll suggested there was no alternative to the governing African National Congress (ANC), despite a fall in its support. At 1543 GMT, the rand traded at 18.8250 against the dollar, 1.1% stronger than its previous close. An Ipsos opinion poll showed …

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Glencore seeks investment opportunities in Nigerian mining sector

26 Apr 2024

By Isaac Anyaogu LAGOS (Reuters) – Mining and trading house Glencore will invest in Nigeria’s mining sector if the government ensures a stable business climate, the company’s CEO said on Thursday during a visit to Nigeria’s minister in charge of solid minerals. The visit comes as Nigeria is seeking to woo foreign investors to its …

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Implats weighs 3,900 job cuts in South Africa as price rout takes toll

26 Apr 2024

By Felix Njini and Nelson Banya (Reuters) -Impala Platinum could cut 3,900 jobs as it restructures its South African operations due to lower metal prices, the miner said on Friday, with the news likely to pile more pressure on the government weeks before a general election. Mining companies in the world’s top platinum supplier are …

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Stranded cargo shows credit challenges at Nigeria’s Dangote refinery

26 Apr 2024

By Florence Tan, Noah Browning and Ahmad Ghaddar (Reuters) -Chinese state energy major PetroChina has been waiting to unload a cargo of U.S. crude at Nigeria’s giant new refinery for nearly a month due to payment issues, according to four trading sources and shipping data. The impasse highlights difficulties the $20 billion plant funded by …

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Tepid US data hits stocks, lifts Treasury yields to over 5-month high

26 Apr 2024

By Chris Prentice and Marc Jones NEW YORK/LONDON (Reuters) -Stocks snapped a three-day winning streak on Thursday as disappointing forecasts from Facebook and Instagram owner Meta hammered the tech sector, and Japan’s yen sank through 155 per dollar for the first time since 1990. Tepid U.S. GDP data and Meta’s slump weighed on equities. U.S. …

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