By Andrea Shalal and David Lawder WASHINGTON (Reuters) -The World Bank’s board of governors on Wednesday elected former Mastercard CEO Ajay Banga to a five-year term as president, ushering in an Indian-born finance and development expert to revamp the lender to tackle climate change and other global crises. Banga, 63, was nominated for the post …
World Bank board elects US nominee Ajay Banga as president Read More »
DUBAI (Reuters) -Aldar Properties will hold off any further investments in Egypt until conditions there stabilise, a senior executive said, as the Abu Dhabi real estate developer reported a 22% jump in first quarter profit on Wednesday. Aldar, along with Abu Dhabi fund ADQ, acquired about 85.5% of The Sixth of October for Development and …
UAE’s Aldar Properties to hold off further Egypt investments for now Read More »
JOHANNESBURG (Reuters) -The South African rand gained on Wednesday ahead of a Federal Reserve interest rate announcement that will set the tone for markets globally. At 1508 GMT, the rand traded at 18.2750 against the dollar, over 1% stronger than its closing level on Tuesday. The dollar was last down around 0.45% against six rivals. …
South African rand gains before Fed rate decision Read More »
NAIROBI (Reuters) – Two senior economic advisers to Kenya’s president are among a shortlist of six who will be interviewed for the job of central bank governor, which will become vacant in June. Kamau Thugge, who served as the Permanent Secretary in the Ministry of Finance in 2013-2018, has been short-listed for the job, alongside …
Kenyan presidential advisers among six short-listed for central banker job Read More »
CAIRO (Reuters) – Egypt’s current account turned a surplus for the first time in years in the October-to-December quarter as imports dropped and exports rose, the central bank said in a statement on Wednesday. Egypt imposed import restrictions during most of 2022 and continues to suffer an acute shortage of foreign currency. The current account …
Egypt’s current account moves into surplus in Oct-Dec Read More »
DUBAI (Reuters) – Economic growth in the Middle East, North Africa and Central Asia regions will slow in 2023, underlining the need to accelerate structural reforms, the International Monetary Fund (IMF) said on Wednesday. Real GDP growth in the Middle East and Central Asia is forecast to fall to 2.9% in 2023, from 5.3% last …
Growth in Middle East, Central Asia to slow amid global challenges – IMF Read More »
CAIRO (Reuters) – Egypt’s non-oil private sector activity shrank for the 29th consecutive month in April as continuing import and currency restrictions and surging prices causing business confidence to hit an all-time low, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) improved to 47.3 in April from 46.7 in March, …
Egypt non-oil activity in contracts 29th month as optimism wanes Read More »
(Reuters) – South Africa’s Gold Fields said on Tuesday it was setting up a joint venture with Osisko Mining to develop the Windfall gold mining project in Canada. The investment gives Gold Fields an entry point into the Canadian mining sector, which it has coveted for years. Gold Fields said it would pay an initial …
Gold Fields partners Osisko in Canadian joint venture Read More »
By Sinéad Carew NEW YORK (Reuters) – Wall Street stock indexes closed lower on Tuesday, a day ahead of the Federal Reserve’s interest rate decision, while U.S. Treasury yields fell as investors worried the government could run out of cash after June 1 without a debt ceiling hike. Bank stocks underperformed sharply after the weekend …
Stocks sink; Treasury yields, dollar fall; Fed, debt ceiling in focus Read More »
By Scott DiSavino NEW YORK (Reuters) -Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week. Brent futures fell $3.99, or 5.0%, to settle at $75.32 a barrel, while West …
Oil slumps 5% to five-week low amid US debt default fears Read More »
