By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s share index crossed a psychological threshold of 70,000 points for the first time on Wednesday after stocks gained for the third straight session, Refinitiv data showed. The All Share Index climbed 1.94% to close at 70,581 points for the first time ever. Nigerian equities started to rally at the …
Nigerian stocks rally, cross psychological 70,000 level for first time Read More »
LAGOS (Reuters) – Nigerian President Bola Tinubu on Wednesday asked the Senate to approve nearly $8 billion in new debt as part of a 2022-24 external borrowing plan to finance infrastructure, health, education and security. Nigeria, Africa’s biggest economy and top oil producer, has been relying increasingly on debt due to lower tax collections and …
Nigeria’s president seeks Senate approval to borrow $8 billion Read More »
By Kopano Gumbi, Anait Miridzhanian and Wendell Roelf CAPE TOWN (Reuters) -South Africa’s finance minister will propose tax changes next year as part of an effort to stabilise public finances that are under strain from a drop in mining revenue, a mid-term budget review on Wednesday showed. The budget document presented to parliament projected wider …
South Africa seeks tax boost as higher debt peak forecast Read More »
By Promit Mukherjee JOHANNESBURG (Reuters) – South Africa’s hopes for a raft of new power projects to help it out of a crippling energy crisis are fading, with investment still elusive as an already extended funding deadline looms, government officials, companies and bankers have told Reuters. Africa’s most developed economy is facing daily power cuts …
Bulk of South Africa’s emergency power projects still seeking funds to build Read More »
By Nyasha Chingono HARARE (Reuters) – Zimbabwe earned $209 million from lithium exports in the first nine months of 2023, nearly treble last year’s earnings, Mines Minister Zhemu Soda said on Wednesday, as Chinese-driven mining and processing projects take off. Africa’s top lithium producer, Zimbabwe hopes demand for the mineral, which is key for renewable …
Zimbabwe lithium export earnings treble as projects take off Read More »
KAMPALA (Reuters) – Uganda on Wednesday criticised a U.S. move to eject it and other African countries from accessing a tariff-free trade programme, saying the action was to punish African countries that are resisting the imposition of the West’s cultural values. U.S. President Joe Biden said on Monday that he intended to end the participation …
Uganda denounces U.S. plan to exclude it from duty-free trade programme Read More »
By Alex Lawler and Natalie Grover LONDON (Reuters) – A rare flurry of Angolan crude cargoes being offered for sale in the Platts trading window this week has seen the price differentials for key grades falling, another sign of weakness in the physical crude market. Most West African crude trading takes place in term contracts …
Angolan crude prices slip in flurry of rare public offers Read More »
By Tannur Anders and Rachel Savage JOHANNESBURG (Reuters) -The rand strengthened on Wednesday after South Africa’s mid-term budget statement, despite the proposal for tax measures next year to raise additional revenue as budget deficits are projected to widen over the next three years. At 1510 GMT, the rand traded at 18.5975 against the dollar, over …
South African rand firms after mid-term budget, despite wider deficit forecast Read More »
By Harry Robertson and Gertrude Chavez-Dreyfuss LONDON/NEW YORK (Reuters) – The struggling yen rose from a one-year low against the U.S. dollar and a 15-year trough versus the euro on Wednesday on threats of intervention from Japanese authorities, and as investors shifted focus to the Federal Reserve’s policy decision later in the day. The dollar …
Yen rises after Japan ramps up intervention warning; US data weighs on dollar Read More »
By Leika Kihara TOKYO (Reuters) -Asia’s manufacturers faced worsening pressure in October with factory activity in China slipping back into decline, clouding recovery prospects for the region’s major exporters already squeezed by weaker global demand and higher prices. Purchasing managers’ indexes (PMIs) for factory powerhouses China, Japan and South Korea showed activity shrinking while Vietnam …
Asia’s factories squeezed as China’s nascent recovery teeters Read More »
