Reuters Africa Business Archives - Page 588 of 921

US dollar slips as traders cautious before Fed’s Jackson Hole symposium

21 Aug 2023 21 Aug 2023

By Laura Matthews NEW YORK (Reuters) – The dollar inched lower against a basket of its peers on Monday, snapping a five-week winning streak, as investors bided time ahead of the U.S. Federal Reserve’s Jackson Hole, Wyoming, symposium starting on Friday, with expectations that central banks could keep rates higher for longer. The dollar index, …

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Crude oil settles lower as hope fades for Chinese demand

21 Aug 2023 21 Aug 2023

By Erwin Seba HOUSTON (Reuters) – Brent and U.S. crude oil finished on Monday at a loss, as hopes for Chinese demand faded “It seems that (China’s recovery) is not going to happen,” said John Kilduff, partner at Again Capital. “It’s doubtful they’re going to be buying. They bought a lot of crude for storage …

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Shell Nigeria investigates possible Trans Niger oil pipeline leak

21 Aug 2023 21 Aug 2023

By Tife Owolabi YENAGOA (Reuters) – Shell Plc’s local unit is investigating a possible leak on its Trans Niger oil pipeline that traverses Bodo community in Nigeria’s River state following an Aug. 18 report, a spokesperson said on Monday. The 180,000-barrel-per-day pipeline is one of two conduits that export Bonny Light crude. “We are working …

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South African rand weakens ahead of BRICS, CPI

21 Aug 2023 21 Aug 2023

JOHANNESBURG (Reuters) -The South African rand eased on Monday, at the start of a week when Johannesburg hosts the BRICS summit of emerging market economies and the government releases monthly inflation figures. At 1545 GMT, the rand traded at 19.0150 against the dollar, about 0.1% weaker than its previous close. The dollar was trading up …

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‘BRICS bank’ aims to issue first Indian rupee bond by October

21 Aug 2023 21 Aug 2023

By Rachel Savage JOHANNESBURG (Reuters) – The development bank founded by the so-called BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on Monday, as the lender comes under pressure to raise and lend more in local currencies. The New Development Bank (NDB) issued its first …

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Thungela pushes ahead with acquisition plans even as coal prices fall

21 Aug 2023 21 Aug 2023

By Felix Njini NAIROBI (Reuters) -Thungela Resources, South Africa’s largest shipper of coal burned in power stations, said it would push ahead with plans to acquire new assets even as lower prices and challenges moving the fossil fuel to local ports squeeze profit. The Johannesburg-based miner’s plans to diversify geographically haven’t changed despite coal prices …

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Uganda power firm Umeme half-year pre-tax profit plunges 82%

21 Aug 2023 21 Aug 2023

KAMPALA (Reuters) – Uganda power distributor Umeme Limited’s pre-tax profit for the first six months of this year plunged 82%, hurt by rising amortisation costs, the company said on Monday. Pre-tax profit fell to 16.7 billion Ugandan shillings ($4.5 million) in the first half of this year, down from 92.8 billion shillings in the same …

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Marketmind: China to cut rates, but will it ‘go big’?

21 Aug 2023 21 Aug 2023

By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The People’s Bank of China is expected to cut interest rates on Monday, but it may have to throw caution to the wind and ‘go big’ if it is to soothe the nervousness and concern …

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S.African municipalities’ unpaid dues to Eskom rise to $3.3 billion-minister

20 Aug 2023 20 Aug 2023

JOHANNESBURG (Reuters) – The amount of unpaid dues that South African municipalities owe debt-laden power company Eskom has risen to more than 63.2 billion rand ($3.33 billion) and is increasing exponentially, risking even longer power cuts around the country, the electricity minister said on Sunday. Kgosientsho Ramokgopa said the figure had risen by 4.7 billion …

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Libya’s central bank reunifies after almost a decade

20 Aug 2023 20 Aug 2023

TRIPOLI (Reuters) – The Central Bank of Libya has been reinstated as a unified sovereign institution, its governor said on Sunday, almost a decade after it was split in two due to civil war. Governor Sadiq al-Kabir made the announcement at the bank’s headquarters in Tripoli after a meeting with Deputy Governor Mari Muftah Rahil …

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