Reuters Africa Business

Kenya private sector activity declines at slower pace in Dec – PMI

4 Jan 2024

NAIROBI (Reuters) – Kenya’s private sector activity declined in December but at a slower pace than a month earlier, helped by easing inflation, with the service sector experiencing improved business conditions, a survey showed on Thursday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 48.8 in December from 45.8 a month earlier. Readings …

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Uganda estimates it will pay Umeme $225 million when its power concession ends

4 Jan 2024

KAMPALA (Reuters) – Uganda estimates it will pay power distributor Umeme Limited about $225 million to allow the utility to recoup its investments in the national grid after its concession ends in March 2025, a top energy ministry official said. Umeme, which is listed on both Uganda and the neighbouring Kenyan bourses, has been running …

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Global shares, yields slip on clouded soft-landing outlook

4 Jan 2024

By Herbert Lash NEW YORK (Reuters) -The dollar rebounded further from last year’s sell-off and global stock markets extended a New Year slide on Wednesday as doubts about the chances of a soft landing mounted even as the Federal Reserve almost declared victory in taming inflation. Policymakers appeared increasingly convinced last month that inflation was …

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US dollar rises to two-week peak on doubts about number of rate cuts in 2024

3 Jan 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar rose to a two-week high on Wednesday as investors continued to take profits on short dollar positioning amassed toward the end of last year, even as they questioned market expectations of roughly six interest rate cuts in 2024. For December, the dollar fell about 2%. Trading …

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Oil prices settle up 3% on supply concerns after oilfield shutdown in Libya

3 Jan 2024

By Scott DiSavino NEW YORK (Reuters) – Oil prices climbed on Wednesday, settling up about 3% after a disruption at Libya’s top oilfield added to fears that mounting tensions in the Middle East could disrupt global oil supplies. Brent <LCOc1> futures rose $2.36, or 3.1%, to settle at $78.25 a barrel. U.S. West Texas Intermediate …

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Protests shut down Libya’s Sharara oilfield – engineers

3 Jan 2024

(Reuters) -Local protests have forced a full shutdown of production at Libya’s Sharara oilfield, which can produce up to 300,000 barrels per day, two engineers told Reuters on Wednesday. A video circulating on the internet showed a number of local protesters from Fezzan region in southern Libya announcing the closure of the Sharara field until …

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Global stocks slide, Treasury yields rise on waning rate cut optimism

3 Jan 2024

By Herbert Lash NEW YORK (Reuters) -Stocks in Europe and on Wall Street fell on Tuesday, along with prices for U.S. government debt, on ebbing market optimism about timely interest rate cuts from the Federal Reserve. The dollar jumped against major currencies as the yield on the 10-year Treasury note, which moves inversely to price, …

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