Reuters Africa Business

Tech powers Nasdaq gains; recession fears weigh on cyclicals, dollar

26 Apr 2023

By Stephen Culp NEW YORK (Reuters) – The Nasdaq rose and the dollar weakened on Wednesday as investors weighed solid company earnings against weaker-than-expected economic data and ongoing wrangling in Washington over raising the debt ceiling. While surging tech shares helped the Nasdaq hold positive territory, the S&P 500 and the Dow were weighed down …

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Oil drops nearly 4% as recession fears outweigh US inventory draw

26 Apr 2023

(Refiles to fix formatting) By Laila Kearney NEW YORK (Reuters) – Oil prices dropped by almost 4% on Wednesday, extending the previous session’s sharp losses, even after a report showed U.S. crude inventories fell more than expected, as recession fears grew for the world’s biggest economy. Brent crude settled at $77.69 a barrel, losing $3.08, …

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World Bank’s Malpass: debt assessments should reflect growing share of domestic debt

26 Apr 2023

By Andrea Shalal WASHINGTON (Reuters) – Debt sustainability analyses carried out by the World Bank and International Monetary Fund should reflect the growing share of domestic debt in many developing countries’ overall debt levels, World Bank President David Malpass said on Wednesday. Malpass called for urgent measures to jump-start sovereign debt restructuring efforts for the …

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Some Ghana bondholders received coupon payment of World Bank-backed bond -source

26 Apr 2023

By Karin Strohecker and Jorgelina do Rosario LONDON (Reuters) -Some investors of Ghana’s 2030 Eurobond have received coupon payments which had been due on April 14, a source with direct knowledge of the matter said on Wednesday. The government announced it would default on some its external debt in December and has not made payments …

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Hess discloses new discovery in Guyana as profit tops estimates

26 Apr 2023

By Arunima Kumar, Liz Hampton and Sabrina Valle (Reuters) -Oil and gas producer Hess Corp on Wednesday topped Wall Street’s first-quarter profit estimates and disclosed its consortium with Exxon Mobil Corp made a new discovery off the coast of Guyana. The discovery on the group’s Stabroek Block is the latest of more than 30 in …

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Mozambique president says TotalEnergies can safely resume $20 billion gas project

26 Apr 2023

By Nelson Banya and Manuel Mucari MAPUTO (Reuters) -Mozambique President Filipe Nyusi on Wednesday said it was safe for TotalEnergies to restart the Cabo Delgado liquefied natural gas (LNG) project that was halted in 2021 after insurgent attacks on civilians. An Islamic State-linked insurgency in the northern Mozambican province has claimed thousands of lives since …

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Ex-CEO of South Africa’s Eskom: $55 million-a-month theft estimate conservative

26 Apr 2023

JOHANNESBURG (Reuters) – The former chief executive of South African state power firm Eskom, Andre de Ruyter, said on Wednesday that a previous estimate he gave that 1 billion rand ($55 million) was being stolen from Eskom every month was conservative. De Ruyter made the comments in a submission to parliament’s Standing Committee on Public …

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