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Wall Street notches biggest gain in months, Treasury yields rise on solid earnings

27 Apr 2023

By Stephen Culp NEW YORK (Reuters) – U.S. stocks closed sharply higher on Thursday and Treasury yields resumed their climb as strong earnings helped investors look past signs of economic weakness. All three major U.S. stock indexes surged in a broad rally, with megacap tech and tech-related companies boosting the Nasdaq to its biggest one-day …

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Guyana approves environmental permit for fifth offshore oil project

27 Apr 2023

GEORGETOWN (Reuters) – Guyana’s environmental agency on Thursday approved a 5-year permit for the fifth project to be developed by a consortium led by U.S. Exxon Mobil, the government said. The authorization requires the group to bear all remediation costs of any oil spills. It also strictly prohibits routine flaring or venting of fossil fuels. …

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US dollar edges higher as GDP, jobless claims affirm rate hike bets

27 Apr 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar rose on Thursday as weaker-than-expected U.S. economic growth in the first quarter is viewed as not likely to deter the Federal Reserve from raising interest rates next week. The advance estimate of first-quarter gross domestic product (GDP) showed a 1.1% annualized rate during the period. The …

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TotalEnergies says Mozambique LNG restart complicated by cost disagreements

27 Apr 2023

By America Hernandez PARIS (Reuters) – The restart of TotalEnergies’ $20 billion Mozambique liquefied natural gas (LNG) project is being complicated by disagreements with contractors over extra costs, the company said on Thursday. The French energy company holds a leading 26.5% stake in the development, which was halted in 2021 after Islamic State-linked insurgents attacked …

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Exxon resumes operations in Nigeria after labour dispute ends

27 Apr 2023

LAGOS (Reuters) -Exxon Mobil Corp resumed operations at its facilities in Nigeria after resolving a labour dispute over pay and conditions with its in-house union, a company spokesperson said on Thursday. The industrial action had forced Exxon to declare force majeure on oil liftings at its terminals in the country. A spokesperson for Exxon said …

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Nigeria’s NNPC, Norway’s Golar sign agreement on floating LNG plant

27 Apr 2023

LAGOS (Reuters) – Nigeria’s state oil firm NNPC Ltd signed a memorandum of understanding with Golar LNG of Norway to build a floating liquefied natural gas plant in the country, the company said late on Wednesday. Africa’s biggest oil producer, Nigeria, holds some of the world’s biggest gas reserves and is seeking investment to boost …

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Egypt’s economy seen growing 4% this fiscal year as currency weakens- Reuters poll

27 Apr 2023

By Patrick Werr CAIRO (Reuters) – Egypt’s economy will grow 4.0% this fiscal year and 4.5% next even as it endures a continuing depreciation in its currency, a Reuters poll showed on Thursday, in line with a government forecast for the current year. The country’s already vulnerable economy was shaken further by Russia’s invasion of …

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