NIAMEY (Reuters) – Niger has cut its planned spending for 2023 by 40% because of international sanctions imposed after the military took power in a July coup, further hobbling the economy in one of the world’s poorest countries, the junta said in a televised statement on Saturday. This year’s budget, initially forecast at 3.29 trillion …
Niger cuts 2023 budget by 40% as post-coup sanctions bite Read More »
By Libby George, Patrick Werr and Marc Jones LONDON/CAIRO (Reuters) -Egypt’s government bonds fought back from an initial heavy tumble on Friday after Moody’s had downgraded the country’s credit rating to a new low and the head of the IMF had warned Cairo against delaying another currency devaluation. Moody’s, which had been eyeing up a …
Egypt’s bonds fight back after Moody’s downgrade triggers tumble Read More »
By Herbert Lash NEW YORK (Reuters) – A blowout U.S. jobs report on Friday sparked a delayed rally on Wall Street as the data revealed a strong economy with moderating inflation that helped set aside fears of higher interest rates that caused bond yields to soar. September’s job numbers were almost double the 170,000 forecast …
Stocks rally, bond yields soar on blowout US jobs data Read More »
By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures settled up 51 cents at $84.58 per barrel. U.S. West Texas Intermediate crude futures settled …
Oil prices rise, but post biggest weekly decline since March Read More »
By Gertrude Chavez-Dreyfuss and Saqib Iqbal Ahmed NEW YORK (Reuters) -The U.S. dollar eased against a basket of currencies on Friday, as investors assessed Friday’s jobs report that showed U.S. hiring rose broadly in September but also that wage growth is slowing. The dollar index, which measures the currency’s strength against a basket of six …
JOHANNESBURG (Reuters) – South Africa’s first virtual electricity transfer model is likely to go live by end of next year, a top government official said on Friday, a move that could rapidly ramp up renewable power consumption and reduce the burden on ailing state utility Eskom. Eskom’s ageing plants and struggling transmission grid have forced …
S.Africa’s first virtual renewable electricity transfer model to go live next year Read More »
JOHANNESBURG (Reuters) -South Africa’s rand shook off its earlier losses on Friday after it had slumped to a four-month low following U.S. payrolls data. At 1513 GMT, the rand was at 19.3650 against the dollar, about 0.8% above its previous close. It earlier touched 19.6400 – its lowest since June – after non-farm payrolls data …
South African rand recovers from 4-month low on U.S. payrolls data Read More »
By Sinead Cruise and Iain Withers LONDON (Reuters) – Debt-laden companies across Europe, Middle East and Africa face a $500 billion refinancing scramble in the first half of 2024, a challenge that could kill off many “zombie” businesses even though an expected peak in rates could bring some relief. Businesses facing rising debt costs after …
Analysis-Fall of the zombies? Why corporate failures could surge in 2024 Read More »
By Jorgelina do Rosario and Rachel Savage LONDON (Reuters) -Emerging economies are facing headwinds from all sides, with a recent selloff in U.S. Treasuries and China’s slowing economy adding layers of uncertainty while the Federal Reserve might not have reached the end of its rate hike cycle. Restructuring efforts for defaulted countries could reach a …
Emerging economies face China and rate pressures as IMF, World Bank meet Read More »
By Duncan Miriri and George Obulutsa NAIROBI (Reuters) -Kenya’s President William Ruto will ask China for a $1 billion loan to complete stalled road construction projects when he travels to Beijing later this month, his deputy said on Friday. Ruto’s plan, which also includes a request to lengthen the maturity periods of existing loans, marks …
Kenya to seek $1 billion loan from China, longer repayment period Read More »
