Reuters Africa Business Archives - Page 530 of 921

Nigerian President Tinubu to attend Saudi-Africa summit in Riyadh

8 Nov 2023 8 Nov 2023

By Felix Onuah ABUJA (Reuters) – Nigeria’s President Bola Tinubu will attend the Saudi-Africa summit in Riyadh this week to attract foreign direct investment to Africa’s largest economy and mobilize capital to build needed infrastructure, his office said on Wednesday. Tinubu has embarked on the country’s boldest reforms in decades, which have been welcomed by …

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Malawi central bank to devalue kwacha by about 30% -notice

8 Nov 2023 8 Nov 2023

BLANTYRE (Reuters) – Malawi’s central bank said in a notice to authorised dealer banks seen by Reuters that it was devaluing the local kwacha currency’s exchange rate to the dollar by about 30% from Thursday. The notice said the kwacha’s exchange rate would be adjusted to 1,700 kwacha to the dollar from a selling rate …

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South African rand slips as dollar recovers

8 Nov 2023 8 Nov 2023

JOHANNESBURG (Reuters) -South Africa’s rand weakened against a stronger dollar on Wednesday, as the greenback recovered from a sharp selloff last week. The rand was trading at 18.4975 against the dollar at 1530 GMT, about 0.9% weaker than its previous close. It hit a weekly high of 18.5474 earlier in the day. The dollar was …

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Exclusive-Suriname hopes to strike debt deal with China by mid-December – minister

8 Nov 2023 8 Nov 2023

By Joe Cash BEIJING (Reuters) – Suriname hopes to strike a deal with China by mid-December over rescheduling interest payments on its debt beyond 2024, its foreign minister told Reuters on Wednesday, the final piece in a push to restructure its international debt. The country wants to ensure interest payments do not balloon going forward …

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Nigeria launches new ‘Nembe’ grade as ramps up oil output

8 Nov 2023 8 Nov 2023

By Natalie Grover, Robert Harvey and Ahmad Ghaddar LONDON (Reuters) -Nigeria’s NNPC and Aiteo have launched a new grade of crude called Nembe through a joint venture, as Africa’s largest oil producer ramps up its oil output. Crude theft, attacks on pipelines in the Niger Delta and a lack of investment have meant output declines …

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Kenya’s Safaricom, Sumitomo launch support platform for start-ups

8 Nov 2023 8 Nov 2023

NAIROBI (Reuters) – Kenyan telecoms operator Safaricom and Japan’s Sumitomo Corp. have created a platform for supporting start-up companies, they said on Wednesday. Although African economies like Kenya were in the past seen as the next frontier for start-ups especially in the technology sector, entrepreneurs faced issues including lack of financing and proper market strategies. …

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Oil dives 4% to lowest since July on demand worry, strong dollar

8 Nov 2023 8 Nov 2023

By Shariq Khan BENGALURU (Reuters) -Oil prices fell more than 4% on Tuesday to their lowest since late July, as mixed Chinese economic data and rising OPEC exports eased fears about tight markets and as the dollar strengthened. Brent crude futures closed below $84 a barrel for the first time since Hamas Islamists’ Oct. 7 …

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Emerging market currencies to claw back ground in 2024 as dollar fades: Reuters poll

8 Nov 2023 8 Nov 2023

By Devayani Sathyan and Vuyani Ndaba BENGALURU/JOHANNESBURG (Reuters) – Emerging market currencies will take well into next year to start making noticeable gains against a retreating U.S. dollar, despite a growing view the interest rate cycle has peaked, a Reuters poll of FX strategists showed. After getting battered for most of 2023, emerging market (EM) …

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Dollar gains, global shares pare losses as Fed speakers talk policy

7 Nov 2023 8 Nov 2023

By Herbert Lash NEW YORK (Reuters) -The dollar gained and world shares pared losses on Tuesday, as stocks on Wall Street surged and investors assessed Federal Reserve commentary about a too-strong U.S. economy that could require another interest rate hike to tame inflation. Gold hit a two-week low as the safe-haven rally triggered by Mideast …

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Dollar bounces after sharp selloff, weak data hurts euro

7 Nov 2023 7 Nov 2023

By Karen Brettell NEW YORK (Reuters) – The U.S. dollar gained on Tuesday as a sharp selloff last week was seen as overdone in the short term, while the euro was dented by weak German data and the Australian dollar slid after the country’s central bank raised interest rates but hinted the hike was the …

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