Reuters Africa - Squid Business

Jubilee Metals forms Zambian copper recovery venture with UAE’s IRH

(Reuters) – Jubilee Metals Group said on Tuesday it has formed a strategic partnership with Abu Dhabi-based International Resources Holdings (IRH) to recover copper from a historic waste dump in Zambia. Africa’s number 2 copper producer Zambia last month picked IRH, a unit of Abu Dhabi’s most valuable listed company International Holding Company (IHC), as …

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Ugandan shilling little changed but still vulnerable

KAMPALA (Reuters) – The Ugandan shilling was little changed on Tuesday but traders said it was still vulnerable to losses on the back of appetite for hard currency from merchandise importers. At 0910 GMT, commercial banks quoted the shilling at 3,810/3,820, compared to Monday’s close of 3,815/3,825. (Reporting by Elias Biryabarema, Editing by Bhargav Acharya)

Turkey queries Somalia over role of president’s son in fatal accident

ISTANBUL (Reuters) – Turkey is seeking an explanation from Somalia after the son of its president, Hassan Sheikh Mahmoud, left the country following a fatal traffic accident involving his use of a diplomatic car, according to a Turkish official. The son, Mohamed Hassan Sheikh Mahmoud, was driving a vehicle belonging to the Somali consulate on …

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South Africa to seek bids for new nuclear power station

By Wendell Roelf CAPE TOWN (Reuters) -South Africa will launch a bidding process for an extra 2,500 megawatts (MW) of nuclear power by March, as the country attempts to tackle its worst power outages on record. Businesses and households have been left without power for up to 10 hours on some days this year, hitting …

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Storm hitting Chinese ports is a wakeup call for climate risk to markets

By Katy Daigle and Simon Jessop DUBAI (Reuters) – As Typhoon Doksuri aimed toward mainland China, major southeast ports were forced to turn away dozens of vessels for days. The storm, supercharged by the warm July waters of the Pacific, delivered Beijing’s worst flooding in more than 50 years, shuttering factories, ruining crops, collapsing homes …

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Wall St notches new 2023 closing highs, gold slides ahead of CPI, Fed

By Stephen Culp NEW YORK (Reuters) – U.S. stocks ended in positive territory and gold slid on Monday, as investors looked ahead to crucial inflation data and the U.S. Federal Reserve’s two-day monetary policy meeting. In a busy week for central banks, the yen weakened for a second straight day as expectations faded for the …

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Ceasefire agreed in eastern Democratic Republic of Congo conflict, US says

WASHINGTON/KINSHASA (Reuters) -A 72-hour ceasefire has been agreed to by the parties involved in the conflict in the eastern Democratic Republic of Congo (DRC) and is backed by both the DRC and Rwanda, the White House said on Monday. “The U.S. Government will use its intelligence and diplomatic resources to monitor the activities by armed …

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Yen falls as Japan’s negative rates expected to persist

By Karen Brettell NEW YORK (Reuters) -The Japanese yen weakened against the dollar on Monday for a second straight day, giving back most of a rally last week on expectations of less dovish monetary policy, and as investors awaited U.S. inflation data and three major central bank meetings. The Japanese currency surged on Thursday after …

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Oil settles slightly higher, investors still wary

By Laura Sanicola (Reuters) -Oil prices settled up slightly on Monday as OPEC+ production cuts failed to fully offset worries around crude oversupply and softer fuel demand growth next year. Brent crude futures settled up 19 cents, or 0.3%, to $76.03 a barrel while U.S. West Texas Intermediate crude futures settled up 9 cents, or …

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UK lawmakers in Sunak’s party say Rwanda bill not tough enough

By Andrew MacAskill, Michael Holden and Kylie MacLellan LONDON (Reuters) -British Prime Minister Rishi Sunak was scrambling on Monday to get enough support for his flagship immigration policy of deporting asylum seekers to Rwanda after some lawmakers in his party said a planned emergency law was not tough enough. Sunak is facing a critical test …

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