Reuters Africa Business Archives - Page 522 of 921

IMF may need to augment Egypt program amid Gaza war impacts, Georgieva says

18 Nov 2023 18 Nov 2023

SAN FRANCISCO (Reuters) – International Monetary Fund Managing Director Kristalina Georgieva told Reuters on Friday the Fund was “seriously considering” a possible augmentation of Egypt’s $3 billion loan program due to economic difficulties posed by the Israel-Hamas war. Georgieva told Reuters in an interview on the sidelines of the Asia Pacific Economic Cooperation Summit that …

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Dollar posts steep weekly fall, trades below 150 yen

18 Nov 2023 18 Nov 2023

By Herbert Lash and Iain Withers NEW YORK/LONDON (Reuters) – The dollar posted its second-steepest weekly decline versus other major currencies this year on Friday, while the yen strengthened sharply, and the dollar traded below 150 yen, as concerns grow about the weakening global economic outlook. Cooler-than-expected U.S. inflation data on Tuesday and Wednesday hastened …

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Stocks steady, bonds in euphoric mood on bets of peak rates

17 Nov 2023 18 Nov 2023

By Koh Gui Qing and Dhara Ranasinghe NEW YORK/LONDON (Reuters) -World stocks steadied near two-month peaks on Friday and Treasury yields briefly touched two-month lows as investors held fast to the belief that U.S. interest rates have peaked and might even fall next year. But a reality check came when Federal Reserve Bank of Boston …

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Oil jumps 4% after week-long selloff, but falls for a fourth week

17 Nov 2023 17 Nov 2023

By Nicole Jao NEW YORK (Reuters) -Oil prices jumped more than 4% on Friday, rebounding from a four-month low hit in the previous session, as investors who had taken short positions took profits and while U.S. sanctions on some Russian oil shippers lent support. Brent crude futures settled up $3.19, or about 4.1%, at $80.61 …

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Shell confirms Nigeria withdrawal of oilfield claim

17 Nov 2023 17 Nov 2023

LONDON (Reuters) – Shell confirmed on Friday that Nigeria withdrew civil claims totalling $1.1 billion against it in relation to allegations of corruption in a 2011 oilfield deal. “We are pleased that this claim has been withdrawn. It brings to an end to all legal cases against Shell on OPL 245 in Italian courts,” a …

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Environmental groups urge funding halt for TotalEnergies’ Mozambique project

17 Nov 2023 17 Nov 2023

By Wendell Roelf CAPE TOWN (Reuters) -Banks and other financiers should withdraw their support of TotalEnergies’ $20 billion liquefied natural gas (LNG) terminal in Mozambique, environmental lobby groups urged in a letter sent to more than two dozen project funders on Friday. The letter, seen by Reuters, comes at a crucial juncture for the French …

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Climate protesters disrupt Sasol shareholders’ meeting

17 Nov 2023 17 Nov 2023

(Reuters) – South African climate protesters on Friday disrupted Sasol’s annual shareholders’ gathering, forcing the petrochemicals company to cancel the meeting. Sasol, the world’s biggest producer of fuels and chemicals from coal and gas and a major carbon emitter, has been criticised by activists for not doing enough to reduce greenhouse gas emissions. The company …

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Gabon’s junta pays first instalment of debt-for-nature fund money – TNC

17 Nov 2023 17 Nov 2023

By Marc Jones LONDON (Reuters) – The junta that seized power in Gabon in August has paid the first instalment of conservation fund money that forms a key part of a pioneering “debt-for-nature” deal sealed just before its coup. The $500 million debt swap was the first of its kind on continental Africa and saw …

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South African rand slips ahead of credit rating review

17 Nov 2023 17 Nov 2023

JOHANNESBURG (Reuters) -The South African rand weakened on Friday as investors awaited a review of South Africa’s sovereign credit ratings by S&P Global later in the day. At 1512 GMT, the rand traded at 18.4025 against the dollar, around 0.2% weaker than its previous close. In March, S&P downgraded its outlook to stable from positive, …

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Ethiopia cancels process for international telecoms licence -official

17 Nov 2023 17 Nov 2023

ADDIS ABABA (Reuters) – Ethiopia has cancelled a process seeking an international telecoms licence, a senior adviser at the finance ministry said on Friday, further delaying the potential entry of a third operator. The Ethiopian Communications Authority (ECA) launched the procedure, known as Request for Qualification, in June, after reviving the tender process in November …

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