By Patrick Werr CAIRO (Reuters) – A steady deterioration of the economy puts Egypt under pressure to take long-awaited measures following a presidential election, foremost among them a currency devaluation and a hike in interest rates, along with faster state asset sales. Analysts believe the government postponed painful steps until after Abdel Fattah al-Sisi swept …
Egypt faces painful choices after Sisi’s re-election Read More »
NAIROBI (Reuters) – Carrefour’s franchisee in Kenya, the United Arab Emirates-based Majid al Futtaim (MAF), said on Wednesday it will appeal against a 1.1 billion shilling ($7.14 million) penalty imposed by the competition authority for alleged abuse of buying power. The regulator Competition Authority of Kenya on Tuesday announced the fine, a record high in …
Carrefour’s Kenya franchisee says it will appeal $7.2 million penalty Read More »
DUBAI (Reuters) -Egypt said the latest talks over the Grand Ethiopian Renaissance Dam (GERD) had failed but it would monitor the process of filling and operating the dam. “Egypt reserves its right, in accordance with international charters and accords, to defend its water and national security in case of any harm,” Egypt’s ministry of water …
Egypt says talks over Grand Ethiopian Renaissance Dam have failed -statement Read More »
By Khalid Abdelaziz DUBAI (Reuters) -Sudan’s army said on Tuesday that its forces had withdrawn from positions in Wad Madani after the advance of its paramilitary rivals on the city triggered a mass exodus of civilians, some already displaced during an eight-month-old war. Troops from the paramilitary Rapid Support Forces (RSF) have gained momentum in …
Sudan’s army announces withdrawal from key city as civilians flee Read More »
By Shariq Khan BENGALURU (Reuters) -Oil prices rose more than a dollar a barrel on Tuesday, extending the previous session’s gains after attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced more companies to reroute vessels. Brent crude futures rose $1.28, or 1.6%, to settle at $79.23 …
Oil rises 1% as Red Sea shipping concerns unnerve traders Read More »
By Sinéad Carew New York (Reuters) -The U.S. dollar rose against the yen on Tuesday after the Bank of Japan kept rates steady while MSCI’s global stock index was gaining ground as investors focused on the prospect of U.S. interest rate cuts in 2024. The S&P 500 rose to within one percentage point of its …
Dollar rises vs yen while stocks gain on rate optimism Read More »
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The U.S. dollar rose against the yen on Tuesday after the Bank of Japan gave no sign that its ultra-loose monetary policy was set to end, but expectations for interest rate cuts next year continued to weigh against the greenback more broadly. The Bank of Japan maintained its …
Dollar rises vs yen as BOJ sticks with ultra-loose policy Read More »
MONROVIA (Reuters) – Liberian President George Weah has intervened to reverse his country’s vote against a U.N. resolution calling for a ceasefire in the Gaza Strip, the West African nation’s information ministry said on Tuesday. Liberia was the only African state and one of only ten countries of the 193-member U.N. General Assembly to reject …
President Weah steps in to reverse Liberia’s U.N. vote against Gaza ceasefire Read More »
By Ahmed Eljechtimi RABAT (Reuters) -Morocco’s central bank left its benchmark interest rate unchanged at 3% on Tuesday, judging the rate was appropriate to keep prices stable. Inflation, driven by food prices, would stand on average at 6.1% this year, down from 6.6% last year, the bank said in a statement following its quarterly board …
Moroccan central bank keeps benchmark rate at 3% Read More »
By Saliou Samb CONAKRY (Reuters) -Guineans should brace for power cuts, the government has warned, as the country grapples with the aftermath of a deadly explosion at an oil terminal in the capital Conakry that destroyed fuel tanks and forced hundreds to flee damaged homes. Fourteen people were killed and 190 injured in the blast …
Fuel shortages grip Conakry after deadly oil storage blast Read More »
