LONDON (Reuters) – The record number of developing nations at risk of a debt crisis will be high on the agenda next week when central bankers, finance ministers and political leaders convene for the World Bank Group and International Monetary Fund (IMF) spring meetings. Ballooning inflation, escalating borrowing costs and a strong dollar have made …
By Nqobile Dludla JOHANNESBURG – On a recent Friday morning north of Johannesburg, the head of South Africa’s largest telecoms company surveyed the arsenal of backup systems keeping just one of his 15,000 network towers online amid the worst power cuts on record. A diesel generator. Solar panels. A bank of expensive backup batteries, theft-proofed …
South Africa fights to keep phone networks up as lights go out Read More »
LONDON (Reuters) – Silicon Valley start-up KoBold Metals, which uses artificial intelligence to identify battery metal deposits, has appointed a woman as CEO of its copper unit in Zambia, making her the country’s first female head in a mining exploration company. Top female executives at global metals and mining companies held just over 11% of …
US start-up KoBold Metals appoints female CEO for Zambia copper unit Read More »
NAIROBI(Reuters) – Kenyan private sector business activity contracted in March, albeit at slower pace than a month earlier, hurt by rising prices, a weakening shilling and a lack of access to dollars, a survey showed on Wednesday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 49.2 in March from 46.6 a month earlier, …
Kenya private sector activity in March; weaker shilling hurts – PMI Read More »
JOHANNESBURG (Reuters) – South African private sector economic activity contracted in March as rotational power cuts and inflationary pressures weighed on business, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 49.7 in March from 50.5 in February, dropping below the 50 mark dividing growth from contraction. “Output …
South African business activity contracts in March – PMI Read More »
By Loucoumane Coulibaly ABIDJAN (Reuters) – West African countries of the eight-nation economic and monetary union are struggling to raise funds on the regional capital market, as investors demand higher interest rates amid tightening liquidity, financial market sources said. Ivory Coast failed to issue local currency debt in March, while Senegal, Mali, Niger and Burkina …
West African countries struggle to raise funds from regional debt market Read More »
By Caroline Valetkevitch NEW YORK (Reuters) – World stock indexes declined on Tuesday, with all three major U.S. stock indexes ending lower, while the U.S. dollar fell to a two-month low and Treasury yields eased after data suggested a cooling in the U.S. labor market. The U.S. Labor Department report showed U.S. job openings in …
Stocks, yields fall; data suggests U.S. economy cooling Read More »
By Sam Tobin LONDON (Reuters) – Shell Plc is attempting to shield itself from scrutiny over pollution in Nigeria’s oil-producing Niger Delta, lawyers representing more than 13,000 Nigerians argued at London’s High Court on Tuesday, allegations which the company strongly denies. Thousands of members of the Bille and Ogale communities are suing Shell and its …
Nigerians accuse Shell of delay in oil spill London lawsuits Read More »
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar sank to a two-month low on Tuesday as another round of weak economic data reinforced investor bets that the Federal Reserve is nearly done with its tightening cycle even as other central banks are seen still raising interest rates to overcome persistently high inflation. Sterling …
U.S. dollar slumps after weak data; markets betting Fed near end of hiking cycle Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria’s Senate has approved China Development Bank as new financier for the country’s Kaduna-to-Kano rail project at a cost of $973 million, after another Chinese lender withdrew from the project in 2020, lawmakers said on Tuesday. Parliament had in 2020 approved China’s Exim Bank as financier for the rail …
Nigeria’s Senate approves new Chinese bank for rail project Read More »
