Reuters Africa Business Archives - Page 650 of 921

UN, Africa bank work to ease Russian grain, fertilizer exports -UN official

25 May 2023 25 May 2023

By Michelle Nichols UNITED NATIONS (Reuters) – The United Nations is working with the African Export-Import Bank (Afreximbank) to create a platform to help process transactions for Russian exports of grain and fertilizer to Africa, the top U.N. trade official told Reuters on Wednesday. An agreement struck in July last year requires the U.N. to …

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Dollar gains on resilient U.S. economy, flight to safety

24 May 2023 24 May 2023

By Herbert Lash NEW YORK (Reuters) -The dollar hit a fresh two-month high against a basket of peers on Wednesday, bolstered by recent signs of a resilient U.S. economy, while unease over U.S. debt ceiling talks kept investors moving to safe havens. The dollar is not seen posing an immediate risk, unlike certain Treasury securities, …

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Stalled US debt talks, inflation woes hit stocks

24 May 2023 24 May 2023

By Lawrence White and Koh Gui Qing LONDON/NEW YORK (Reuters) -World stocks dropped on Wednesday as U.S. debt ceiling talks dragged on without resolution, stoking a general malaise in markets that saw safe-haven assets such as the dollar hold around recent highs. But crude oil prices bucked the downtrend and kept rising, after a warning …

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IMF completes review of Rwanda sustainability loan, enabling $98.6 million disbursement

24 May 2023 24 May 2023

WASHINGTON (Reuters) – The International Monetary Fund said on Wednesday its executive board completed the first reviews of Rwanda’s loan program under the Resilience and Sustainability Facility and an accompanying policy program, allowing for an immediate, $98.6 million disbursement. In a statement, the Fund said Rwanda’s economy had robust growth in 2022 but faced challenges …

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Oil prices gain 2% on falling U.S. stockpiles, Saudi warning

24 May 2023 24 May 2023

By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose 2% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. Brent crude futures rose $1.52, or 2%, to settle at $78.36 a barrel. U.S. West Texas Intermediate …

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BHP-backed Tanzania nickel miner in talks for offtake contracts

24 May 2023 24 May 2023

By Felix Njini NAIROBI (Reuters) – -backed Lifezone Metals, which is developing a nickel mine in Tanzania, is negotiating supply deals with several electric vehicle manufacturers and battery makers as the race for energy transition metals intensifies, its CEO said. The process run by RBC Capital Markets to sell yet-to-be-produced metal from Lifezone’s Kabanga Nickel …

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South African rand slips with focus on rate decision

24 May 2023 24 May 2023

JOHANNESBURG (Reuters) -South Africa’s rand slipped against a stronger dollar on Wednesday, as investors turned their focus to the central bank’s rate decision due the following day. At 1619 GMT, the rand traded at 19.2800 against the dollar, around 0.35% weaker than its previous close. The dollar was trading more than 0.3% higher at 103.890 …

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Nigeria raises rates again to halt continued inflation rise

24 May 2023 24 May 2023

By Chijioke Ohuocha and Camillus Eboh ABUJA (Reuters) -Nigeria’s central bank raised its main interest rate by another 50 basis points to 18.50% on Wednesday, and its governor promised to sustain rate hikes for as long as price pressures remained elevated in Africa’s biggest economy. Inflation struck a more than 17-year high of 22.22% in …

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Kenya’s KCB Group Q1 pretax profit dips, provisions up

24 May 2023 24 May 2023

NAIROBI (Reuters) – Kenya’s KCB Group said on Wednesday its pretax profit for the first quarter of this year slipped to 13.85 billion shillings ($101.47 million) from 14.03 billion shillings in the same period in 2022, as provisions for bad debt rose. The bank, which also operates in Democratic Republic of Congo, Tanzania, Rwanda, South …

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South Africa’s April inflation slows more than forecast to 6.8% y/y

24 May 2023 24 May 2023

JOHANNESBURG (Reuters) – South Africa’s headline consumer inflation slowed more than expected in April to 6.8% year on year from 7.1% in March, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, consumer inflation was at 0.4% in April compared to 1.0% the previous month. Analysts polled by Reuters had predicted April …

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