CAPE TOWN (Reuters) -One of South Africa’s top courts on Wednesday annulled a government permit allowing state utility Eskom to build a large power plant burning natural gas, saying there had not been proper public consultation. The 3,000 megawatt plant in the east coast port city of Richards Bay is part of government plans to …
South African court annuls permit for Eskom to build new gas power plant Read More »
By Saqib Iqbal Ahmed NEW YORK (Reuters) – The U.S. dollar fell to a fresh four-year low against the euro before reversing losses to trade higher on the day in a choppy session after the Federal Reserve cut interest rates by a quarter of a percentage point. The rate cut, along with projections showing two …
Dollar whipsawed as Fed delivers normal-sized rate cut Read More »
By Nicole Jao NEW YORK (Reuters) – Oil prices eased on Wednesday after data showing an increase in U.S. diesel stockpiles stoked worries about demand and the U.S. Federal Reserve cut interest rates as expected. Brent crude futures settled 52 cents, or 0.76%, lower to $68.22 a barrel while U.S. West Texas Intermediate crude futures lost …
By Emmanuel Bruce and Christian Akorlie ACCRA (Reuters) – Ghana’s central bank delivered another larger-than-expected rate cut on Wednesday, citing a sustained decline in inflation and an improving macroeconomic outlook in the West African gold and cocoa-producing nation. The bank slashed its main interest rate by a record 350 basis points to 21.5%. A Reuters …
Ghana central bank delivers another larger-than-expected rate cut Read More »
KIGALI (Reuters) -Rwanda’s economic growth slowed in the second quarter of this year because of weaker performance in industry and services, the statistics office said on Wednesday. Economic growth stood at 7.8% year-on-year in the second quarter, down from 10.2% in the same period a year ago, the statistics office said in a statement. It …
QUITO (Reuters) -Ecuador’s President Daniel Noboa said on Wednesday he expects economic growth of 4.5% for this year, significantly higher than central bank projection given earlier this week. The bank on Monday raised its gross domestic product growth projection for 2025 to 3.8%, up from a previous forecast of 2.8%. “I would bet a ton …
Ecuador president expects economic growth of 4.5%, well above central bank estimate Read More »
JOHANNESBURG (Reuters) – The South African rand weakened on Wednesday ahead of an expected U.S. Federal Reserve interest rate cut and local rate-setting meeting on Thursday. At 1228 GMT, the rand traded at 17.38 against the dollar, down 0.2% from Tuesday’s close. Markets are certain the Fed will cut rates by at least 25 basis …
South African rand softens ahead of expected US rate cut Read More »
(Reuters) -Canadian mining company Ivanhoe Mines said on Wednesday it will raise $500 million from Qatar Investment Authority (QIA) in a private placement, giving the sovereign wealth fund a 4% stake. QIA will buy 57.5 million Ivanhoe shares at C$12 apiece, below the stock’s closing price of C$13.19 on Tuesday. The proceeds will support growth …
Canada’s Ivanhoe Mines secures $500 million investment from Qatar wealth fund Read More »
JOHANNESBURG (Reuters) -South African retail sales rose 5.6% year on year in July after rising by a revised 1.7% in June, Statistics South Africa figures showed on Wednesday. Seasonally adjusted retail sales rose 2.1% month on month in July. (Reporting by Anathi Madubela and Sfundo Parakozov;Editing by Alexander Winning)
By Aaron Ross NAIROBI (Reuters) – African manufacturers are lobbying U.S. Congress to grant a last-ditch extension of one or two years to a duty-free trade programme due to expire at the end of September, a Kenyan factory owner involved in the campaign told Reuters. U.S. President Donald Trump’s aggressive tariff policies have cast doubt …
African manufacturers in last-ditch bid to extend US trade programme Read More »
