Reuters Africa Business Archives - Page 655 of 921

IMF: Ghana intends to agree debt rework MoU with official creditors before November

18 May 2023 18 May 2023

JOHANNESBURG (Reuters) – Ghanaian authorities aim to agree a memorandum of understanding with official creditors before the first IMF programme review, which they expect to bring to the Fund’s board in November and would trigger a payout of $600 million, the IMF said on Thursday. The International Monetary Fund’s executive board approved a $3 billion, …

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South African rand extends losses as dollar gains on debt ceiling talks

18 May 2023 18 May 2023

JOHANNESBURG (Reuters) -South Africa’s rand extended the previous day’s losses on Thursday as the U.S. dollar hovered near a seven-week high on optimism over U.S. debt ceiling talks. At 1529 GMT, the rand traded at 19.3625 against the dollar, almost 0.5% weaker than its previous close. On Wednesday, it fell around 1%. The dollar was …

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Exclusive-S.Africa circles back to shale gas as power crisis drags

18 May 2023 18 May 2023

By Wendell Roelf CAPE TOWN (Reuters) – South Africa will auction at least 10 new onshore blocks for shale gas exploration in the environmentally sensitive Karoo region, a government official told Reuters, as the country eyes alternative energy sources to ease its worst-ever power crisis. South Africa’s first competitive auction for oil and gas resources, …

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South Africa’s Investec Property Fund posts 2.8% income fall

18 May 2023 18 May 2023

JOHANNESBURG (Reuters) -South African commercial property group Investec Property Fund said on Thursday its full-year distributable income fell 2.8% due to rising interest rates globally. Its distributable income per share – the primary measure of profits in real estate investment trusts (REITs) – fell to 104.64 South African cents in the year ended March 31 …

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Wall St ends sharply higher, dollar hits seven-week high as debt limit talks advance

17 May 2023 17 May 2023

By Stephen Culp NEW YORK (Reuters) – Wall Street rallied to a higher close on Wednesday, gathering momentum throughout the afternoon trading, and the dollar touched a six-week high as regional banks surged and negotiations in Washington over raising the debt ceiling progressed. All three major U.S. stock indexes rallied to end up more than …

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US dollar scales seven-week peak after solid data, debt-ceiling optimism

17 May 2023 17 May 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar rose to a seven-week high on Wednesday, boosted by optimism about a deal to extend the debt ceiling and avert a U.S. default and amid a round of solid economic data that suggests rate cuts from the Federal Reserve could come later rather than sooner. The …

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Oil settles up $2 on optimism about US debt ceiling, demand

17 May 2023 17 May 2023

By Laura Sanicola (Reuters) -Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. Brent crude futures settled up $2.05, or 2.7%, to $76.96 a barrel. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. “Today’s strong oil trade …

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IMF approves Ghana $3 billion loan, with immediate $600 million tranche

17 May 2023 17 May 2023

By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) -The International Monetary Fund’s executive board approved a $3 billion, three-year extended credit for Ghana, allowing for an immediate disbursement of about $600 million, the IMF said on Wednesday. The rest will be disbursed in tranches every six months following programme reviews, the IMF said. It …

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S.Africa’s central bank to raise repo rate one last time in 2023

17 May 2023 17 May 2023

By Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s Reserve Bank will raise interest rates one last time in its current cycle on May 25, adding at least 25 basis points in a final bid to cool persistently sticky inflation, a Reuters poll found on Wednesday. Eleven of 20 economists surveyed in the past week expect …

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South African retail sales fall 1.6% year on year in March

17 May 2023 17 May 2023

JOHANNESBURG (Reuters) – South African retail sales fell 1.6% year on year in March after falling by a revised 0.7% in February, Statistics South Africa figures showed on Wednesday. On a month-on-month basis, sales decreased 0.7%. Sales in the three months to the end of March were down 1.0% compared with the same period last …

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