Reuters Africa Business

NAIROBI (Reuters) – Kenya’s central bank raised its benchmark lending rate by 75 basis points to 8.25% on Thursday, the bank’s monetary policy committee (MPC) said, citing persistent inflationary risks. Policymakers raised the rate for the first time since 2015 in May this year, when they hiked by 50 basis points, before holding it at …

Kenyan central bank raises benchmark rate by 75 basis points Read More »

By George Obulutsa and Duncan Miriri NAIROBI (Reuters) -Kenya’s new President William Ruto instructed the finance ministry on Thursday to cut 300 billion shillings ($2.5 billion) from annual government spending this year, to bring the country “back to sanity”. Ruto, sworn in on Sept. 13, appointed his cabinet on Tuesday, naming former central bank governor …

Kenya’s Ruto vows to cut spending, borrowing in move ‘back to sanity’ Read More »

ALGIERS (Reuters) – Algeria’s Sonatrach on Thursday signed a 36-month EPC (engineering, procurement and construction) contract with Petrofac at the Alrar gas field, Sonatrach said. The 42.7 billion Algerian dinar ($300.57 million) contract involves boosting Algeria’s gas output, which reached 103 billion cubic metres in 2021. ($1 = 142.0654 Algerian dinars) (Reporting by Lamine Chikhi; …

Algeria’s Sonatrach signs $300 million EPC contract with Petrofac Read More »

NAIROBI (Reuters) – Kenya’s shilling weakened slightly on Thursday as dollar demand from fuel importers and smaller companies outpaced supply, traders said. At 0935 GMT, commercial banks quoted the shilling at 120.65/85 per dollar, compared to Wednesday’s close of 120.60/80. The shilling touched a fresh all-time low of 120.70/90 earlier in trading, according to Refinitiv …

Kenyan shilling eases slightly, pressured by fuel importers Read More »

JOHANNESBURG (Reuters) – Sibanye Stillwater will not be re-evaluating its currency hedging strategy in response to short-term volatility in forex markets, the South Africa-listed mining company said on Thursday. Currency markets have been in turmoil over the past week, with potential knock-on impacts for global mining companies who have hedges in place to protect them …

S. Africa’s Sibanye Stillwater sticks to currency hedging strategy Read More »

By Julia Payne LONDON (Reuters) – Nigeria has failed to capitalise on an oil price boom that has helped cushion other exporters from the impact of inflation, with millions more Nigerians now facing poverty. Data from Nigeria’s state oil company NNPC shows that it did not contribute anything to state coffers in the first eight …

Analysis-Nigeria squanders oil price bonanza as gasoline subsidies soar Read More »

ALGERIS (Reuters) – Algeria’s Sonatrach has ended negotiations over gas pricing with Spanish power group Naturgy and a deal will be signed shortly, Sonatrach CEO Tewfik Hakkar told reporters on Wednesday. (Reporting by Lamine Chikhi; Writing by Mahmoud Mourad; Editing by David Goodman)