By Natalie Grover LONDON (Reuters) -Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August while Russia and Algeria …
Oil prices rise 2% as market weighs supply cuts against economic outlook Read More »
JOHANNESBURG (Reuters) – South Africa’s inflation is expected to decline to within the central bank’s target range of 3% to 6% by the third quarter, which would be sooner than previously forecasted, governor Lesetja Kganyago said on Tuesday. At its last meeting in May, the SARB monetary policy committee surprised the market by implementing a …
South Africa inflation seen falling within range by Q3 -central bank governor Read More »
By Naomi Rovnick and Xie Yu LONDON/HONG KONG (Reuters) – Global stocks held steady on Tuesday, as investors balanced the inflationary force of rising oil prices with hopes that central banks would not over-tighten monetary policy into a potential recession. MSCI’s broadest index of world stocks, which rose almost 6% last month as the U.S. …
Stocks drift as investors balance peak rate hopes with oil price rise Read More »
DUBAI (Reuters) – Egypt has begun a $1.8 billion programme to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta, petroleum minister Tarek El Molla told UAE state news agency WAM on Tuesday. The programme is in cooperation with Eni, Chevron, ExxonMobil, Shell and BP. The aim is to drill 35 exploration …
Egypt starts $1.8 billion gas exploration wells programme -minister Read More »
By Harry Robertson and Ankur Banerjee LONDON/SINGAPORE (Reuters) – The dollar fell against the yen on Tuesday as markets remained on high alert for signs of Japanese intervention, but the broader market was placid with U.S. traders off for a public holiday. The greenback was down 0.28% at 1340 GMT to 144.26 yen, after rising …
Yen firms amid intervention chatter, trading subdued on US holiday Read More »
By Libby George LONDON (Reuters) – Abdoulaye Diallo is paying over 50% more to fill up his “thiak-thiak” motorbike taxi in Keur Mbaye Fall, a suburb of Senegal’s capital Dakar, than he was before the government began lifting fuel subsidies in January. Diallo, 25, is already navigating punishing inflation and deadly political riots, but his …
Analysis-Caught between riots and debt crises, African countries cut fuel subsidies Read More »
By Jody Godoy (Reuters) -Elon Musk’s move to temporarily cap how many posts Twitter users can read on the social media site could undermine efforts by new CEO Linda Yaccarino to attract advertisers, marketing industry professionals said. Musk announced Saturday that Twitter would limit how many tweets per day various accounts can read, to discourage “extreme …
Musk’s Twitter rate limits could undermine new CEO, ad experts say Read More »
By Laura Sanicola (Reuters) -Oil prices settled down 1% on Monday as worries about a slowing global economy and possible U.S. interest-rate hikes outweighed supply cuts announced for August by top exporters Saudi Arabia and Russia. Brent crude futures settled down 1%, or 76 cents, at $74.65 a barrel while U.S. West Texas Intermediate crude …
Oil settles lower as economic jitters outweigh supply cuts Read More »
By Herbert Lash and Joice Alves NEW YORK/LONDON (Reuters) -The dollar was little changed on Monday against a basket of major trading currencies and gained against a yen that’s under intervention watch after the Japanese finance minister warned last week of excessive moves in the currency market. The dollar initially weakened on news of U.S. …
Dollar little changed after ISM data, yen below 145 threshold Read More »
By Felix Njini and Clara Denina NAIROBI/LONDON (Reuters) – An eleventh-hour deal between Botswana and De Beers over the weekend demonstrates the pressure the 135-year-old gems producer is under as it resets ties with its leading supplier amid pressure from falling prices and growing competition. Both parties potentially had a lot to lose if talks …
De Beers-Botswana deal signals rocky road for rough diamonds Read More »
