By Felix Onuah and MacDonald Dzirutwe ABUJA (Reuters) -Nigeria’s government could no longer afford to pay for a costly fuel subsidy as of Tuesday, the chief executive of state oil firm NNPC Ltd said, a day after new President Bola Tinubu said the subsidy would be scrapped. Removing the subsidy, which cost about $10 billion …
NNPC says Nigeria can no longer afford fuel subsidy Read More »
JOHANNESBURG (Reuters) – The South African rand hit a record low on Tuesday on the back of a strengthening dollar and souring local investor sentiment that has seen massive capital outflows from the country. At 1518 GMT, the rand traded at 19.690 against the dollar , about 0.09% weaker than its previous close. It hit …
South African rand hits new low amid dollar strength, poor outlook Read More »
By Chris Mfula LUSAKA (Reuters) -Zambia’s minister of finance urged its official creditors to make progress on restructuring its debt at their next meeting, as the southern African country struggles to complete its long-delayed debt rework process after defaulting in 2020. Zambia’s hopes of restructuring about $12.8 billion of external debt have been hampered by …
Zambia urges official creditors to advance debt restructuring at next meeting Read More »
JOHANNESBURG (Reuters) – South Africa’s Pepkor Holdings Ltd said on Tuesday it would add 71 stores by the end of the year, bringing the total to 6,000, as it seeks to build market-share even as the country’s power crisis burdens both retailers and consumers. South Africa faces its worst rolling blackouts on record, with up …
S.African retailer Pepkor opens new stores despite power crisis Read More »
NAIROBI (Reuters) – The World Bank said on Tuesday it approved a $1 billion loan to Kenya to support its budget as East Africa’s economic powerhouse confronts high debts and a weakening currency. The lending will be done through an instrument called a Development Policy Operations (DPO) loan, which commits Kenya to instituting reforms aimed …
By Joice Alves and Scott Murdoch LONDON/SYDNEY (Reuters) – European stocks and the U.S. dollar fell, after climbing to a two-month high, on Tuesday as relief that the U.S. government had averted a possible default gave way to concern that the deal could face a rocky path through Congress. Longer-dated U.S. Treasuries rallied as traders …
Dollar, European stocks fall with U.S. debt deal Congress vote in focus Read More »
MELBOURNE (Reuters) -Namibia is considering taking minority stakes in mining and petroleum producers to reap more value from its mineral wealth, the African country’s mining minister told lawmakers, weighing on shares of mostly Australia-listed miners on Tuesday. Namibia is one of the biggest uranium producers in the world. It is also a major diamond producer …
Namibia targets stakes in resource companies, miners’ shares fall Read More »
JOHANNESBURG (Reuters) – South Africa’s biggest food producer Tiger Brands said on Tuesday its annual income might drop as it expected a significant rise in costs because of increased power cuts in the coming winter months, sending shares down 15% in early trade. Africa’s most industrialised economy has been grappling with daily power cuts lasting …
S.Africa’s Tiger Brands says power cuts set to squeeze income Read More »
By Arathy Somasekhar HOUSTON (Reuters) – Oil prices edged higher in choppy trading on Monday, as markets weighed a tentative U.S. debt ceiling deal that would avert a default by the world’s top oil consumer against further Federal Reserve interest rate hikes that could curb energy demand. Brent crude futures settled up 12 cents, or …
Oil ticks up as markets weigh U.S. debt deal, rate hike possibility Read More »
JOHANNESBURG (Reuters) – The South African rand, battered by crippling power cuts and a U.S. diplomat’s allegation of supplying weapons to Russia, was flat on Monday, after hitting a record low last week. At 1628 GMT, the rand traded at 19.6575 against the dollar, not far from Friday’s close of 19.6625 and down about 7% …
South African rand flat after last week’s record low Read More »
