JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Monday as the U.S. dollar weakened, ahead of a slew of local economic data in the coming days that could give clues on the health of the economy. At 1536 GMT, the rand traded at 15.4850 against the dollar, 0.74% firmer than its previous close. “The rand gains …
South Africa’s rand on firmer footing as dollar weakens Read More »
By George Obulutsa NAIROBI (Reuters) -Kenya’s central bank raised its benchmark lending rate on Monday for the first time in nearly seven years, saying inflation risks were elevated because of global commodity prices and supply chain disruptions. The bank raised the rate to 7.50% from 7.00% previously, the first hike since July 2015. A Reuters …
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(Reuters) – South African state utility Eskom said it would implement “Stage 2” rotational power cuts on Monday from 1700 to 2200 local time (1500 to 2000 GMT), after breakdowns at its coal-fired power stations. Economic growth in Africa’s most industrialised nation has been constrained for more than a decade by Eskom’s electricity outages. A …
S.Africa’s Eskom to implement ‘Stage 2’ power cuts on Monday Read More »
(Reuters) -London-based investment firm Appian Capital Advisory’s $1.2 billion compensation claim proceedings against South Africa’s Sibanye-Stillwater for the termination of two mine deals have started in a UK court, the miner announced on Monday. Appian is seeking compensation after Sibanye pulled out of a deal to acquire two mines in Brazil in January 2022. Sibanye …
Appian begins legal proceedings in $1.2 billion claim against Sibanye-Stillwater Read More »
JOHANNESBURG (Reuters) – Australian exploration firm Predictive Discovery has agreed $55 million in funding from institutional investors through a share placement to develop its Bankan gold project in Guinea, it said on Monday. Predictive Discovery will use the cash to complete baseline environmental studies and continue drilling with an aim of increasing Bankan’s inferred resource …
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(Reuters) -Abu Dhabi state holding firm ADQ will allocate $10 billion in investment for projects with Egypt and Jordan, the United Arab Emirates’ state news agency WAM reported on Sunday, citing the Industry and Advanced Technology Minister Sultan Al Jaber. ADQ has become the leading vehicle for outbound investments from Abu Dhabi, managing about $110 …
UAE’s ADQ to invest $10 billion in projects with Egypt, Jordan – WAM Read More »
ALGIERS (Reuters) – Algeria’s national oil company Sonatrach has signed a $490 million production sharing contract with China’s Sinopec, covering the Zarzaitine area in the basin of Illizi. Sonatrach’s CEO Tewfik Hakkar said that the 25-year deal would secure 95 million barrels of oil overall. (Reporting by Lamine Chikhi;Editing by Kirsten Donovan)
LONDON (Reuters) – Exports of Nigerian Forcados crude were due to rise in July while volumes from the Bonga stream will fall slightly, preliminary export programmes seen by traders showed. Forcados will load 263,000 barrels per day (bpd) in July, up from 245,000 bpd in June, while Bonga will load 123,000 bpd in July, down …
Exports of Nigerian Forcados crude oil to rise in July- programme Read More »
JOHANNESBURG (Reuters) -The South African rand strengthened on Friday, as the dollar was on track for its second straight weekly decline as traders pared expectations for U.S. Federal Reserve interest rate hikes. At 1610 GMT, the rand traded at 15.5975 against the dollar, around 0.7% stronger than its previous close. The dollar index, which measures …
South African rand firms as dollar heads for weekly drop Read More »
By Julia Payne LAGOS (Reuters) – The African Development Bank is looking to source around 500,000 tonnes of fertiliser for west Africa by the end of August as an emergency stopgap to avert a food crisis, a source with direct knowledge of the matter said. The move is part of the bank’s announced allocation of …
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