KAMPALA (Reuters) – Uganda said on Thursday it expects its mountainous public debt to enter a “declining trend” helped by strong economic growth, which is projected to hit 7% when the country expects to begin oil production in 2025. The east African country’s ministry of finance has previously said it is concerned about the growing …
Uganda says expects debt load to go on “declining trend,” growth to hit 7% Read More »
By Howard Schneider, Yoruk Bahceli and Akriti Sharma (Reuters) -The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after the recent collapse of two U.S. banks. Fed Chair Jerome Powell sought to reassure investors about …
U.S. Fed delivers small rate hike amid global banking turmoil Read More »
(Reuters) – South Africa’s consumer confidence plunged in the first quarter, according to a survey released on Thursday, as the country continued to be plagued by severe power shortage and a cost-of-living crisis. The consumer confidence index, sponsored by the First National Bank (FNB) and compiled by the Bureau for Economic Research, slumped to a …
South Africa’s Q1 consumer confidence plunges as power crisis weighs Read More »
By Hannah Lang WASHINGTON (Reuters) – The dollar slid on Wednesday after the U.S. Federal Reserve raised its key rate by a quarter of a percentage point, as widely expected, and pointed to just one more rate hike this year. The Fed projected at least one additional interest rate increase of 25 basis points by …
Dollar falls after Fed raises rates, indicates one more hike ahead Read More »
By Koh Gui Qing NEW YORK (Reuters) -U.S. stocks retreated from near two-week highs on Wednesday after the Federal Reserve raised borrowing costs, but signaled that it might be on the verge of pausing future interest rate hikes amid recent turmoil in financial markets. As expected by many investors, the Fed raised interest rates by …
Stocks, Treasury yields retreat as Fed signals pause in rate hikes Read More »
By Scott DiSavino NEW YORK (Reuters) -Oil prices rose about 2% to a one-week high on Wednesday as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike while hinting that it was on the verge of pausing future increases. Brent crude futures rose $1.37, or 1.8%, …
Oil up 2% as dollar weakens on small US Fed rate hike Read More »
HARARE (Reuters) -Chinese battery minerals producer Zhejiang Huayou Cobalt said on Wednesday it had started trial production of lithium concentrates at its Arcadia mine in Zimbabwe. Huayou, one of the world’s biggest cobalt producers, acquired Arcadia from Australia-listed Prospect Resources and its Zimbabwean partners in a $422 million deal completed in 2022. After the transaction, …
Huayou starts trial production at Zimbabwe lithium mine, invests in Namibian project Read More »
JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Wednesday as the U.S. dollar slipped ahead of a highly anticipated interest rate decision by the U.S. Federal Reserve. At 1625 GMT, the rand traded at 18.3500 to the dollar, about 1.1% stronger than its previous close. South African markets were closed on Tuesday for a public holiday. …
S.African rand trades higher ahead of Fed rate decision Read More »
NAIROBI (Reuters) – Kenya’s government is working with the central bank to revive the interbank foreign exchange market, President William Ruto of the East African country said on Wednesday. The interbank market for hard currency has turned dormant in recent years, due to what traders said was aggressive policing by the central bank, which made …
Kenya seeks to revive the interbank FX market – president Read More »
CAIRO (Reuters) -The World Bank said on Wednesday it had approved a new $7 billion partnership agreement with Egypt for 2023-2027 with a focus on boosting private sector jobs, provision of better health and education services, and adaptation to climate change. The Country Partnership Agreement (CPF) will entail $1 billion per year from the International …
World Bank agrees $7 billion, 5-year partnership with Egypt Read More »
