By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar slipped across the board on Wednesday after Federal Reserve Chair Jerome Powell said continued progress on inflation “is not assured,” though the U.S. central bank still expects to reduce its benchmark interest rate later this year. “If the economy evolves broadly as expected, it will likely …
Dollar falls as Powell says Fed is on track to cut rates this year Read More »
By Scott DiSavino NEW YORK (Reuters) – Oil prices edged up about 1% on Wednesday on a smaller-than-expected build in U.S. crude inventories, a big withdrawal from distillate and gasoline stocks and remarks by the U.S. Federal Reserve chief that he still expects interest rate cuts this year. Lower interest rates could increase oil demand …
Oil prices up 1% on small build in US crude stocks, Fed rate cut remarks Read More »
By Aidan Lewis (Reuters) -The International Monetary Fund (IMF) said on Wednesday it would increase its current loan programme with Egypt by $5 billion, as the central bank let the pound plummet and said it would allow the currency to trade freely. The new agreement is an expansion of the $3 billion, 46-month Extended Fund …
Egypt signs expanded $8 billion loan deal with IMF Read More »
JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Wednesday, with analysts pointing to a surge in gold prices as the reason for the currency’s recovery. At 1750 GMT, the rand traded at 18.83 against the U.S. dollar, 0.7% stronger than its previous close. The currency, hurt by weak economic data, is down 2.8% against the greenback …
By Farah Saafan CAIRO (Reuters) – Egypt’s move to devalue the pound was met with frustration online and on the streets, with Egyptians complaining about everything from the cost of diapers to the price of chicken after years of struggling with low wages to afford them. President Abdel Fattah al-Sisi let the Egyptian pound plunge …
For struggling Egyptians, devaluation promises price pain Read More »
By Jonathan Stempel (Reuters) -A federal appeals court on Tuesday refused to hold five major technology companies liable over their alleged support for the use of child labor in cobalt mining operations in the Democratic Republic of the Congo. In a 3-0 decision, the U.S. Court of Appeals for the District of Columbia ruled in …
US court sides with Apple, Tesla, other tech companies over child labor in Africa Read More »
By Seun Sanni LAGOS (Reuters) – Nigeria needs to ensure that Shell safely dismantles its old infrastructure or pays to remove them from the Niger delta before its exit, says a report on the environmental impact of the activities of multinational companies. Shell is set to exit from Nigeria’s onshore oil and gas operations after …
Shell faces calls to safely decommission old assets before Nigeria exit Read More »
By Shariq Khan NEW YORK (Reuters) -Oil prices fell nearly 1% on Tuesday, pressured by skepticism around China achieving its economic growth target and investors’ declining risk appetite despite support from a weaker U.S. dollar. Brent crude futures settled 76 cents, or 0.9%, lower at $82.04 a barrel, their fourth straight decline. U.S. West Texas …
Oil falls 1% on concerns over China’s economic growth plan Read More »
By Stephen Culp NEW YORK (Reuters) -Wall Street stocks closed sharply lower on Tuesday while bitcoin and gold touched all-time highs as market participants eyed upcoming economic data and central bank actions. All three major U.S. stock indexes fell 1% or more on the day, with the tech-laden Nasdaq suffering the steepest loss. “This seems …
US stocks tumble as bitcoin, gold score record highs Read More »
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar edged down against a basket of currencies on Tuesday after data showed U.S. services industry growth eased and as investors braced for a busy week that includes a European Central Bank rate decision, congressional testimony from Federal Reserve Chair Jerome Powell and U.S. jobs data. Bitcoin …
Dollar slips as data weighs; bitcoin retreats after hitting new high Read More »
