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Dollar gains versus euro as Israel-Palestinian conflict spurs safety bid

9 Oct 2023

By Herbert Lash and Joice Alves NEW YORK/LONDON (Reuters) -The safe-haven dollar rose on Monday against the euro as military clashes between Israel and the Palestinian Islamist group Hamas raised concerns that the conflict might widen beyond Gaza, but the dollar eased against other major currencies. Israel’s response to the multi-pronged attack by Palestinian gunmen …

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Moroccan pharmaceutical firm Sothema mulls east African plant

9 Oct 2023

By Ahmed Eljechtimi Marrakech (Reuters) – Morocco’s largest pharmaceutical company Sothema is looking for partnerships to set up a plant in east Africa as part of its expansion strategy in the continent, Sothema CEO Lamia Tazi said on Monday. The east Africa plant would be the second for the Casablanca-listed company outside Morocco after Senegal, …

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Oil, gold jump on Middle East conflict; emerging market stocks down

9 Oct 2023

By Caroline Valetkevitch NEW YORK (Reuters) – Oil prices jumped more than 4%, gold gained and the U.S. dollar edged up against the euro on Monday as military clashes between Israel and the Palestinian Islamist group Hamas fuelled worries that the conflict could spread beyond Gaza. Emerging market stocks fell, while major U.S. stock indexes …

Oil, gold jump on Middle East conflict; emerging market stocks down Read More »

Nigeria’s NNPC now sole petrol importer as forex shortages hit rivals

9 Oct 2023

LAGOS (Reuters) -Nigeria’s national oil firm NNPC Ltd has again become the sole importer of petrol because local private firms are unable to obtain foreign currency, its chief executive said on Monday, four months after imports were opened up to private players. Mele Kyari also said the government had not reintroduced a decades-old petrol subsidy …

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Angola mulls slowing fuel subsidy removal after protests – finance minister

9 Oct 2023

By Rachel Savage MARRAKECH, Morocco (Reuters) -Angola may slow the removal of fuel subsidies to avoid a repeat of protests in June over a near-doubling in petrol prices in which at least five people were killed, the southern African country’s finance minister said on Monday. No decision has been made yet in ongoing internal discussions …

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S.African rand slips as Middle East conflict spurs risk aversion

9 Oct 2023

By Tannur Anders JOHANNESBURG (Reuters) -The South African rand weakened on Monday as violence in the Middle East stoked risk aversion in global markets while traders awaited release of the national census due this week. At 1510 GMT, the rand traded at 19.4100 against the dollar, more than 0.6% weaker than its Friday close. “Trade …

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Analysis-Tunisia faces rising pressure, record IMF delay over lack of reforms

9 Oct 2023

By Jorgelina do Rosario LONDON (Reuters) – Tunisia reached a preliminary deal with the International Monetary Fund a year ago on a $1.9 billion loan programme, but 12 months later it has yet to receive any money and seems unwilling to implement the reforms needed to do so. While analysts say the North African nation …

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Global economy’s glide to ‘soft landing’ gets bumpy as bond yields jump

9 Oct 2023

By Howard Schneider WASHINGTON (Reuters) -Rocketing U.S. government bond yields that have led to a global jump in borrowing costs are raising new risks for economic policymakers hoping to lower inflation without triggering a major crisis. The world’s finance officials, who will gather in Morocco this week for the annual meetings of the International Monetary …

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Emerging economies face $220 billion in budget cuts amid debt crisis -Oxfam

9 Oct 2023

LONDON (Reuters) – Some of the world’s poorest countries face budget cuts topping $220 billion over the coming five years due to a debt crisis that has pushed dozens to the brink of default, according to an Oxfam International report released on Monday. Oxfam’s report, released at the start of the IMF-World Bank meetings in …

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