By Felix Onuah ABUJA (Reuters) -Nigeria’s cabinet has approved a $1 billion concessionary loan from the African Development Bank (AfDB) to support financing the budget and improve foreign exchange supply, Finance Minister Olawale Edun said on Monday. The AfDB loan will fetch an interest rate of 4.2% for 25 years with eight-year moratorium, Edun told …
Nigeria cabinet approves $1 billion African Development Bank loan Read More »
By Miguel Gomes LUANDA (Reuters) – Angola has officially started diamond mining at its new Luele project, the biggest in the country and one of the world’s largest by estimated resources, it said on Monday, at a time when global diamond demand is already depressed. Demand for diamond jewellery has been hit by high interest …
Angola’s new diamond mine opens against backdrop of weak demand Read More »
By Alex Lawler and Ahmad Ghaddar LONDON (Reuters) -OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday. Several analysts have said they expect OPEC+ to extend or even deepen supply cuts into next year …
OPEC+ looking at deeper oil cuts ahead of Thursday meeting Read More »
KAMPALA (Reuters) – Uganda is preparing to borrow $150 million from China’s Export Import Bank (Exim) to help expand its internet infrastructure, the finance ministry on Monday. The move underscores the East African country’s increasing reliance for credit on Chinese lenders after the World Bank halted all new lending to Uganda earlier this year in …
Uganda to borrow $150 million from China’s Exim after World Bank halts funding Read More »
By Gertrude Chavez-Dreyfuss and Samuel Indyk NEW YORK/LONDON (Reuters) -The U.S. dollar slid against most major currencies on Monday, with a measure tracking the greenback’s value on track for its biggest monthly drop in a year, weighed down by expectations that the Federal Reserve could start cutting interest rates by the first half of next …
US dollar falls against most currencies as rate cut view weighs Read More »
TRIPOLI (Reuters) – Libya’s oil state firm the National Oil Corporation (NOC) needs a budget of $17 billion to increase national oil output to 2 million barrels per day in three to five years, its chief Farhat Bengdara said in an interview. Bengdara told Alwasat tv on Sunday there were no obstacles to increase the …
Libya’s state oil firm needs $17 billion to reach 2 million bpd -NOC chief says Read More »
JOHANNESBURG (Reuters) -The South African rand was stronger on Monday, helped by the dollar falling at the start of a week laden with major global and domestic economic data releases. At 1540 GMT, the rand traded at 18.7150 against the dollar, about 0.5% stronger than its previous close. The dollar index, which measures the currency …
South African rand gains at start of data-filled week Read More »
ABUJA (Reuters) – Nigeria has revised its 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), Budget Minister Atiku Bagudu said on Monday, after increasing the oil price benchmark and lowering the naira exchange rate assumption. Bagudu told reporters after a cabinet meeting that the cabinet had revised its oil price …
Nigeria revises 2024 budget to $33 billion, raises oil price assumption Read More »
(This Nov. 24 story has been corrected to add weekly loss data in paragraph 2 and show that there was no weekly oil price gain in the headline and paragraph 1) By Laura Sanicola (Reuters) – Oil fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium ahead of …
MELBOURNE (Reuters) – Zhaojin Mining’s $404.57 million bid for Tietto Minerals vastly undervalues the West African gold miner, according to an independent expert report on Monday. The China gold miner, Tietto’s second biggest shareholder with about a 7% holding, last month made an offer to buy the remaining 93% stake for A$0.58 per share. That …
Zhaojin offer for Tietto materially undervalues gold miner – expert Read More »
