RABAT (Reuters) – Morocco’s king has pardoned nearly 5,000 people convicted or wanted on charges linked to illegal cannabis cultivation, the justice ministry said in a statement on Monday. Morocco is a major cannabis producer and has allowed the cultivation, export and use of the drug for medicine or in industry since 2021, but it does …
Morocco pardons nearly 5,000 cannabis farming convicts Read More »
By Diadie Ba DAKAR (Reuters) – Senegal has set up a commission of legal, tax, and energy sector experts to review its oil and gas contracts and work to rebalance them in the national interest, Prime Minister Ousmane Sonko said on national television on Monday. President Bassirou Diomaye Faye, who defeated the ruling coalition candidate …
Senegal sets up commission to review oil and gas contracts Read More »
By Lawrence Delevingne and Nell Mackenzie (Reuters) -Global stocks pushed higher and the dollar tipped lower on Monday, after shares surged last week on expectations the U.S. economy would dodge a recession and cooling inflation would spur interest rate cuts. On Wall Street, stocks added to their recent gains. The Dow Jones Industrial Average rose …
Wall Street sends stocks up, dollar down ahead of Fed news Read More »
By Karen Brettell NEW YORK (Reuters) -The dollar fell to a seven-month low and the Japanese yen hit a more than one-week high as traders awaited comments from Federal Reserve Chair Jerome Powell this week that are expected to signal the U.S. central bank will start cutting interest rates in September. A key focus on …
Dollar hits 7-month low, yen gains as traders wait on Jackson Hole Read More »
CAIRO (Reuters) – Egypt is increasing electricity prices for households by up to 50%, two government sources said on Monday, as the country gradually phases out subsidies as part of an agreement with the International Monetary Fund. A source at the electricity ministry told Reuters the new increase in electricity prices was applied on Saturday …
Egypt hikes electricity prices for households by up to 50%, sources say Read More »
LONDON (Reuters) -Production at Libya’s Sharara oilfield has risen to about 85,000 barrels per day in a move aimed at supplying the Zawia oil refinery, two engineers working at the field told Reuters on Monday. Libya’s National Oil Corporation (NOC) had declared force majeure on oil exports from the field on Aug. 7 after a …
By Laila Kearney NEW YORK (Reuters) -Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing supply risks, while leading oil importer China’s economic weakness threatened to curb demand. Brent crude futures settled at $77.66 a barrel, dropping $2.02, or 2.5%. U.S. West Texas Intermediate …
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria’s state oil firm NNPC on Monday posted a 28% rise in annual net profit to 3.297 trillion naira ($2.14 billion) and declared a dividend. “Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” Chief Financial …
Nigeria’s NNPC posts 28% rise in annual net profit to $2.1 billion Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -MTN Group reported a half-year loss on Monday as Africa’s biggest telecom operator grappled with the devaluation of the Nigerian naira and operational challenges in Sudan. It said it was working on cutting costs and reiterated it was on track to reach a target to sell off non-core assets by …
MTN posts half-year loss as Nigeria currency devaluation weighs Read More »
JOHANNESBURG (Reuters) -The South African rand strengthened to a nearly 13-month high on Monday, ahead of the release of domestic inflation data on Wednesday which may provide hints on the country’s future interest rate path. At 1519 GMT, the rand traded 0.7% firmer at 17.7375 against the dollar, a level not seen since late July …
South African rand firms to near 13-month high, focus on local inflation Read More »
