By Felix Onuah ABUJA (Reuters) -Nigeria plans to axe an electricity subsidy for 15% of consumers to reduce its 3.3 trillion naira ($2.6 billion) cost, part of a series of reforms to ease pressure on public finances, presidential spokesperson Bayo Onanuga said on Tuesday. Onanuga said the government was under pressure to allow a price …
Nigeria to cut electricity subsidy to ease pressure on public finances Read More »
JOHANNESBURG (Reuters) -The South African rand strengthened on Tuesday after the dollar slipped on a new report that showed U.S. job openings held steady at higher levels. At 1533 GMT, the rand traded at 18.8125 against the dollar, about 0.7% firmer than its previous closing level. The dollar index was down 0.2% after the U.S. …
South African rand firms as dollar slips on US jobs data Read More »
JOHANNESBURG (Reuters) – South African manufacturing activity declined in March, a Purchasing Managers’ Index (PMI) survey showed on Tuesday, with respondents suggesting that demand was sluggish. The seasonally-adjusted PMI fell to 49.2 points in March from 51.7 in February, dropping below the 50-point mark that separates expansion from contraction. “The PMI has been choppy in …
South African factory activity declines in March – Absa PMI Read More »
By Karin Strohecker LONDON (Reuters) – The World Bank is looking to issue up to $1 billion in a debut hybrid note on capital markets this year, a senior executive told Reuters, as development banks face increasing pressure to find new ways to boost their lending. The G20 group of major economies has urged multilateral …
World Bank set to issue up to $1 billion in debut hybrid note this year Read More »
By Anait Miridzhanian JOHANNESBURG (Reuters) – China has a unique opportunity to drive forward an energy revolution in Africa, but it must first reverse nearly two decades of neglect of green power investments there, research from Boston University showed on Tuesday. Beijing has emerged as the continent’s biggest bilateral trading partner since the start of …
China could drive Africa’s renewable energy revolution, report says Read More »
By Herbert Lash and Kevin Buckland NEW YORK/TOKYO (Reuters) – Gold prices hit fresh all-time peaks on Monday with stocks on Wall Street closing mixed as optimism that the Federal Reserve was near to cutting interest rates faded due to a strong U.S. economy that rebuts the need for cuts anytime soon. Chinese shares led …
Gold rallies, stocks ease as rate cut optimism fades Read More »
By Scott DiSavino NEW YORK (Reuters) -Crude prices edged up about 1% on Monday with U.S. futures closing at a five-month high, on expectations that economic growth in the U.S. and China will boost demand, while supplies tighten on OPEC+ output cuts and attacks on Russian refineries. Brent futures for June delivery settled at $87.42 …
Oil up 1%, US WTI at 5-month closing high, market seen tight Read More »
By Hannah Lang NEW YORK (Reuters) -The dollar rose on Monday on news that the U.S. manufacturing sector grew in March for the first time since September 2022, while the yen lingered below 152 per dollar over the threat of intervention by the Bank of Japan. The Institute for Supply Management (ISM) said U.S. manufacturing …
Dollar higher after manufacturing data lowers June rate bets Read More »
By Nafisa Eltahir and Patrick Werr CAIRO (Reuters) -The IMF will tie payments to Egypt under an $8 billion financial programme to Cairo’s letting market conditions determine the price of its currency and its making foreign exchange available to businesses and private individuals, the IMF said on Monday. Egypt, which signed the loan agreement on …
IMF ties Egypt loan disbursements to currency flexibility Read More »
ABIDJAN (Reuters) – Lack of rain and strong sun in most of Ivory Coast’s main cocoa regions last week could hinder the April-to-September mid-crop, farmers said on Monday. The world’s top cocoa producer just started its rainy season, which runs officially from April to mid-November. Rains are usually abundant during this time. Several farmers across …
Lack of rain, heat could hinder Ivory Coast cocoa mid-crop, farmers say Read More »
