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Nigerian lawmakers OK president’s extra spending request amid criticism

2 Nov 2023

ABUJA (Reuters) – Nigerian lawmakers on Thursday approved President Bola Tinubu’s $2.8 billion supplementary budget that includes new bulletproof cars for himself and his wife, drawing outrage from citizens grappling with a cost of living crisis. Tinubu sent the budget to the Senate and House of Represantives this week saying the extra funding was needed …

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Africa-US trade programme needs at least 10-year extension, AU says

2 Nov 2023

By Joe Bavier JOHANNESBURG (Reuters) – Africa wants the U.S. Congress to renew its flagship trade programme for the continent for at least 10 years, the African Union’s top trade official said on Thursday, adding that any modifications to the initiative should only be considered later. Speaking at the start of three days of meetings …

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Canadian winner of gas rights on Congo’s ‘killer’ Lake Kivu failed criteria

2 Nov 2023

By Sonia Rolley (Reuters) -A Canadian start-up run from a private home was chosen by Democratic Republic of Congo for a technically complex project to extract methane from the deep waters of a volatile lake, despite the company not meeting the tender’s financial criteria, documents seen by Reuters show. President Felix Tshisekedi, who is seeking …

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Sibanye weighs more changes at US palladium mines as prices fall

2 Nov 2023

By Felix Njini and Nelson Banya JOHANNESBURG (Reuters) -Sibanye Stillwater shares fell more than 3% on Thursday after the company said it was considering further changes at its palladium mines in the U.S. to adjust the operations to metal prices that have dropped faster than it anticipated. The Johannesburg-based precious metals producer’s shares were down …

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Yilport takes controlling stake in Ghana’s Takoradi port operator

2 Nov 2023

LONDON (Reuters) – Yilport Holding will buy a controlling 35% stake in the operator of Ghana’s Takoradi port from Africa Finance Corporation (AFC), the two parties said on Thursday. AFC did not disclose the value of the deal, but said it exited its $138 million investment in Atlantic Terminal Services Limited at a double digit …

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IMF and Gambia agree new $100 million support package

2 Nov 2023

DAKAR (Reuters) – The International Monetary Fund and Gambian authorities have reached a staff-level agreement on a new three-year support package of around $100 million, the Fund said in a statement on Wednesday. The program will support agreed economic policies and reforms. It aims to tackle inflation and foreign exchange pressures, reduce debt and foster …

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US dollar falls as markets believe Fed is done hiking rates

1 Nov 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar fell against most currencies on Wednesday as investors perceived that Federal Reserve Chairman Jerome Powell’s statements after its two-day policy meeting suggested the U.S. central bank may be done raising interest rates. The policy-setting Federal Open Market Committee (FOMC), as expected, left rates in the …

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