By Camillus Eboh ABUJA (Reuters) – Nigeria backs Shell’s decision to sell its onshore oil and gas assets, its junior oil minister said on Thursday, and will give the necessary regulatory approval. Shell on Tuesday announced its exit from Nigeria’s onshore and shallow water operations after agreeing to sell the business to a consortium of …
JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Thursday after monthly mining figures showed an increase in production. At 1619 GMT, the rand traded at 18.9475 against the dollar, 0.6% stronger than its previous close. The country’s total mining output rose 6.8% year on year in November after a revised increase of 3.6% the previous month, …
ACCRA (Reuters) – Ghana’s currency is expected to strengthen against the dollar in the next week to Thursday, while the Nigerian naira and Kenyan shilling are seen weakening with Uganda’s shilling holding steady, traders said. GHANA Ghana’s cedi is expected to strengthen in the week ahead due to an expected disbursement of $600 million from …
AFRICA-FX-Ghana’s cedi to firm, Kenyan and Nigerian currencies to weaken Read More »
By Duncan Miriri NAIROBI (Reuters) -Kenya intends to go to international bond markets as soon as the market situation allows, its finance minister and central bank governor said in a letter to the International Monetary Fund published on Thursday. The East African nation has been on the radar of foreign investors in recent months due …
Kenya to go to international bond market soon as conditions allow Read More »
By Patrick Werr CAIRO (Reuters) – A sharp downturn in revenue after sea attacks by Yemen’s Houthis diverted away shipping away from the Suez Canal has struck a painful new blow to Egypt’s already deteriorating economy, adding urgency to the need for reforms and help from abroad. Nearly all Egypt’s main sources of foreign currency …
Suez Canal diversions pile pressure on Egypt’s distressed economy Read More »
By Libby George LONDON (Reuters) – Nigeria’s central bank still lacks the foreign exchange to clear the backlog of demand, and the country’s high interest payment to revenue ratio weighs on its sovereign credit rating, Fitch said on Thursday. Africa’s largest economy has thus far cleared just $2 billion of a backlog of some $7 …
Nigeria’s central bank cannot quickly clear forex backlog – Fitch Read More »
CAIRO (Reuters) – Kuwait’s AlShaya Group said on Thursday it was scaling back operations in Egypt where it holds franchises for prominent Western brands such as Starbucks and H&M because of the economic situation in the Arab world’s most populous country. Economic challenges over the past three years have prompted it to take “the very …
AlShaya Group trims Egypt operations due to economic conditions Read More »
By Duncan Miriri NAIROBI (Reuters) – Ethiopia is set to issue licences to let foreign investment banks operate in the country, a key step ahead of its planned launch later this year of a securities exchange, the regulator’s director told Reuters. The liberalisation initiative has attracted foreign investors like Kenyan telecoms operator Safaricom but faced …
Ethiopia opens up to foreign investment firms ahead of capital markets launch Read More »
By Kanjyik Ghosh (Reuters) – The International Monetary Fund (IMF) on Wednesday approved a $941 million lending boost to Kenya, with an immediate disbursement of $624.5 million, offering some relief to the East African country as it battles financial pressures. The disbursement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs will …
Kenya wins $941 million IMF loan boost, easing financial pressures Read More »
By Stephanie Kelly NEW YORK (Reuters) -Oil prices were near flat on Wednesday as severe cold that disrupted some U.S. oil production offset disappointing economic growth in China that stoked worries about energy demand. Brent crude futures settled down 41 cents to $77.88 a barrel. U.S. West Texas Intermediate crude futures (WTI) gained 16 cents …
Oil near flat as extreme cold’s hit to U.S. output offsets China data Read More »
