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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

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    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Asian stocks retreat, dollar holds near six-week high on hawkish Fed

bycitibusinessnews
May 4, 2017
in Asia, INTERNATIONAL
A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017.  REUTERS/Kim Kyung-Hoon

A man stands in front of electronic boards showing stock prices and exchange rate between Japanese Yen and U.S dollar outside a brokerage in Tokyo, Japan, January 20, 2017. REUTERS/Kim Kyung-Hoon

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Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve’s hawkish policy statement.

European markets looked more positive, with financial spreadbetters expecting Britain’s FTSE 100 .FTSE and Germany’s DAX .GDAXI to open 0.2 percent higher and France’s CAC 40 .FCHI to start the day up 0.1 percent.

At the end of its two-day meeting, the Fed kept its benchmark interest rate steady, as expected, but downplayed weak first-quarter economic growth and emphasized the strength of the labor market, a sign it was still on track for two more rate increases this year.Futures traders are now pricing in a 72 percent chance of a June rate hike, from 63 percent before the Fed’s statement, according to the CME Group’s FedWatch Tool.

The dollar stood at 112.765 yen JPY=, slightly higher than Wednesday and at its strongest level since March 20.

The dollar index .DXY, which tracks the greenback against a basket of trade-weighted peers, climbed 0.1 percent to 99.309, building on Wednesday’s 0.2 percent jump.

“The key over the coming weeks will be the economic data from the U.S. but, in addition, the (Fed) will be closely watching Washington and negotiations surrounding the new administration’s tax cut plans,” said Lee Ferridge, head of multi-asset strategy for North America at State Street Global Markets.

“Should the data hold up (or better still, improve from here), while the chances of a late summer tax cut agreement remain intact, then the market will likely price in a June move.”

Attention now turns to U.S. non-farm payrolls for March, due on Friday, after separate data showed private employers added 177,000 jobs in April. That was higher than expected but the smallest increase since October.

Economists polled by Reuters expect U.S. private payroll employment likely grew by 185,000 jobs in April, up from 89,000 in March.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 0.4 percent on Thursday, dragged lower by commodities, energy and financials stocks.

Japan is closed for the Golden Week holiday.

Chinese stocks .CSI300 pared earlier losses to trade flat, as gains in small-caps offset a cooling in China’s services sector growth to its slowest in almost a year in April as fears of slower economic growth dented business confidence.

Hong Kong’s Hang Seng .HSI dropped 0.4 percent.

Australian shares were also 0.4 percent lower.

“May is a notoriously cruel month for Asia with foreign exchange, equities and domestic bonds all losing in historical average returns,” Bank of America Merrill Lynch strategists led by Claudio Piron wrote in a note.

South Korea’s KOSPI .KS11 bucked the weaker trend, jumping 0.7 percent and hovering just a touch below an all-time high hit earlier in the session on strong corporate earnings.

Rising exports point to continued profit growth in the second quarter, with sentiment supported by hopes for economic stimulus from a new president.

Overnight, Wall Street closed flat to lower.

The Nasdaq .IXIC fell 0.4 percent as Apple shares slid after reporting lower than expected iPhone sales on Tuesday.

Facebook (FB.O) and Tesla (TSLA.O) also dropped during the session and after hours despite upbeat quarterly results, also weighed on the index.

Political concerns, which have taken a backseat recently, may re-emerge, with a U.S. House of Representatives vote on a revised bill to repeal Obamacare due later in the session after two failed attempts to corral enough support to pass the legislation.

House Majority Leader Kevin McCarthy said Republican leadership is confident there is enough backing for the bill to pass, after key moderate leaders met with President Donald Trump on Wednesday. Even if the bill passes the House, it could face an uphill battle in the Senate.

In Europe, Germany .GDAXI ended higher but Britain .FTSE and France .FCHI closed lower on Wednesday. The pan-European STOXX 600 index lost 0.04 percent to slip from a 20-month high.

The euro EUR=EBS ticked up 0.1 percent to $1.08945 on Thursday, after losing 0.4 percent on Wednesday as the dollar strengthened on the Fed’s statement.

Following a debate between French far-right leader Marine Le Pen and centrist Emmanuel Macron, who will face off in the second round of the presidential election on Sunday, a poll showed some 63 percent of voters found market favorite Macron to be more convincing.

In commodities, oil prices slipped on Thursday after a smaller-than-expected decline in U.S. inventories last week.

U.S. crude CLc1 pulled back 0.25 percent to $47.69 a barrel. On Wednesday, it touched its lowest level in over five weeks before closing higher.

Global benchmark Brent LCOc1 fell 0.2 percent to $50.70.

Gold XAU= inched up 0.1 percent to $1,239.80 an ounce, making up some of Wednesday’s 1.5 percent loss.

–

Credit: Reuters

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