Reuters Africa Business

Turkey signs energy cooperation deal with Somalia

7 Mar 2024

By Can Sezer ISTANBUL (Reuters) -Turkey signed an offshore oil and natural gas cooperation deal with Somalia on Thursday, the Turkish Energy Ministry said, further strengthening bilateral ties after agreeing a defence deal last month. The energy ministry said the deal, which it described as an inter-governmental agreement, includes exploration, evaluation, development and production of …

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South African insurer Sanlam’s annual profit surges 48%

7 Mar 2024

JOHANNESBURG (Reuters) -South African insurer Sanlam reported a 48% jump in full-year profit on Thursday helped by better market returns on investment of premiums and higher new business volumes, and said it was taking further action to boost policy renewals. The country’s biggest life insurer posted headline earnings per share, a measure of corporate profit …

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Invictus Energy hopes to finalise production agreement with Zimbabwe within weeks

7 Mar 2024

CAPE TOWN (Reuters) – Australia’s Invictus Energy is hopeful it will “within weeks” conclude a production sharing agreement (PSA) with the Zimbabwe government to develop its Cabora Bassa project, a non-executive director said on Thursday, following years of delays. The PSA is an important missing element as Invictus seeks to commercialize gas discoveries in the …

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South Africa’s current account deficit widens sharply in fourth quarter

7 Mar 2024

JOHANNESBURG (Reuters) – South Africa’s current account deficit widened sharply in the fourth quarter of 2023 to 2.3% of gross domestic product (GDP) from a revised 0.5% of GDP in the third quarter, central bank data showed on Thursday. The South African Reserve Bank (SARB) said the current account deficit was 1.6% of GDP for …

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Egypt secures IMF deal after pound plunge, bumper rate hike

7 Mar 2024

By Nafisa Eltahir and Nayera Abdallah CAIRO/DUBAI (Reuters) -Egypt secured an expanded $8 billion deal on Wednesday with the International Monetary Fund, hours after the central bank unshackled its currency and delivered a 600 basis points rate hike in a push to stabilise the economy. Additionally, Egypt would obtain a $1.2 billion loan for environmental …

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Exxon signals potential counter offer for Hess’s Guyana assets

7 Mar 2024

By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil Corp on Wednesday said it filed a contract arbitration claim related to Hess Corp’s proposed sale of its Guyana oil properties, and suggested it may counter Chevron Corp’s pending deal for the assets. The arbitration case seeks to preserve Exxon’s right to evaluate making a bid for Hess’s …

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US shares end higher, Treasury yields dip as Powell gives rate cut assurances

7 Mar 2024

By Stephen Culp NEW YORK (Reuters) -Wall Street followed world shares to a higher close on Wednesday and the benchmark U.S. Treasury yield dipped to a one-month low after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year. All three major U.S. stock …

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