Reuters Africa Business Archives - Page 495 of 921

Dollar index slips to 1-week low; traders eye Friday’s U.S. inflation report

21 Dec 2023 22 Dec 2023

By Saqib Iqbal Ahmed and Caroline Valetkevitch NEW YORK (Reuters) -The dollar hit a one-week low against a basket of major currencies on Thursday as U.S. equities rebounded from the prior day’s sell-off and investors braced for Friday’s U.S. inflation data for clues to the path of future Federal Reserve policy. Data earlier Thursday showed …

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Oil prices slip as Angola decides to exit OPEC

21 Dec 2023 21 Dec 2023

By Nicole Jao NEW YORK (Reuters) – Oil prices settled lower on Thursday after Angola said it would exit the Organization of the Petroleum Exporting Countries (OPEC), raising questions about the producer group’s efforts to support prices by limiting global supplies. Brent crude futures settled down 31 cents at $79.39 a barrel. U.S. West Texas …

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Egypt central bank keeps interest rates steady as growth drops

21 Dec 2023 21 Dec 2023

(Reuters) -Egypt’s central bank kept its overnight interest rates unchanged on Thursday as predicted, saying GDP growth had slowed to 2.9% in the second quarter of 2003 and headline inflation had decelerated in October and November. The central bank’s Monetary Policy Committee (MPC) left the deposit rate at 19.25% and the lending rate at 20.25%, …

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Angola leaves OPEC in blow to oil producer group

21 Dec 2023 21 Dec 2023

By Miguel Gomes, Ahmad Ghaddar and Alex Lawler LUANDA/LONDON (Reuters) – Angola said on Thursday it would leave OPEC in a blow to the Saudi-led oil producer group that has sought in recent months to rally support for further output cuts to prop up oil prices. Angola’s Oil Minister Diamantino Azevedo said the Organization of …

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Safaricom’s Ethiopia struggle deters potential telecoms investors

21 Dec 2023 21 Dec 2023

By Aaron Ross and Dawit Endeshaw ADDIS ABABA (Reuters) – Foreign investor interest in Ethiopia’s telecoms sector is cooling, sector experts and those with knowledge of the licencing process say, pointing to a bumpy first two years operating in the country for Safaricom, the only company so far granted a licence to compete with state-owned …

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Emerging market debt wall looks scalable as investors warm to risk

21 Dec 2023 21 Dec 2023

By Libby George LONDON (Reuters) – After a grim couple of years for developing countries, with rapid interest rate rises prompting a string of defaults, investors say the coming wall of debt maturities looks to be surmountable. Principle payments of emerging markets’ sovereign Eurobonds will spike to $78.4 billion in 2024, from $43.6 billion this …

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South African rand little changed in thin trade

21 Dec 2023 21 Dec 2023

JOHANNESBURG (Reuters) -South Africa’s rand was little changed in thin trade on Thursday, ahead of the lull in trading sessions that affects the week between Christmas and New Year. At 1502 GMT, the rand traded at 18.3400 against the dollar, near its previous close of 18.3350. On the stock market, the Top-40 and the broader …

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South Africa’s Gold Fields sells Asanko stake in $170 million deal

21 Dec 2023 21 Dec 2023

(Reuters) – South Africa’s Gold Fields said on Thursday it had agreed to sell its 45% stake in Ghana’s Asanko gold mine to joint venture partner Galiano Gold in a $170 million cash and shares deal. Galiano already owns 45% of Asanko, which produced 170,000 ounces of gold in 2022 and is one of Ghana’s …

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Nigeria’s Q2 jobless rate steady at 4.2%, data shows mixed trend

21 Dec 2023 21 Dec 2023

ABUJA (Reuters) – Nigeria’s unemployment rate stood at 4.2% in the April-June quarter, little changed from the previous quarter, showing a mixed trend of positive indicators and lingering challenges. Unemployment in the second quarter marginally rose from 4.1% in the first quarter, according to data published by the National Bureau of Statistics (NBS) on Thursday. …

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Reaction to Angola’s decision to leave OPEC

21 Dec 2023 21 Dec 2023

By Natalie Grover LONDON (Reuters) -Angola has decided to leave the Organization of the Petroleum Exporting Countries (OPEC), its oil minister said on Thursday, saying its membership was not serving the country’s interests. The departure is unlikely to have a significant impact on oil supplies given Angola’s small percentage of total OPEC output, but the …

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