Reuters Africa Business

South Africans face more interest rate hike pain as inflation sticks

24 May 2023

By Kopano Gumbi JOHANNESBURG (Reuters) -South Africa’s central bank will likely extend its tightening cycle and push rates cuts further into the future amid countrywide power outages and currency weakness, analysts said, adding to inflationary pressures straining businesses and households. The South African Reserve Bank (SARB) – which is facing a dilemma of how to …

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Chinese hackers attacked Kenyan government as debt strains grew

24 May 2023

By Aaron Ross, James Pearson and Christopher Bing NAIROBI (Reuters) -Chinese hackers targeted Kenya’s government in a widespread, years-long series of digital intrusions against key ministries and state institutions, according to three sources, cybersecurity research reports and Reuters’ own analysis of technical data related to the hackings. Two of the sources assessed the hacks to …

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Oil rises as US gasoline supplies tighten, Saudi says: ‘watch out’

23 May 2023

By Shariq Khan BENGALURU (Reuters) -Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Brent crude futures rose 85 cents, or 1.1%, to settle at $76.84 a barrel, while the U.S. West Texas …

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Global shares drop, benchmark US yields ease amid debt ceiling deadlock

23 May 2023

By Chris Prentice and Alun John NEW YORK/LONDON (Reuters) -Global equities retreated and benchmark U.S. Treasury yields eased off two-month highs on Tuesday as talks over the U.S. debt ceiling continued without resolution. Hawkish comments from Federal Reserve officials about the possibility of further rate hikes sent the U.S. dollar to a two-month high. Oil …

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Dollar higher as U.S. debt ceiling concerns keep traders nervous

23 May 2023

By Karen Brettell and Saqib Iqbal Ahmed NEW YORK (Reuters) – The U.S. dollar hit a two-month high against a basket of currencies on Tuesday as a lack of progress in talks over increasing the U.S. debt limit hurt investors’ appetite for risk-taking. Representatives of President Joe Biden and congressional Republicans ended another round of …

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Watchdog proposes first set of global rules for crypto sector

23 May 2023

By Huw Jones LONDON (Reuters) -International securities watchdog IOSCO unveiled on Tuesday the first global approach to regulating cryptoasset and digital markets, drawing on lessons from last year’s collapse of the FTX exchange that fuelled concerns over consumer protection. The industry, which typically only has to comply with anti-money laundering checks, has been calling for …

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IMF staff, Kenya reach agreement on over $1 billion of new financing

23 May 2023

By George Obulutsa NAIROBI (Reuters) – International Monetary Fund staff and Kenya have reached an agreement that could unlock more than $1 billion of new financing, which could help relieve pressure on government finances in East Africa’s largest economy. Kenya’s finances have been under strain from rising debt repayments and the effects of the worst …

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