Reuters Africa Business

Guinea approves joint development deal for Simandou iron ore project

4 Feb 2024

CONAKRY (Reuters) – Lawmakers in Guinea approved on Saturday a joint development deal for its giant Simandou iron ore project involving the junta-led government, Rio Tinto, and Winning Consortium Simandou, the lawmaking body’s spokesperson said. Simandou, set to be the world’s largest and highest grade new iron ore mine, has been the subject of prolonged …

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Morocco trade deficit shrinks 7% on tourism and lower imports

4 Feb 2024

RABAT (Reuters) – Morocco’s annual trade deficit contracted by 7.3% to 286 billion dirhams ($28.6 billion) in 2023, helped by a drop in energy imports and higher tourism revenue, the foreign exchange regulator said in a monthly report. Imports fell 2.5% from a year earlier to 715 billion dirhams, while exports increased by 0.2% to …

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Tanzania’s TPDC doubles gas field stake in deal with Maurel & Prom

3 Feb 2024

DAR ES SALAAM (Reuters) – State-run Tanzania Petroleum Development Corporation (TPDC) has paid $23.6 million to double its shareholding in the Mnazi Bay natural gas field under an agreement with French energy company Maurel & Prom. The Mnazi Bay gas field, in the Mtwara region of the country’s south, has an estimated 641 billion cubic …

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South African rand drops as dollar jumps on US jobs report

3 Feb 2024

(Reuters) -South Africa’s rand dropped sharply against the dollar in Friday afternoon trade in Johannesburg, as a U.S. jobs report boosted the dollar. The closely-watched non-farm payrolls figures showed U.S. employers added 353,000 jobs in January, beating the 180,000 jobs economists had expected. The rand was down about 1.1% at 18.8200 to the dollar by …

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Yields and dollar jump, stocks rally on blowout US jobs report

3 Feb 2024

By Herbert Lash NEW YORK (Reuters) – Treasury yields jumped, the dollar surged and world equities rallied on Friday after a blowout U.S. jobs report scuttled any lingering expectations of a near-term cut in interest rates and highlighted a strong economy. Nonfarm payrolls increased by 353,000 jobs in January, the Labor Department’s Bureau of Labor …

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Oil posts weekly losses as US data dents hopes for near-term rate cuts

2 Feb 2024

By Laila Kearney NEW YORK (Reuters) -Oil prices fell by about 2% on Friday and posted weekly losses after U.S. jobs data shrank the odds of imminent interest rate cuts in the world’s largest economy, which could dampen crude demand. Faltering growth in China and the possibility of some easing of tensions in the Middle …

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Dollar jumps, traders pare rate cut bets after strong jobs report

2 Feb 2024

By Karen Brettell NEW YORK (Reuters) -The U.S. dollar index jumped to a seven-week high in a broad rally on Friday after data showed that employers added far more jobs in January than expected, reducing the chances of near-term Federal Reserve interest rate cuts. Nonfarm payrolls increased by 353,000 last month, beating economists’ expectations for …

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Benin aims for $750 million in first US dollar bond issuance -sources

2 Feb 2024

By Jorgelina do Rosario and Rachel Savage LONDON (Reuters) -Benin is aiming to raise around $750 million this month in its inaugural dollar-denominated bond sale, according to three sources. Benin policymakers, led by Finance Minister Romuald Wadagni, are holding in person and virtual meetings with investors, with a road show trip to London and New …

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Tunisia’s central bank keeps key interest rate unchanged at 8%

2 Feb 2024

TUNIS (Reuters) – Tunisia’s central bank has kept the key interest rate unchanged at 8%, it said on Friday, adding it was watching for any potential repercussions that may result from a government request for direct funding from the bank. The government requested exceptional direct funding from the central bank worth 7 billion dinars ($2.25 …

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Zambian officials held debt talks with Chinese banks last week

2 Feb 2024

By Chris Mfula LUSAKA (Reuters) -Zambian officials went to China last week to discuss debt restructuring with representatives of the Export-Import Bank (EXIM) of China and some Chinese commercial banks, the secretary to Zambia’s Treasury said. Felix Nkulukusa said Zambia was on course to reach a new agreement after its official creditors, including China EXIM, …

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