Reuters Africa Business Archives - Page 572 of 921

North Africa will be Italy’s key gas supplier for years, Eni top exec says

12 Sep 2023 12 Sep 2023

By Francesca Landini MILAN (Reuters) – Algeria, Egypt and Libya will be Italy’s main gas suppliers for the next few years, Eni’s head of natural resources told Reuters, adding that the energy group would invest heavily in Africa both in exploration and in new low-carbon projects. Last year Eni, Italy’s largest importer of natural gas, …

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South Africa’s Libstar expects elevated cost of manufacturing after profit decline

12 Sep 2023 12 Sep 2023

JOHANNESBURG (Reuters) – South African food producer Libstar said on Tuesday while food selling price inflation continued to normalise from recent highs, the cost of manufacturing was expected to remain elevated relative to prior periods after its half-year earnings fell 44.9%. Consumer goods companies globally have lifted prices in the past two years to cope …

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Morocco wants IMF-World Bank meetings to proceed despite quake

12 Sep 2023 12 Sep 2023

By David Lawder WASHINGTON (Reuters) -The Moroccan government wants to proceed with International Monetary Fund-World Bank annual meetings scheduled for October in Marrakech despite Friday’s devastating earthquake, two sources familiar with the meeting planning said on Monday. “From the viewpoint of the Moroccan authorities, the annual meetings of the IMF and World Bank will take …

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Wall Street advances, dollar weakens ahead of CPI report

11 Sep 2023 11 Sep 2023

By Stephen Culp NEW YORK (Reuters) – U.S. stocks ended the session higher and the dollar retreated on Monday, as investors looked ahead to Wednesday’s inflation data, while the Bank of Japan suggested it could be moving toward closing the door on an era of negative interest rates. The tech-heavy Nasdaq led the U.S. equities …

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Oil prices settle mostly flat ahead of monthly oil forecasts

11 Sep 2023 11 Sep 2023

By Laura Sanicola (Reuters) -The benchmark oil price settled largely unchanged on Monday, holding above the $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts. Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down …

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Ueda comments send yen higher, dollar dips ahead of US inflation data

11 Sep 2023 11 Sep 2023

By Chuck Mikolajczak NEW YORK (Reuters) – The yen strengthened sharply against the dollar on Monday in the wake of comments from Bank of Japan (BOJ) Governor Kazuo Ueda that heightened expectations the central bank could shift away from its negative interest rate policy, while the greenback eased ahead of U.S. inflation data due later …

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HB Antwerp co-founders clash over gem trader’s future as Botswana deal looms

11 Sep 2023 11 Sep 2023

LONDON (Reuters) – Diamond processor and trader HB Antwerp said on Monday it had removed one of its three co-founders from management following differences over strategy, a development that comes amid a pending sales pact with major producer Botswana. Oded Mansori, who co-founded HB Antwerp in 2020 with partners Shai de Toledo and Rafael Papismedov, …

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South African rand jumps on encouraging Chinese data

11 Sep 2023 11 Sep 2023

JOHANNESBURG (Reuters) -The South African rand extended gains against a weaker dollar on Monday as encouraging economic data from China aided some emerging market currencies. At 1542 GMT, the rand traded at 18.8775 against the dollar, 1.35% stronger than its previous close. The dollar last traded around 0.27% weaker against a basket of global currencies. …

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Saudi Aramco to supply full oil volumes to N.Asia refiners -sources

11 Sep 2023 11 Sep 2023

By Muyu Xu (Reuters) – Saudi Aramco has notified at least five North Asian buyers that it will supply full contractual volumes of crude oil in October, sources with knowledge of the matter said on Monday, despite extended voluntary output cuts pledged by the Kingdom. The world’s top oil exporter last week said it would …

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Olam Group denies reports of multi-billion dollar forex fraud in Nigeria, shares slump

11 Sep 2023 11 Sep 2023

(Reuters) -Singapore’s Olam Group on Monday denied reports by the Nigerian media last week, alleging that its units in the African country were involved in a multi-billion dollar foreign exchange fraud. The Daily Nigerian and Prime Business Africa reported that Nigeria’s secret police was investigating the company’s units Olam Nigeria and Olam International and their …

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