Reuters Africa Business Archives - Page 423 of 921

Factbox-Main companies operating in Senegal’s oil, gas and mining sectors

4 Apr 2024 4 Apr 2024

By Sofia Christensen DAKAR (Reuters) – Senegal’s newly elected President Bassirou Diomaye Faye on Wednesday said his government would conduct an audit of the West African nation’s oil, gas and mining sectors. The announcement followed a campaign promise to re-negotiate the terms of oil, gas and mineral contracts with foreign operators in the country, which …

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Kenyan private sector activity slows in March, PMI shows

4 Apr 2024 4 Apr 2024

NAIROBI (Reuters) – Kenya’s private sector activity contracted slightly in March, hurt by cashflow problems at some businesses, a business survey showed on Thursday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) fell to 49.7 in March from 51.3 a month earlier. Readings above 50.0 signal growth, while those below point to a contraction. In …

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Tanzania central bank raises key interest rate to tackle inflationary pressure

4 Apr 2024 4 Apr 2024

By Nuzulack Dausen DAR ES SALAAM (Reuters) -Tanzania’s central bank raised its key interest rate on Thursday to stay ahead of lingering inflationary pressure from global economic developments despite satisfactory local conditions, its governor said. The bank raised its key rate to 6.0% on Thursday from 5.5%. The Bank of Tanzania had announced a rate …

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Uganda to launch first domestic tin processing plant next month

4 Apr 2024 4 Apr 2024

KAMPALA (Reuters) – Uganda will commission its first tin refining plant in the southwestern region next month, a senior mining ministry official said, as part of efforts to expand capacity and add value domestically to its minerals. President Yoweri Museveni wants to maximise the benefits of exports to the East African nation, where several gold …

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Shares, yields wobble on unclear rate cut timing

4 Apr 2024 4 Apr 2024

By Herbert Lash and Amanda Cooper NEW YORK/LONDON (Reuters) – Global shares and bond yields meandered on Wednesday after data showed U.S. services industry growth eased further in March, suggesting inflation is slowing, but not enough for the Federal Reserve to say when interest rate cuts can begin. The U.S. central bank had been expected …

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Oil settles at 5-month high, gains capped by jump in US crude stocks

4 Apr 2024 4 Apr 2024

By Shariq Khan NEW YORK (Reuters) -Oil prices settled at their highest levels since October on Wednesday on investor concerns about supply disruptions due to conflict in the Middle East, although a jump in U.S. crude oil inventories capped the gains. Brent futures rose 43 cents, or 0.5%, to settle at $89.35 a barrel, and …

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Senegal’s new president announces oil, gas and mining sector audit

3 Apr 2024 3 Apr 2024

DAKAR (Reuters) – Senegal will conduct an audit of the oil, gas and mining sectors, newly elected President Bassirou Diomaye Faye told the nation in a televised speech on Wednesday, while also reassuring investors they were welcome in the country. Faye defeated the ruling coalition’s candidate in a March election by a landslide, reflecting high …

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Dollar dips, yen steady after inching near 152 level

3 Apr 2024 3 Apr 2024

By Hannah Lang NEW YORK (Reuters) -The dollar index fell on Wednesday, offering relief to the yen as the increased threat of currency intervention by Tokyo capped further declines in the Japanese currency. The dollar index was last down 0.496% at 104.25, having moved lower throughout the day as the yen stabilized. Federal Reserve officials …

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Ethiopia official creditors to extend deadline for IMF deal, source says

3 Apr 2024 3 Apr 2024

PARIS (Reuters) -Ethiopia’s official international creditors will give the East African nation until the end of June to wrap up talks on IMF support after a prior deadline lapsed, a source close to the Paris Club of creditors said on Wednesday. The International Monetary Fund concluded a visit to the country on Tuesday to discuss a request for …

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Ghana to raise cocoa farmgate price by up to 50%, Cocobod says

3 Apr 2024 3 Apr 2024

By Maxwell Akalaare Adombila ACCRA (Reuters) -Ghana will raise the fixed farmgate price paid to cocoa farmers by up to 50% in an effort to share profits from rising global prices and deter farmers from bean smuggling, a spokesperson at the country’s cocoa marketing board Cocobod said on Wednesday. Cocoa prices have more than tripled over …

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