NAIROBI (Reuters) – Kenya’s central bank has lowered its economic growth projection for this year to 5.5%, a presentation by the bank’s governor Patrick Njoroge showed on Wednesday. The bank had said in March that the economy would expand by 5.8%. Njoroge did not address the new forecast. The economy expanded by 4.8% last year, …
Kenya central bank lowers 2023 growth forecast to 5.5% Read More »
(Reuters) -Impala Platinum Holdings Ltd has gained control of smaller rival Royal Bafokeng Platinum after buying a 9.26% stake from Africa’s largest fund manager, ending a drawn-out takeover battle. The Johannesburg-based platinum group metals producer raised its stake in RBPlat to 55.46% after South Africa’s Public Investment Corp. sold its remaining interest, it said in …
Impala takes control of RBPlat after acquiring key investor’s stake Read More »
By Leika Kihara TOKYO (Reuters) – Central banks risk being late in arresting inflation if they rely too much on forward guidance – a tool used to communicate the future path of monetary policy, a widely respected economist told policymakers at a Bank of Japan-hosted event on Wednesday. Forward guidance is an effective tool when …
Forward guidance could become trap for central banks-economist Read More »
NAIROBI (Reuters) -Kenya’s nominee to be governor of its central bank plans to push for local dollar bond issuance with the finance ministry once in office, he said, citing residents’ domestic holdings of foreign currency. President William Ruto named Kamau Thugge, an economic adviser and former senior Treasury official, as the next governor of the …
Kenya central bank nominee to push for floating local dollar bonds Read More »
By Ahmed Eljechtimi RABAT (Reuters) – Two thirds of Moroccan jobs are now in the grey economy, statistics agency said on Tuesday, giving its first public assessment of a trend that the government says is depriving the economy of $3.4 billion annually. Nearly all the jobs in the agricultural sector, which represents 14% of the …
Informal labour accounts for two-thirds of Morocco jobs – stats agency Read More »
By Hannah Lang WASHINGTON (Reuters) – Currency markets were choppy on Tuesday as the dollar hit a 10-week high against peers and a six-month top versus the yen before retreating after Japanese officials gave their currency a nudge. Japan will closely watch currency market moves and respond “appropriately” as needed, the country’s top currency diplomat …
Yen stronger post-emergency meeting, dollar stays lower Read More »
By Stephanie Kelly NEW YORK (Reuters) – Oil prices fell more than 4% on Tuesday on concerns about whether the U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Brent crude futures settled down $3.53, or 4.6%, …
Oil slides 4% on worries about US debt ceiling, OPEC+ talks Read More »
JOHANNESBURG (Reuters) – South Africa’s Standard Bank Group funded renewable energy projects worth 55 billion rand ($2.79 billion) in 2022, exceeding its green financing target and putting it ahead of the world’s top lenders, it said on Tuesday. Africa’s biggest lender by assets earmarked 40 billion rand for sustainable projects last year, Kenny Fihla, its …
South Africa’s Standard Bank says it exceeds 2022 green financing target Read More »
PARIS (Reuters) – France backs the ongoing talks between Tunisia and the International Monetary Fund, the foreign ministry said on Tuesday, as the cash-strapped North African country eyes a key IMF bailout package. The French government issued a statement after Foreign Minister Catherine Colonna held talks in Paris on Tuesday with Tunisian counterpart Nabil Ammar. …
France says it backs ongoing talks between Tunisia and IMF Read More »
By Rachel Savage and Chijioke Ohuocha JOHANNESBURG/ABUJA (Reuters) – Nigeria’s sovereign dollar-denominated bonds rallied on Tuesday after new President Bola Tinubu said at his swearing-in that a costly fuel subsidy would be removed and the central bank should work towards a unified exchange rate. Rating agency Moody’s said Tinubu’s readiness to confront these issues was …
Nigeria Eurobonds, stocks rally on Tinubu pledges to end fuel subsidy Read More »
