(Reuters) – Global ratings agency Moody’s on Friday pushed Niger’s sovereign rating deeper into junk territory on the accumulation of unpaid debts. Moody’s downgraded the long-term foreign and local currency ratings of the Government of Niger to Caa3 from Caa2. Data from the West African regional debt management agency showed in November that Niger missed …
By Laura Sanicola (Reuters) -Oil prices settled higher on Friday, up about 6% on a week-on-week basis, as worries about supply from the Middle East mounted and as reining outages tightened refined products markets. Brent crude futures settled up 56 cents, or 0.7%, at $82.19 a barrel. U.S. West Texas Intermediate crude futures settled up …
Oil settles up, notches weekly gain on tight supply, Middle East conflict Read More »
By Herbert Lash and Amanda Cooper NEW YORK/LONDON (Reuters) -The dollar eased on Friday as it headed for a fourth week of gains while traders reduced their bets on how quickly the Bank of Japan might raise interest rates and how soon the Federal Reserve will cut them. Traders shrugged off revised U.S. monthly consumer …
Dollar eases as market shrugs off inflation revision data Read More »
By Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s naira dropped to a record intra-day low against the dollar on Friday, LSEG data showed, following a devaluation last week, its second adjustment in less than a year, despite the central bank saying liquidity was improving. Central bank governor Olayemi Cardoso said on Friday that over $1 billion …
Nigeria’s naira at record low despite improving FX liquidity Read More »
By Isaac Anyaogu LAGOS (Reuters) – Nigeria is proposing for gas producers to sell gas to local power plants in naira to solve problems of dollar shortages after a second currency devaluation in less than a year is expected to balloon costs and make it hard for firms to pay. Nigeria has 24 gas power …
Nigeria to propose naira payment for local gas sale Read More »
By Elisha Bala-Gbogbo ABUJA (Reuters) – Nigeria’s central bank governor Olayemi Cardoso said on Friday that entities involved in fraudulent foreign exchange trades would be punished, after an audit helped whittle down a backlog of claims for payment to a “more manageable figure.” A forensic audit of $7 billion of overdue forex backlogs the bank …
Nigeria central bank to sanction fraudulent forex claims, governor says Read More »
(Reuters) – South Africa’s rand was little changed in early trade on Friday, after President Cyril Ramaphosa gave little detail about his plans to address the country’s major challenges in his annual State of the Nation Address (SONA) on Thursday evening. “President Ramaphosa’s SONA address had absolutely zero impact on markets. Traders and investors are …
South African rand steady as focus shifts to government’s budget Read More »
(Reuters) – South Africa’s Sasol on Friday said it expects its half-year profit to decline by as much as 42% due to weaker oil and petrochemical prices and persistent infrastructure problems in Africa’s most advanced economy. Sasol, the world’s biggest producer of fuels and chemicals from coal and gas, said it sees headline earnings per …
S.Africa’s Sasol flags decline in half-year profit Read More »
By Chris Prentice and Caroline Valetkevitch NEW YORK (Reuters) -Wall Street’s major indexes rose on Thursday with the S&P hovering near the 5,000-point milestone as investors reacted to earnings reports and U.S. jobs data, and the U.S. dollar gained. European equities slipped and U.S. Treasury yields rose after a 30-year bond auction. Oil prices jumped …
S&P 500 near 5,000; Treasury yields rise after auction Read More »
(Reuters) – Exxon Mobil Corp said on Thursday it will exit Equatorial Guinea in the second quarter of this year, when the oil major will transfer its remaining investments in the country to the local government. Reuters reported in 2022 that Exxon had decided to leave the country once its licenses expired, amid a larger …
