By Julian Luk LONDON (Reuters) -African metal producers are reluctant to make long-term commitments to use a railway a Trafigura-led consortium plans to upgrade, four sources with knowledge of the matter said. Known as Lobito Atlantic Railway, the consortium pitched the overhaul of the line, historically known as the Benguela Railway, that links resource-rich Democratic …
Trafigura-led Lobito rail upgrade has yet to find users Read More »
JOHANNESBURG (Reuters) -South African food producer RCL on Monday posted a 45.7% drop in annual profit, hit by a levy raised by the country’s sugar regulator, rolling power cuts and unrecoverable feed costs in its chicken farming arm. The company reported a headline earnings per share from continuing operations – the main profit measure in …
S.African food producer RCL profit drops 46% as sugar levy, feed costs weighs Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria plans to set up the Nigerian Solid Minerals Corporation, a state-backed company to help attract investments into the extraction of gold, coal, iron-ore, bitumen, lead, limestone and baryte, a minister said on Sunday. “The proposed corporation will seek and secure partnership investment agreements with big multinational companies worldwide …
Nigeria to set up solid minerals corporation to attract investment Read More »
JOHANNESBURG (Reuters) – South Africa’s National Treasury said it will implement a number of cost-cutting measures to rein in government spending, including a hiring freeze, after a shortfall in revenue collection. The treasury, in response to an ailing economy, said it had outlined the measures in a letter addressed to national departments, provinces and public …
South Africa plans cost-cutting measures as revenue falls Read More »
By Stephen Culp NEW YORK (Reuters) – U.S. stock indexes settled for a mixed close and benchmark Treasury yields rebounded after a U.S. jobs report showed an uptick in unemployment, cementing expectations that the Federal Reserve will let interest rates stand at its September meeting. The three major indexes gave up earlier advances, losing momentum …
Wall Street inches higher, Treasury yields rise ahead of US holiday weekend Read More »
By Karen Brettell NEW YORK (Reuters) – The dollar gained against the euro and Japanese yen on Friday after the August jobs report showed a still strong labor market, despite some signs of deterioration. Employers added 187,000 jobs in August, above expectations for a 170,000 gain. But data for July was revised lower to show …
By Camillus Eboh ABUJA (Reuters) – Nigeria is pumping 1.67 million barrels of oil and condensates per day, compared with just under a million barrels some months ago, due to security improvements in the producing Niger-Delta region, the head of the state-oil firm NNPC said on Friday. Mele Kyari, NNPC’s group chief executive, said President …
Nigeria pumping 1.67 million barrels of oil and condensates per day Read More »
By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose on Friday to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, prolonging supply curbs engineered by …
Oil rises to highest in over seven months on supply worries Read More »
JOHANNESBURG (Reuters) – The South African rand jumped on Friday after employment data out of the U.S. showed an easing of labour market conditions, cementing expectations the Federal Reserve may not need to hike interest rates when it meets later this month. At 1540 GMT, the rand traded at 18.8100 against the dollar, around 0.36% …
South African rand jumps 1% after downward revision in US payrolls Read More »
By Kopano Gumbi and Wendell Roelf CAPE TOWN (Reuters) – The International Monetary Fund’s First Deputy Managing Director Gita Gopinath praised South Africa’s central bank for being proactive in raising interest rates but said energy and logistics challenges were restricting growth. Gopinath told Reuters in an interview that the strategy followed by the South African …
South Africa on right inflation track, energy and logistics a concern: IMF Read More »
