Reuters Africa Business

South Africa revokes ‘state of disaster’ declared over power crisis

6 Apr 2023

By Kopano Gumbi JOHANNESBURG (Reuters) -South Africa’s government on Wednesday revoked a national “state of disaster” declared in February to manage a crippling electricity crisis but said that some emergency measures would remain in place. The state of disaster gave the government additional powers to respond to the crisis, including by permitting emergency procurement procedures …

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Half a trillion in debt haircuts essential for sustainability – study

6 Apr 2023

By Libby George LONDON (Reuters) – Up to half a trillion dollars in debt needs to be written off to help developing nations at greatest risk of default return to sounder fiscal footing and meet climate and development goals, according to a Boston University report released on Thursday. The haircuts on debt owed to public …

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Wall St ends lower, Treasury yields slide as data fuels recession jitters

5 Apr 2023

By Stephen Culp NEW YORK (Reuters) – U.S. stocks lost ground on Wednesday and Treasury yields extended their decline as a batch of data fueled worries that restrictive central bank policies could push the global economy into recession. The S&P 500 closed in negative territory, and megacap momentum stocks dragged the tech-heavy Nasdaq down more …

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US dollar rises after days of losses, but weak outlook intact

5 Apr 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar advanced on Wednesday, recovering from two-month lows hit the previous session, as investors lightened their short positions to book profits ahead of the all-important U.S. non-farm payrolls report on Friday. The underlying trend though for the dollar remained tilted to the downside and Wednesday’s U.S. private …

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Russia’s Sibur exports LPG to Africa, Middle East and Asia as EU cuts buying

5 Apr 2023

MOSCOW (Reuters) – Sibur, the largest producer and exporter of liquefied petroleum gas (LPG) in Russia, redirected exports to Africa, the Middle East and Asia in the past three months, industry sources said. The European Union imposed an embargo on the import of petroleum products of Russian origin from Feb. 5, but LPG was not …

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Nigerian sovereign fund, Vitol launch venture to invest in carbon removal projects

5 Apr 2023

ABUJA (Reuters) – Nigeria’s sovereign wealth fund and Vitol have launched a joint venture to invest in a range of carbon avoidance and removal projects, the fund said on Wednesday. The Nigerian Sovereign Investment Authority (NSIA) said an initial $50 million had been committed and that both firms were in the process of reaching a …

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South Africa’s Northam quits RBPlat takeover battle

5 Apr 2023

JOHANNESBURG (Reuters) -South Africa’s Northam Platinum has terminated its offer to buy Royal Bafokeng Platinum, citing low prices of platinum group metals (PGM) as it ended a year-long takeover battle with bigger rival Impala Platinum. Northam had outbid Impala’s initial offer to acquire RBPlat, but on Wednesday said that PGM prices had fallen to levels …

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Nigeria gets World Bank funding for social program ahead of fuel subsidy cut

5 Apr 2023

By Felix Onuah ABUJA (Reuters) -Nigeria has secured $800 million from the World Bank to scale up its national social program ahead of the removal of its costly but popular subsidies on petrol in June, Finance Minister Zainab Ahmed said on Wednesday. Africa’s biggest economy set aside 3.36 trillion naira ($7.3 billion) this year to …

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