Reuters Africa Business

Ethiopia asks bondholders for debt relief early, ‘likely once and for all’

15 Dec 2023

ADDIS ABABA (Reuters) -Ethiopia’s finance ministry said on Friday it had asked its international bondholders to offer early debt relief that does not have to be renegotiated over “comparability of treatment concerns” as it faces a sovereign default later in December. The plea was made during a global investor call on Thursday as Ethiopia made …

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TotalEnergies to start building 216 MW solar plant in S.Africa

15 Dec 2023

(Reuters) – TotalEnergies is ready to start construction of a 216 megawatt solar plant with battery storage in South Africa that should be operational in 2025, the company said on Friday. Africa’s most advanced economy is battling to end crippling power cuts blamed on its ageing fleet of coal-fired plants, while seeking to transition away …

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Wall St ends higher, Treasury yields hit multi-month lows in Fed’s wake

14 Dec 2023

By Stephen Culp NEW YORK (Reuters) -U.S. stocks pared earlier gains to close modestly higher on Thursday, while benchmark Treasury yields dropped to multi-month lows after investors rotated out of momentum growth stocks following the U.S. Federal Reserve’s dovish pivot. The dollar hit a two-week low against the euro and more than a four-month low …

Wall St ends higher, Treasury yields hit multi-month lows in Fed’s wake Read More »

Dollar tumbles on dovish Fed, euro gains as ECB talks down rate cuts

14 Dec 2023

By Karen Brettell and Samuel Indyk NEW YORK/LONDON (Reuters) -The dollar fell to a two-week low against the euro and a more than four-month low against the Japanese yen in a broad based selloff on Thursday, after the Federal Reserve on Wednesday indicated that rate cuts are likely next year. The euro and pound, meanwhile, …

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Ethiopia floats “loss reinstatement” provision in bond rework -sources

14 Dec 2023

By Rachel Savage and Jorgelina do Rosario JOHANNESBURG (Reuters) – Ethiopia’s government told bondholders on Thursday it was hoping to negotiate a rework of its single international bond quickly and was set to include a form of “loss reinstatement” provision for investors, three sources attending the call told Reuters. The global investor call was part …

Ethiopia floats “loss reinstatement” provision in bond rework -sources Read More »

South Africa seeks bids for 7,615 MW of new power generation

14 Dec 2023

CAPE TOWN (Reuters) – South Africa on Thursday launched three bidding rounds for 7,615 megawatts (MW) of new power generation from renewable energy, natural gas and battery storage, part of efforts to overcome record power outages crippling economic output. The Department of Mineral Resources and Energy said in a statement it had issued three requests …

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Fitch downgrades Ethiopia further into junk territory as default looms

14 Dec 2023

(Reuters) – Ethiopia’s credit rating was downgraded further into junk territory on Thursday by the Fitch Ratings agency, which cited an “increased likelihood” of default. The east African country failed to pay a coupon on its single outstanding $1 billion Eurobond which had been due on Dec. 11, saying last week it could not make …

Fitch downgrades Ethiopia further into junk territory as default looms Read More »

Oil investors to usher in 2024 amid oversupply, demand concerns

14 Dec 2023

By Muyu Xu, Stephanie Kelly and Alex Lawler SINGAPORE/NEW YORK/LONDON (Reuters) -Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility. Benchmark Brent has averaged around $80 a barrel this year, after a volatile 2022 in which prices surged above $100 …

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South African rand jumps after producer inflation, jobs data

14 Dec 2023

JOHANNESBURG (Reuters) -South Africa’s rand gained against the softer dollar on Thursday after data showed producer inflation fell more than expected in November and formal sector jobs rose in the third quarter. At 1230 GMT, the rand was trading 18.5100 against the dollar, over 0.8% stronger than its previous close. The dollar index hit a …

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