Reuters Africa - Squid Business

AfDB to resume Ethiopia work after assurance on security, probe into funds

ADDIS ABABA (Reuters) -The African Development Bank (AfDB) said on Friday that all its international staff would return to Ethiopia a month after it withdrew the employees following an assault on staff members by government security forces. The bank will resume normal operations in the country after receiving an assurance of security from the authorities, …

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Battery maker Northvolt looks at sourcing cobalt from Congo

(Refiles story to remove duplicate word in para 5) By Supantha Mukherjee STOCKHOLM (Reuters) – Swedish battery maker Northvolt is looking to source cobalt, used to make chemicals for electric vehicle batteries, from the Democratic Republic of Congo (DRC), the company said on Friday. The company has trialled material, studied work processes and compared plans …

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Tanzania central bank sets new policy rate at 5.5%

By Nuzulack Dausen DAR ES SALAAM (Reuters) -Tanzania’s central bank on Friday set its main interest rate at 5.5% in a bid to contain inflation within its target and boost economic growth. The announcement is the first by the Bank of Tanzania since it said earlier this month that it would start using a benchmark …

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US emphasizes ‘accountability and transparency’ in Nigeria security operations

By Kanishka Singh WASHINGTON (Reuters) – Senior U.S. diplomat Victoria Nuland met Nigerian National Security Adviser Nuhu Ribadu and discussed “promoting accountability and transparency” in the aftermath of security operations in Nigeria, the State Department said on Thursday. WHY IT IS IMPORTANT Observers have noted a pattern of deadly aerial assaults by the Nigerian military …

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Wall St ends higher, Treasury yields climb as robust data bolster soft landing bets

By Stephen Culp NEW YORK (Reuters) -U.S. stocks rallied on Thursday as robust labor market data offered the latest evidence of U.S. economic strength despite the fact that it could prompt the Federal Reserve hold off on lowering its key policy rate. The Fed’s counterpart, the European Central Bank (ECB) warned in minutes from its …

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Somalia rejects mediation efforts with Ethiopia over port deal

By Giulia Paravicini and Dawit Endeshaw NAIROBI (Reuters) – Somalia rejected any discussions with Ethiopia about Addis Ababa’s agreement to lease a port in the breakaway region of Somaliland, as regional heads of state gathered on Thursday to try to defuse a growing diplomatic crisis. Under a memorandum of understanding signed on Jan. 1, Ethiopia …

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Oil prices settle higher global demand forecasts, US crude stock draw

By Laura Sanicola (Reuters) – Oil prices settled higher on Thursday after the International Energy Agency (IEA) joined producer group OPEC in forecasting strong growth in global oil demand and as cold winter weather disrupted U.S. crude output while the government reported a big weekly draw in crude inventories. Oil traders also worried about geopolitical …

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Nigeria set to approve Shell’s oil asset sale

By Camillus Eboh ABUJA (Reuters) – Nigeria backs Shell’s decision to sell its onshore oil and gas assets, its junior oil minister said on Thursday, and will give the necessary regulatory approval. Shell on Tuesday announced its exit from Nigeria’s onshore and shallow water operations after agreeing to sell the business to a consortium of …

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South African rand firms as mining output rises

JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Thursday after monthly mining figures showed an increase in production. At 1619 GMT, the rand traded at 18.9475 against the dollar, 0.6% stronger than its previous close. The country’s total mining output rose 6.8% year on year in November after a revised increase of 3.6% the previous month, …

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One dead, at least 25 injured in Comoros protests over president’s re-election

By Abdou Moustoifa MORONI (Reuters) -One person has been killed and at least 25 injured in violent protests that erupted after Comoros President Azali Assoumani’s re-election on Sunday, a health official said on Thursday. Demonstrations erupted on Wednesday, a day after the electoral body declared Assoumani winner, giving him a fourth five-year term. A seven-year-old …

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