By Saqib Iqbal Ahmed NEW YORK (Reuters) -The U.S. dollar advanced against a basket of currencies on Thursday after Fed Chair Jerome Powell backed more U.S. rate increases albeit at a “careful pace” and as a spate of interest rate hikes by several central banks fuelled concerns over the outlook for global growth. Sterling was …
Dollar up on risk aversion; sterling, Swiss franc slip despite rate hikes Read More »
(Reuters) – The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25% and …
Egypt’s central bank keeps interest rates steady Read More »
By Stephanie Kelly NEW YORK (Reuters) -Oil futures fell about 4% on Thursday, as a bigger-than-expected Bank of England rate hike prompted worries about the economy and fuel demand that outweighed support from a surprise draw in U.S. oil supplies. Brent futures settled down $2.98, or 3.9%, to $74.14 a barrel. U.S. West Texas Intermediate …
Oil plunges 4% as interest rate hikes outweigh lower US oil supplies Read More »
JOHANNESBURG (Reuters) -The South African rand fell about 1% on Thursday against a stronger U.S. dollar as a spate of interest rate hikes by several central banks fuelled worries about global growth. At 1528 GMT, the rand traded at 18.5000 against the dollar, about 1% weaker than its previous close. The safe-haven dollar last traded …
South African rand weakens against stronger dollar Read More »
(Corrects acronym of project to ‘ELMED’ in paragraph 3) TUNIS (Reuters) – The World Bank Group has lent Tunisia $268.4 million to finance an electrical interconnection project with Italy that will link energy networks between Tunisia and Europe, TAP state news agency said on Thursday. The agreement ends a temporary pause in the bank’s work …
World Bank lends Tunisia $268 million for power line with Italy Read More »
By Tannur Anders JOHANNESBURG (Reuters) -South African shoppers are increasingly turning to credit to buy discretionary items such as clothing and homewares, company earnings reports show, highlighting the strains on household budgets and growing risks for retailers. Africa’s most advanced economy is grappling with high inflation, rapidly rising interest rates, low wages growth and rolling …
S.African shops see rise in credit sales as consumers suffer Read More »
PARIS (Reuters) – A deal on Zambia’s debt restructuring is expected to be announced later on Thursday at a Paris summit on easing poor countries’ debt burdens, four sources familiar with the matter said. “There has been agreement by creditors on the debt restructuring,” one of the sources said. The head of the Paris Club …
Zambia poised for debt restructuring deal -sources Read More »
By Duncan Miriri NAIROBI (Reuters) – Kenya’s parliament voted late on Wednesday to approve a contentious government finance bill that will double the fuel tax and introduce a new housing levy, handing a victory to President William Ruto. Ruto, who took office nine months ago, is pushing through a raft of tax hikes as part …
Kenyan lawmakers vote to double fuel tax, impose housing levy Read More »
PARIS (Reuters) – U.S. Treasury Secretary Janet Yellen said on Thursday talks between Zambia and its official creditors were progressing and could soon produce a debt restructuring agreement. “I’m encouraged by progress on Zambia and I think debt treatment can move forward soon,” Yellen said ahead of a summit in Paris aimed at boosting crisis …
Talks on Zambia’s debt have been “quite encouraging” – Yellen Read More »
By Shariq Khan BENGALURU (Reuters) -Oil prices gained a dollar a barrel on Wednesday as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand. Brent futures rose $1.22, or 1.6%, to settle at $77.12 a barrel, while the U.S. …
Oil rallies as grain markets tighten, dollar falls on Fed Chair comments Read More »
