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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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Brent dips below $60 as Greek vote prompts stability fears

bycitibusinessnews
July 6, 2015
in Business, News, Oil And Gas
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Brent slid below $60 a barrel for the first time since April amid speculation Greece’s rejection of austerity measures will prompt its exit from the euro area.

Futures dropped as much as 1.6% in London, falling for a second day.

Sixty-one percent of voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and tax increases.

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US Secretary of State John Kerry tempered expectations that a nuclear deal with Iran is imminent as diplomats meeting in Vienna work toward a Tuesday deadline.

Oil last week slumped the most since March amid speculation the Greek crisis threatens Europe’s economic stability and growth, prompting investors to eschew riskier assets.

Iran, the fourth-largest member of the Organisation of Petroleum Exporting Countries, has estimated it could double crude exports from about 1 million barrels a day within six months of sanctions being lifted.

“We’ve seen a bit of a capitulation in oil,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone.

“The situation in Greece has a confidence impact on demand. A nuclear agreement with Iran represents a negative risk event for oil in terms of the possible significant increase in supply.”

Greek exit 
Brent for August settlement declined as much as 97 cents to $59.35 a barrel on the London-based ICE Futures Europe exchange and was at $59.77 at 11:45 Singapore time.

The contract lost 4.7% last week.

The European benchmark traded at a premium of $4.75 to West Texas Intermediate, the US marker grade.

WTI for August delivery dropped as much as $2.49, or 4.4%, to $54.44 a barrel from the close on July 2 in electronic trading on the New York Mercantile Exchange.

There was no floor trading on Friday because of the Fourth of July holiday and transactions will be booked on Monday for settlement purposes.

Total volume was more than twice the 100-day average.

The Greek voting result reverberated quickly across Europe’s political establishment.

Within hours of the first projections, German Chancellor Angela Merkel and French President Francois Hollande called for a summit of euro-area leaders on Tuesday, with banks including JPMorgan Chase & Co saying a Greek departure from the euro is now the most probable scenario.

Nuclear talks 
In Vienna, Kerry told reporters on Sunday that while progress continues to be made on a nuclear agreement, “we are not yet where we need to be on several of the most difficult issues.” The talks may extend a day or two beyond Tuesday’s deadline, Iran’s Fars news agency reported, citing a senior diplomat.

Iran remains a long way off from selling more crude, according to Goldman Sachs Group, Bank of America and Societe Generale.

Its goal of boosting exports by 50% would require an extra 500 000 barrels a day of production, which the banks predicted will take six to 12 months as the nation revives aging oil wells.

–

Source:  Fin24

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