Oil Uncertainty To Persist – Goldman Sachs And Morgan Lay Statistics
Oil’s gains risk being quelled by uncertainty over how the OPEC+ coalition will implement its deal to cut output, according to Goldman Sachs Group Inc. and Morgan Stanley. While producers including Saudi Arabia and Russia defied market expectations as well as U.S. President Donald Trump late last week to pledge 1.2 million barrels a day of curbs, the lack […]
U.S Beats Russia To Become Top Oil Producer
The U.S. surpassed Russia in August to claim the title of world’s top oil producer, with the largest year-on-year output increase in its history. Output rose to a record 11.346 million barrels a day, according to a monthly report issued Wednesday by the U.S. Energy Information Administration. Russia pumped 11.21 million in August, according to […]
Egypt May Have Issued Last LNG Tender, Paving Way for Exports
Egypt may have just issued its last LNG tender, setting the stage to resume exports next year. Imports of liquefied natural gas may stop in the fourth quarter, allowing for exports to start early next year as Eni SpA’s Zohr and other gas fields boost production in the country and help to draw more […]
Why South Africa Is Ripping Up Its Mining Rules Again
South Africa’s mining industry is a prime example of the nation’s stark imbalances. Its highly paid, mainly white male executives oversee hundreds of thousands of mostly black workers laboring in deep and dangerous operations. To spread the nation’s wealth more equally, the government revised its mining charter in 2017 to require that companies give more […]
South Africa’s Grid Under Pressure As Electricity Workers Protest
South Africa’s power grid was under pressure on Friday, with controlled blackouts possible, due to workers protesting over pay, a test of new President Cyril Ramaphosa’s efforts put the state electricity provider back on a stable financial footing. A spokesman for Eskom, which produces more than 90 percent of South Africa’s power, said the grid […]
Congo Mining Code Regulations Signed Into Law – Aides
Regulations to implement Congo’s new mining code have been signed into law with no changes, advisers to the prime minister told Reuters on Saturday, despite objections from mining firms that have been threatening legal action. Prime Minister Bruno Tshibala signed the regulations into law overnight, his adviser Patrick Mutombo Buzangu told Reuters by telephone, but […]
Ethiopia Opens Up Telecoms, Airline To Private, Foreign Investors
Ethiopia said on Tuesday it would open its state-run telecoms monopoly and state-owned Ethiopian Airlines to private domestic and foreign investment, a major policy shift that will loosen the state’s grip on the economy. The East African nation of 100 million people has one of the most closed and controlled economies in Africa. The ruling […]
Why African Cocoa Growers Are Having an OPEC Moment
The world’s top cocoa producers have long been at the mercy of traders who set cocoa prices thousands of miles away in London and New York. Now the producers are trying to do something about it. West African neighbors Ivory Coast and Ghana, which grow about 60 percent of the world’s cocoa, have outlined wide-ranging […]
Nigeria Stock Slump Continues as Benchmark Falls Most Since 2016
Nigerian stocks fell the most in two years as skittish investors shied away from assets they deem too risky. Analysts and money managers said the declines weren’t justified and didn’t reflect positive developments in Africa’s largest oil producer. The Nigeria Stock Exchange All Share Index tumbled 3.4 percent to 36,816.29 by the close in Lagos […]
Kenya’s Central Bank Governor Calls For Regulation Of Fintech Lenders
A boom in lending by financial technology (fintech) firms in Kenya has led to an increase in predatory lending practices, the country’s central bank governor said on Tuesday, calling for the sector to be regulated. Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile money system that […]
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