JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Wednesday after the release of U.S. inflation data that could give the Federal Reserve a cushion to keep interest rates on hold at its meeting next week. At 1619 GMT, the rand traded at 18.7925 against the dollar, 0.62% stronger than its previous close. The dollar index was …
South African rand gains after US inflation data Read More »
By Felix Njini NAIROBI (Reuters) – Harmony Gold Mining boss Peter Steenkamp plans to retire at the end of next year as South Africa’s biggest gold producer by volume seeks new growth opportunities mining copper. Steenkamp, who turns 64 in November, has been at the helm at Harmony since returning in 2016. In 2022, the …
South Africa’s top gold miner weighs CEO succession amid tilt to copper Read More »
CAIRO (Reuters) – Egypt plans to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on Wednesday. The compound, with a flat steel production capacity of 1.8 million metric tons per year, would target global exports while also serving the local market. The project …
Egypt plans $1 billion flat steel production site -cabinet Read More »
LONDON (Reuters) -Tullow Oil trimmed its 2023 production forecast on Wednesday, hitting its shares, but the West Africa-focused company said it was poised to benefit from investment in the start-up of a new field. The London-listed company reduced the upper end of its production guidance for this year to 58,000-60,000 barrels per day (bpd) from …
By Stephen Culp NEW YORK (Reuters) – Technology shares pulled Wall Street to a lower close and oil prices soared on Tuesday, as investors looked ahead to key inflation data, which could provide clues regarding the way forward for the U.S. Federal Reserve’s monetary policy. All three major U.S. stock indexes lost ground on the …
U.S. stocks sag, crude surges with inflation data on deck Read More »
By Scott DiSavino NEW YORK (Reuters) – Oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies. Brent futures rose $1.42 or 1.6%, to settle at $92.06 a barrel, while U.S. West Texas Intermediate (WTI) crude …
Oil jumps 2% to near 10-month high as OPEC predicts tight supplies Read More »
By Chuck Mikolajczak NEW YORK (Reuters) – The yen retreated on Tuesday, coming off its biggest one-day percentage rise since mid-July as the currency strengthened on comments from Japan’s top central banker, while the U.S. dollar gained as investors awaited the latest reading on inflation. The greenback strengthened 0.39% at 147.15 against the yen to …
Yen backtracks after strong move higher, dollar climbs ahead of CPI Read More »
By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria’s central bank has barred lenders from paying dividends with earnings from one-off foreign exchange gains after several banks posted strong half-year earnings helped by a currency devaluation. In a circular, the central bank said changes to the currency regime have impacted banks to varying degrees and that “banks …
Nigeria bars bank dividends from FX revaluation income Read More »
JOHANNESBURG (Reuters) -The South African rand weakened against the dollar on Tuesday as markets await U.S. inflation data on Wednesday that could shed light on the Federal Reserve’s interest rate path. At 1512 GMT, the rand traded at 18.9550 against the dollar, nearly 0.5% weaker than its previous close. The dollar last traded around 0.22% …
South African rand slips as markets await US inflation data Read More »
By Libby George LONDON (Reuters) -The African Union plans to launch a new African credit rating agency next year to address the group’s concerns that ratings given to countries on the continent are unfair, an official told Reuters. The agency, which would craft its own assessment of the risks in lending to African countries, would …
African Union plans to launch its own credit ratings agency Read More »
