Reuters Africa Business

Nigeria’s Dangote refinery set to start gasoline output in Sept, IIR says

21 Aug 2024

NEW YORK (Reuters) – Nigeria’s 650,000-barrel-per-day Dangote refinery is undergoing test runs for gasoline production, with full operation expected by mid-September, according to a note by industry monitor IIR Energy. The $20-billion Dangote refinery, built by Africa’s richest man, Aliko Dangote, on the outskirts of Lagos, began operations in January after years of delays. Dangote, …

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Dollar drops as jobs revised lower, some Fed officials wanted July cut

21 Aug 2024

By Karen Brettell (Reuters) -The dollar fell to a more than one-year low against the euro and sterling on Wednesday after data showed employers added 818,000 fewer jobs in the year to March than previously thought. The release comes before a highly anticipated speech by Federal Reserve Chair Jerome Powell at the Kansas City Fed’s …

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Oil settles $1 down after US job data revised significantly lower

21 Aug 2024

By Georgina McCartney HOUSTON (Reuters) -Oil prices settled down by $1 a barrel on Wednesday after the U.S. government revised sharply lower a set of employment statistics closely watched by investors. Brent crude futures settled down $1.15, or 1.49%, at $76.05 a barrel. U.S. West Texas Intermediate crude futures settled $1.24 lower or 1.69% at …

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Egypt’s foreign debt drops $7.4 billion in first quarter

21 Aug 2024

CAIRO (Reuters) -Egypt’s foreign debt fell by $7.4 billion in the first three months of 2024, according to central bank data released on Tuesday.  The country’s finances were boosted in late February when it sold the development rights to prime Mediterranean land at Ras El-Hekma to the United Arab Emirates for $35 billion.  Total foreign …

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South African rand softens as Sept rate cut looms after inflation drop

21 Aug 2024

JOHANNESBURG (Reuters) -The South African rand softened on Wednesday as local inflation fell to a three-year low in July, solidifying analysts’ expectations of an interest rate cut by the South African Reserve Bank next month. At 1511 GMT, the rand traded at 17.8450 against the dollar, 0.25% softer than Tuesday’s close. Consumer inflation fell more …

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South Africa’s telco industry calls for tech firms to help fund infrastructure

21 Aug 2024

By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s telecoms industry body is pushing for digital content and service providers to help pay for the roll out of network infrastructure because they generate a huge part of the internet traffic. The Association of Comms and Technology (ACT) CEO Nomvuyiso Batyi said that the revenues generated by …

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South Africa inflation drop makes September rate cut more likely

21 Aug 2024

By Tannur Anders and Bhargav Acharya JOHANNESBURG (Reuters) -South Africa’s inflation dropped more than forecast to a three-year low in July, nearing the level the central bank aims for and cementing analysts’ expectations for an interest rate cut next month. Consumer inflation fell to 4.6% year on year in July from 5.1% in June, statistics …

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Sibanye finalises $101 million gold prepayment deal, refinances credit facility

21 Aug 2024

(Reuters) – South Africa’s Sibanye Stillwater has finalised a 1.8 billion rand ($101 million) gold prepayment deal to raise cash to help repay loans after a slump in platinum group metal (PGM) prices hurt its income, the diversified miner said on Wednesday. The group had previously said it was seeking to raise more than $500 …

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