By Dawit Endeshaw and Duncan Miriri ADDIS ABABA (Reuters) – African leaders have approved the establishment of a continental financial stability fund, the African Development Bank (AfDB) said, a move designed to stave off potential debt crises on the continent before they take hold. The facility, known as The African Financial Stability Mechanism (AFSM), will …
African leaders approve creation of financial stability fund Read More »
(Reuters) – Zambia has suspended a 15% export tax on precious stones and metals in a bid to enhance competitiveness on the global market and draw investment, the finance ministry said on Wednesday. The southern African country, the world’s second largest emerald producer after Colombia, reintroduced the tax in January 2025 after it was suspended …
Zambia suspends export tax on precious stones and metals Read More »
KAMPALA (Reuters) – Uganda is seeking to borrow $190 million from Stanbic Bank to compensate power distributor Umeme Limited for its investments in the national grid after its concession expires next month, a senior finance ministry official said. Umeme, which is listed on both Uganda and the neighbouring Kenyan bourses, has been running a power …
Uganda seeks to borrow $190 million to compensate power distributor Read More »
By Shariq Khan (Reuters) -Oil prices settled higher on Tuesday as supply disruptions mounted in Russia and the U.S., while talks to end the war in Ukraine capped gains as this could boost supply from Moscow. Brent crude futures rose 62 cents, or 0.8% to settle at $75.84 a barrel. U.S. West Texas Intermediate crude …
Oil settles up on supply hits, traders cautious on Ukraine peace talks Read More »
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar strengthened against major currencies on Tuesday, led by gains versus the euro, driven by safe-haven bids amid tariff worries and tension-filled negotiations on the Russia-Ukraine conflict. The Australian dollar, meanwhile, initially held near two-month highs after the Reserve Bank of Australia cut rates, its first …
US dollar gains vs major currencies as Russia-Ukraine peace talks stall Read More »
JOHANNESBURG (Reuters) -South Africa’s rand edged lower on Tuesday against a buoyant dollar, ahead of a highly anticipated national budget speech. At 1503 GMT, the rand traded at 18.4075 against the U.S. dollar, 0.15% weaker than its previous close. The dollar last traded about 0.22% firmer against a basket of currencies. Domestic investor attention will …
South African rand weakens ahead of budget speech Read More »
By Elisha Bala-Gbogbo and Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s annual inflation rate stood at 24.48% in January, the statistics agency said on Tuesday, well down from the previous month’s figure after the country’s price index was rebased for the first time in more than a decade. The National Bureau of Statistics said the rebasing …
Nigeria’s inflation rate drops after statistics overhauled and updated Read More »
JOHANNESBURG (Reuters) -Anglo American’s South African iron ore business wants private investors to run a rail line that is crucial for shipments of the steelmaking ingredient to export markets, it said on Tuesday. The 861-km (535-mile) rail line, owned and operated by struggling state company Transnet, runs from Kumba Iron Ore’s Sishen mine in South …
Anglo’s Kumba wants private investors to run key iron ore rail line Read More »
LAGOS (Reuters) – Johnvents, a Nigerian agribusiness and manufacturing firm, has gained $40.5 million from the UK’s development finance institution to more than double its cocoa processing capacity to 30,000 metric tons annually. Cocoa is among the biggest non-oil exports in Nigeria and largely grown by small-scale farmers in the south of the country. Benson …
Nigerian cocoa processor Johnvents receives investment from Britain to expand Read More »
BANGKOK (Reuters) – Thailand will sign a deal next month to sell South Africa 300,000 metric tons of rice worth 5.25 billion baht ($156 million), the commerce minister said on Tuesday. Thailand is also negotiating to sell China 280,000 metric tons of rice to reduce excess supply in the country, Pichai Naripthaphan said in a …
Thailand says to sign deal to sell South Africa 300,000 tons of rice Read More »
