Reuters Africa Business

By Libby George and Rachel Savage LONDON/JOHANNESBURG (Reuters) -The collapse of Zambia’s $3 billion bond rework deal this week is reverberating well beyond the country’s borders, raising doubts about the very framework designed to get bankrupt nations back on track quickly. Zambia’s government said on Monday an International Monetary Fund-approved deal with bondholders – agreed …

Zambia bondholder deal flop prompts calls for rethink of debt reworks Read More »

By Chijioke Ohuocha and Elisha Bala-Gbogbo ABUJA (Reuters) -Nigeria’s central bank will tighten policy over the next two quarters to manage inflation while directing banks to boost capital to support an expansion of the economy, its new governor, Olayemi Cardoso, said on Friday. Cardoso, who took over in September, faces immediate pressure to curb excess …

Nigeria cenbank to tighten policy to curb inflation, asks banks to boost capital Read More »

By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s economy grew by 2.54% in the third quarter, largely steady from the 2.51% in the second quarter, data showed on Friday, as the oil sector contracted at a slower pace while the impact of government reforms aimed at boosting output were yet to take effect. Central bank Governor Olayemi …

Nigeria Q3 growth steady at about 2.5% as oil sector contraction slows Read More »

By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar slipped against a basket of currencies on Friday on news of steady U.S. business activity in November, but private sector employment declined in line with expectations for a fourth-quarter economic slowdown. Currencies traded in a relatively narrow range with U.S. markets closing early the day after …

Dollar slips on bets US rates have peaked Read More »

By Chris Prentice and Naomi Rovnick NEW YORK/LONDON (Reuters) -Major Wall Street indexes notched weekly gains on Friday, as global equities drifted toward their biggest one-month rally since November 2020 during a shortened, muted trading session following the U.S. Thanksgiving holiday. Oil futures traded steady ahead of next week’s OPEC+ meeting, which could bring some …

Global equities head toward big monthly gain, dollar falls Read More »

JOHANNESBURG (Reuters) -The South African rand weakened on Friday, giving back some gains from the previous session, when the central bank kept its main interest rate unchanged. At 1544 GMT, the rand traded at 18.8550 against the dollar, 0.19% weaker than its previous close. The dollar last traded around 0.4% weaker against a basket of …

South African rand sheds some gains a day after cbank’s ‘hold’ decision Read More »