By Karen Brettell and Harry Robertson NEW YORK/LONDON (Reuters) -The yen dropped to its lowest level since 1990 on Wednesday before rebounding slightly after Japan’s top monetary officials met to discuss the rapidly weakening currency and suggested they were ready to intervene. The dollar reached 151.975 yen, its strongest against the yen since mid-1990, before …
Japan’s yen hits 34-year low, sparking intervention warnings Read More »
KAMPALA (Reuters) – A unit of Djibouti-based Salaam Group launched in Uganda on Wednesday as the country’s first Islamic banking-compliant financial institution, the Ugandan president’s office said. The launch of the Salaam Bank Limited’s operations follows a law legalising Islamic banking in the east African country last year. Islamic finance follows Islamic religious principles such …
Salaam Bank launches Uganda’s first Islamic bank Read More »
By Chijioke Ohuocha and Elisha Bala-Gbogbo ABUJA (Reuters) – Nigeria’s naira rose to a five-week high against the dollar in intraday trading on Wednesday, a day after the central bank hiked interest rates to tame inflation and lifted restrictions on foreign investors participating in its fixed-income auctions. The currency rose to 1,200 per dollar on …
Nigeria’s naira gains on spot market after central bank rate hike Read More »
JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Wednesday after the central bank left its main interest rate unchanged as widely expected. At 1621 GMT, the rand traded at 18.9075 against the U.S. dollar, about 0.5% stronger than its previous close. The dollar was last trading up about 0.06% against a basket of global currencies. The …
South African rand firms after central bank holds rates Read More »
By Rachel Savage JOHANNESBURG (Reuters) – Senegal’s President-elect Bassirou Diomaye Faye rode to victory in Sunday’s poll on a wave of protest votes against the West African country’s current leader, fuelled by discontent that infrastructure-fuelled growth has failed to benefit all. While the young people who formed the backbone of Faye’s support base want jobs …
Analysis-Senegal’s youth want jobs from Faye, investors wary of radical ideas Read More »
By Kopano Gumbi, Bhargav Acharya and Sfundo Parakozov PRETORIA (Reuters) -South Africa’s central bank kept its main interest rate unchanged on Wednesday, saying its policy stance still needs to be restrictive to address elevated inflation expectations. The decision to maintain the repo rate at 8.25% was unanimous and in line with forecasts of analysts polled …
South Africa’s repo rate held on elevated inflation expectations Read More »
By Ahmad Ghaddar and Robert Harvey LONDON (Reuters) – Nigeria’s giant Dangote oil refinery could bring to an end a decades-long gasoline trade from Europe to Africa worth $17 billion a year, heaping pressure on European refineries already at risk of closure from heightened competition, analysts and traders said. The refinery started production in January …
Analysis-Nigeria’s Dangote oil refinery could accelerate European sector’s decline Read More »
(Reuters) -Kenyan lender Equity Group reported a 13% fall in 2023 pretax profit to 51.9 billion shillings ($396 million) on Wednesday, weighed down by a surge in provisions for bad debts. The East African country’s top lender by earnings, Equity increased its loan loss provisions by 139% to 32.8 billion shillings, it said, after its …
Kenyan lender Equity Group posts 13% slide in 2023 pretax profit Read More »
JOHANNESBURG (Reuters) -South African insurer Old Mutual Ltd reported a 28% rise in full-year earnings on Wednesday as it benefited from double-digit sales and new business growth. Its headline earnings per share (HEPS), a profit measure, was at 165.5 South African cents in the year to Dec. 31, up from 129.2 cents posted a year …
S.African insurer Old Mutual reports 28% rise in full-year profit Read More »
By Alden Bentley and Amanda Cooper NEW YORK/LONDON (Reuters) – Wall Street turned modestly lower in late trade on Tuesday, mostly in sync with subdued global share market movements, while the yen hovered near 2022 intervention levels after more official Japanese jawboning to deter shorting of the currency since last week’s monetary policy tightening. Treasury …
Stocks slip, bonds sidle in subdued week ahead of holiday Read More »
