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Turkish Contagion Spreads as Emerging-Market Currencies Slump

Turkish Contagion Spreads as Emerging-Market Currencies Slump

A plunge in the South African rand and a slump in the Mexican peso were symptoms of the growing contagion in emerging-market currencies Monday as the financial turmoil in Turkey sapped demand for developing-nation assets. The MSCI Emerging Markets Currency Index fell to the lowest level in more than a year as Turkey’s lira tumbled […]

Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

South Africa’s rand weakened beyond 14 against the U.S. dollar for the first time since a credit downgrade in November as Turkey’s economic crisis sent investors fleeing from emerging-market assets. The rand extended its drop after U.S. President Donald Trump announced higher tariffs on Turkish steel and aluminum imports. The move came on the heels […]

Safaricom CEO Defends Company’s Dominance As He Returns To Work

Safaricom CEO Defends Company’s Dominance As He Returns To Work

Kenya’s dominant telecoms operator Safaricom does not hinder competition, its chief executive Bob Collymore told lawmakers on Monday as he returned to work after a nine-month absence for medical treatment. The country’s industry regulator recommended in a draft proposal in May that Safaricom, which controls 67 percent of Kenya’s mobile market, should offer rivals access […]

Saudi Arabia Is Starting To Stockpile Oil Again

Saudi Arabia Is Starting To Stockpile Oil Again

The key OPEC oil producers seem to be finding it harder than expected to sell their output overseas. The probable resulting build-up in their stockpiles should at least help them offset the drop in Iranian supplies as U.S. sanctions start to bite deeper.  Crude oil exports from the five Persian Gulf Arab members of OPEC fell by […]

S.Africa’s Economic Growth Faces Risks From Public Debt, State Firm Bailouts – IMF

S.Africa’s Economic Growth Faces Risks From Public Debt, State Firm Bailouts – IMF

The International Monetary Fund on Monday kept South Africa’s economic growth forecast for 2018 unchanged at 1.5 percent but warned that the economy faced several headwinds, mainly the rapid rise in public debt and potential bailouts to state firms. “The IMF’s concerns on fiscal policy relates to the rapid increase in public debt as a […]

Xi Urges Fellow BRICS Countries To Reject Go-It-Alone Trade

Xi Urges Fellow BRICS Countries To Reject Go-It-Alone Trade

Chinese President Xi Jinping said there would be no winner in a global trade war, urging fellow developing powers on Wednesday to reject unilateralism in the wake of tariff threats by U.S. President Donald Trump. Trump’s warnings have given Brazil, Russia, India, China and South Africa fresh impetus to enhance trade cooperation, and their leaders […]

Mozambique’s $49 Billion Gas Plan Stokes Anxiety in North

Mozambique’s $49 Billion Gas Plan Stokes Anxiety in North

A giant refrigerator will replace the village Jonas Alide Saide has called home for 70 years and he’s not happy about it. As Mozambique’s plans to export natural gas gather pace, Saide’s northeastern settlement of Quitupo will make way for a plant planned by companies including Anadarko Petroleum Corp. Located on a site larger than […]

BRICS Bank to Boost South African Loans by as Much as $600 Million

BRICS Bank to Boost South African Loans by as Much as $600 Million

The New Development Bank plans to lend as much as $600 million more in South Africa this year in an effort to spread funding more evenly across its five member states. The lender, backed by Brazil, Russia, India, China and South Africa, started operations in 2015 to support infrastructure projects and sustainable development initiatives in […]

President Buhari Soon To Sign African Free-Trade Agreement

President Buhari Soon To Sign African Free-Trade Agreement

Nigeria is one of Africa’s two largest economies, the other being South Africa. Buhari’s government had refused to join a continental free-trade zone established in March, on the grounds that it wishes to defend its own businesses and industry. The administration later said it wanted more time to consult business leaders. “In trying to guarantee […]

U.S. Backs Ivory Coast Project to Produce Power From Cocoa Waste

U.S. Backs Ivory Coast Project to Produce Power From Cocoa Waste

Ivory Coast plans to produce the world’s first energy from cocoa shells by 2020 after the largest producer of the chocolate ingredient clinched U.S. backing to assess the project. The U.S. Trade and Development Agency will fund a feasibility study for a plant producing as much as 70 megawatts from cocoa waste, officials from the […]

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