By Scott DiSavino NEW YORK (Reuters) -Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. “This was …
Oil prices settle up as Iraq backs more output cuts from OPEC+ Read More »
By Felix Onuah ABUJA (Reuters) -Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms. The agreements were reached at a bilateral meeting between …
Nigeria gets refineries investment, forex pledge from Saudi Arabia Read More »
By Patrick Werr and Sarah El Safty CAIRO (Reuters) – Egypt’s struggling economy faces new risks as the war in the neighbouring Gaza Strip threatens to disrupt tourism bookings and natural gas imports. Oil-rich Gulf countries, which repeatedly propped up Egypt’s finances with deposits over the past decade, had recently shifted to seeking profitable investments …
Analysis-Egypt’s stumbling economy faces new pressures from Gaza crisis Read More »
JOHANNESBURG (Reuters) -The South African rand fell on Friday, capping off a week of losses after hawkish comments from Federal Reserve Chair Jerome Powell helped the dollar rally and decreased risk appetite. At 1434 GMT, the rand traded at 18.7450 to the dollar, about 0.4% weaker than its previous close. The dollar last traded down …
South African rand extends losses after Powell speech Read More »
By Rachel Savage JOHANNESBURG (Reuters) -Zambia’s official creditors and the International Monetary Fund have “expressed reservations” about a debt restructuring deal the government has reached in principle with an international bondholder group, the finance ministry said Friday. Zambia and the bondholder group’s steering committee are continuing talks after the official creditor committee and the IMF …
Zambia official creditors, IMF voice ‘reservations’ on bondholder deal Read More »
By Nuzulack Dausen and Elias Biryabarema DAR ES SALAAM, Tanzania/KAMPALA (Reuters) -Uganda and Tanzania have agreed to carry out a feasibility study for a pipeline linking Tanzania’s gas fields to Uganda, their energy ministers said on Friday, as the East African neighbours seek to progress a plan first announced in 2016. Tanzania has an estimated …
Uganda, Tanzania to do feasibility study on gas pipeline Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South Africa’s TFG is optimistic about trading ahead of Black Friday and Christmas but wary of the impact of power cuts, its CEO said on Friday after the fashion retailer posted a 15.3%in half-year earnings. Retailers also face cost of living pressures as interest rates remain high and inflation continues …
South Africa’s TFG earnings fall, optimistic about Black Friday Read More »
BLANTYRE (Reuters) – Malawi will hike fuel and electricity prices effective Friday after the central bank devalued the local currency by about 30%, the country’s energy regulatory authority said late on Thursday. The Reserve Bank of Malawi devalued the kwacha currency’s exchange rate to the dollar earlier this week in a bid to prop up …
Malawi hikes fuel and electricity prices after currency devaluation Read More »
By Herbert Lash NEW YORK (Reuters) -Treasury yields jumped and a measure of global stocks fell on Thursday after Federal Reserve Chair Jerome Powell said policymakers “are not confident” interest rates are high enough to bring inflation down to the U.S. central bank’s 2% target. The fight to restore price stability “has a long way …
Yields jump, stocks fall as Powell suggests higher rates possible Read More »
By Karen Brettell NEW YORK (Reuters) – The dollar gained on Thursday and hit a one-week high against the Japanese yen after Federal Reserve Chair Jerome Powell said that Fed policymakers are “are not confident” that interest rates are yet high enough to finish the battle with inflation. The dollar index was last up 0.35% …
Dollar gains after Powell warns on rates, yen at one-week low Read More »
