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Wall Street rallies, European shares see biggest gain in 2 months

26 May 2023

By Chris Prentice and Huw Jones NEW YORK/LONDON (Reuters) -Wall Street’s main indexes rose and European shares logged their largest one-day gain in two months on Friday as talks on raising the U.S. debt ceiling progressed. Treasury yields climbed as investors rethought how long interest rates were likely to keep rising. Democratic and Republican negotiators …

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Dollar set for third week of gains as US debt talks loom large

26 May 2023

By Hannah Lang WASHINGTON (Reuters) – The dollar was set for a third straight weekly gain on Friday, as markets raised bets on higher-for-longer interest rates and amid closely watched last-ditch talks on the U.S. debt ceiling. Apparent progress in the talks between President Joe Biden and top congressional Republican Kevin McCarthy helped ease investor …

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Ghana power producers reject government bid to restructure $1.58 billion debt

26 May 2023

By Maxwell Akalaare Adombila (Reuters) – Ghana’s independent power producers have rejected a government proposal to restructure $1.58 billion in arrears owed them by the state, the head of the group told Reuters on Friday, warning non-payment could lead to a shutdown of their operations. The West African nation aims to cut $10.5 billion in …

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Kenya’s central bank to hold rates at 9.50% on May 29: Reuters poll

26 May 2023

By Vuyani Ndaba JOHANNESBURG (Reuters) – Kenya’s central bank will hold interest rates at 9.50% on Monday as authorities have probably done enough to slow consumer price rises, a Reuters poll found on Friday. The central bank has lifted rates by 250 basis points in the past year, less than other parts of the continent …

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South African president transfers some power procurement functions to new minister

26 May 2023

By Kopano Gumbi and Alexander Winning JOHANNESBURG (Reuters) – South African President Cyril Ramaphosa transferred some key power procurement functions to his electricity minister on Friday, taking them away from the energy minister who has been criticised for acting too slowly over the worst blackouts the country has experienced. Ramaphosa appointed Kgosientsho Ramokgopa to the …

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Nvidia fuels Wall Street gains; gold falls to two-month low

25 May 2023

By Chris Prentice and Marc Jones NEW YORK/LONDON (Reuters) -Progress on U.S. debt ceiling talks bolstered global equities and sent gold prices to a two-month low on Thursday, as forecast-smashing revenue from chipmaker Nvidia fueled a rally in AI-related companies. Treasury yields were up and the U.S. dollar climbed to its highest level since mid-March. …

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Nigeria’s NNPC sets agreements with Total, CNOOC on deepwater oil block

25 May 2023

LAGOS (Reuters) – Nigeria’s state-owned oil company NNPC Ltd said on Thursday it had renewed a production sharing contract with Total, China National Offshore Oil Corp and others, a major step to resolving disputes on a deepwater oil block in the Niger Delta. Oil Mining Lease 130 is located offshore Niger Delta at water depths …

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Oil settles lower as Russia downplays additional OPEC+ cuts

25 May 2023

By Laura Sanicola (Reuters) – Oil prices settled lower on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. Brent crude futures settled down $2.10, or 2.7%, to $76.25 a barrel. U.S. West Texas Intermediate crude (WTI) settled down $2.51, or 3.4%, …

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