Reuters Africa Business

US dollar skids ahead of inflation data; yen not far from 1990 lows

8 Apr 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar slid on Monday as investors focused on U.S. inflation data due later this week, while the yen dipped to near 34-year lows, with traders remaining alert for any potential action from Japanese authorities to support the weakening currency. The greenback fluctuated last week as traders digested a …

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Stocks rise slightly as oil cools; Treasury yields touch 4-month high

8 Apr 2024

By Sinéad Carew and Harry Robertson NEW YORK/LONDON (Reuters) -Equity indexes rose slightly on Monday as U.S. bond yields hit their highest levels since late November and investors continued to rein in bets on Federal Reserve interest rate cuts while oil prices settled lower with Gaza truce talks in focus. The dollar index slipped in …

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Australia’s Fortescue partners with OCP Group for green energy development in Morocco

8 Apr 2024

(Reuters) – Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and fertilizers to Morocco, Europe and international markets, as the iron ore miner looks to transform itself into a green energy superpower with a global footprint. Fortescue’s equal partnership with the Moroccan fertilizer producer …

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South African rand firms after foreign reserves data

8 Apr 2024

JOHANNESBURG (Reuters) -South Africa’s rand firmed on Monday after central bank data showed that foreign reserves increased last month. At 1526 GMT, the rand was trading at 18.64 against the U.S. dollar, 0.24% stronger than its previous close. The dollar was down about 0.18% against a basket of global currencies. South Africa’s net foreign reserves …

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Grocery giants including Tesco, Woolworths team up to launch $125 million VC fund

8 Apr 2024

JOHANNESBURG (Reuters) – Global supermarket chains including Tesco, Australia’s Woolworths Group and Africa’s biggest grocery retailer Shoprite have teamed up to launch a $125 million venture capital fund to accelerate retail innovation. The new fund, W23 Global, will invest over five years in start-ups and scale-ups deploying technology to benefit consumers “by driving faster, more …

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Africa Data Centres, DPA break ground on 12 MW solar farm in South Africa

8 Apr 2024

JOHANNESBURG (Reuters) – Data storage and services group Africa Data Centres has with its partner, independent power producer DPA SA, started construction of a solar farm in South Africa to supply its facilities with renewable energy, it said on Monday. The market for data centres, or physical spaces housing computers and processing data, has grown …

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Exclusive-Nigeria’s NNPC faces $3 billion backlog on petrol payments, sources say

8 Apr 2024

By Libby George and Julia Payne LONDON/BRUSSELS (Reuters) – Nigeria’s state-oil company NNPC owes around $3 billion to fuel traders for imported petrol, three sources told Reuters, as the tumbling naira currency and rising global fuel prices have increased the effective subsidy it is paying. The payment backlog is a blow to the government’s efforts …

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Nigeria bars lenders from using FX-denominated collateral for naira loans

8 Apr 2024

By Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s central bank has barred commercial lenders from accepting foreign currency-denominated collateral to grant naira loans, a move that could protect the banking system against a strengthening of the local currency, it said on Monday. The regulator said in a circular that the practice it had observed of bank …

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Zimbabwe’s new ZiG currency starts trading, credibility doubts linger

8 Apr 2024

By Nyasha Chingono and Rachel Savage HARARE (Reuters) – Zimbabwe’s new gold-backed currency started trading on Monday amid doubts that the country’s third such re-launch in a decade will have any more success in ending repeated, crippling bouts of high inflation. The Zimbabwe Gold (ZiG) was announced on Friday by the central bank with an …

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