Reuters Africa Business Archives - Page 422 of 921

China invites Uganda’s energy minister for talks on pipeline financing

5 Apr 2024 5 Apr 2024

KAMPALA (Reuters) – China has invited Uganda’s energy minister to Beijing to discuss the East African country’s $5 billion crude oil pipeline, Uganda’s presidency said on Friday. The development could signal a possible breakthrough in Uganda’s efforts to woo Chinese financiers to fund the pipeline, which the country requires to start crude production from oilfields …

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Nigeria union requests more troops to combat oil theft

5 Apr 2024 5 Apr 2024

By Camillus Eboh ABUJA (Reuters) – Nigeria’s oil workers union has asked President Bola Tinubu to deploy more troops, including military chiefs, to combat oil theft and boost output to help Africa’s largest economy tackle dollar shortages, an official said on Friday. Large-scale oil theft from pipelines and wells has been one of Tinubu’s biggest …

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Brent settles above $90 for first time since October on geopolitical tension

5 Apr 2024 5 Apr 2024

By Laura Sanicola (Reuters) – Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts. Brent futures for June rose above $91 a barrel before settling up $1.30, or 1.5%, to $90.65. U.S. West Texas Intermediate (WTI) futures for May …

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Stocks retreat, bonds rally after Fed officials cool rate-cut outlook

4 Apr 2024 4 Apr 2024

By Herbert Lash NEW YORK (Reuters) -Words of caution from Federal Reserve officials on Thursday about the need to keep interest-rate cuts in check until inflation clearly slows snuffed a Wall Street stock rally and sparked a rise in bond prices. Global equity markets had risen after data showing an increase in new claims for …

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Dollar hits two-week low, moves lower against yen

4 Apr 2024 4 Apr 2024

By Hannah Lang NEW YORK (Reuters) -The dollar hit a two-week low on Thursday as economic data supported expectations for quick interest rate cuts in the U.S., and fell against the battered yen. An unexpected slowdown in U.S. services growth, supporting the idea of bringing interest rates down, had pushed the dollar lower on Wednesday. …

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South Africa to investigate Microsoft over cloud computing licensing practices, source says

4 Apr 2024 4 Apr 2024

(Reuters) -A South African antitrust agency is set to investigate Microsoft over its cloud computing licensing practices, a source with direct knowledge of the matter told Reuters on Thursday. The South African case against Microsoft is likely to mirror the European Union antitrust case, according to the source. Microsoft is not aware of any complaint …

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Morocco expects more EV battery investments, minister says

4 Apr 2024 4 Apr 2024

By Ahmed Eljechtimi RABAT (Reuters) – The Moroccan government is in talks to attract more electric battery manufacturers as it seeks to adapt its growing automotive sector to an increasing demand for electric vehicles, industry and trade minister Ryad Mezzour said. The automotive sector tops Morocco’s industrial exports at $14 billion in 2023, up 27%. …

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South African rand stable against softer dollar, stocks rise

4 Apr 2024 4 Apr 2024

JOHANNESBURG (Reuters) -South Africa’s rand was broadly steady against a softer dollar on Thursday, shrugging off a disappointing local survey that showed private sector activity in the country contracted in March. At 1533 GMT, the rand traded at 18.6675 against the dollar, near its previous close of 18.6700. The S&P Global South Africa Purchasing Managers’ …

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Harmony Gold agrees five-year wage deal with unions

4 Apr 2024 4 Apr 2024

(Reuters) – South Africa’s Harmony Gold has signed a five-year wage deal with a coalition of trade unions, the company said on Thursday. South Africa’s often fractious major unions jointly negotiated a deal which will see the majority of workers receiving wage increases of 6.2% in the first three years from July 2024, rising to …

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Detained Binance executive in court on Nigerian tax, money laundry charges

4 Apr 2024 4 Apr 2024

By Camillus Eboh ABUJA (Reuters) – One of the two executives from Binance, the world’s largest cryptocurrency exchange, detained in Nigeria appeared in an Abuja court on Thursday to face tax evasion and money laundering charges. Binance and two of its executives Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, and …

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