Category: INTERNATIONAL
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Oil eases, near weakest since late March on small U.S. stocks decline
Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in U.S. inventories. U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said…
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French bank SocGen settles dispute with Libyan Investment Authority
French bank Societe Generale (SOGN.PA) and the Libyan Investment Authority (LIA) have signed a confidential agreement to settle a legal dispute regarding a case focused on five trades totaling $2.1 billion, executed between 2007 and 2009. “Societe Generale and the Libyan Investment Authority (LIA) jointly announce that they have signed a confidential settlement agreement that…
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Apple to create $1 billion U.S. advanced manufacturing fund
Apple Inc (AAPL.O) plans to create a $1 billion fund to invest in U.S. companies that perform advanced manufacturing, Chief Executive Officer Tim Cook said on Wednesday, the iPhone maker’s latest effort to show how it is creating U.S. jobs. The Cupertino, California company will announce the fund’s first investment later in May, Cook said…
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Asian stocks retreat, dollar holds near six-week high on hawkish Fed
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…
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Kenya:Costly breakfast as prices of sugar, milk hit new high
Sugar prices have reached a new high with the two-kilogramme packet now retailing at Sh330, which together with expensive milk is set to make breakfast costly especially for low-income people. This comes amid a severe shortage of sugar on the shelves with nearly all supermarkets only stocking the Kabras brand. The commodity has been retailing…
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East Africa:UN report shows Kenya’s jobs crisis the worst in region
East Africa’s largest economy, Kenya, holds the dubious distinction of having the region’s highest unemployment rate, the United Nations says in its latest assessment of human development that throws a huge policy-making challenge at Nairobi. The 2017 Human Development Index (HDI) shows that Kenya’s rate of unemployment is now equal to those of neighbouring Ethiopia…
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S.A’s Financial Services Board probes trades around Gordhan recall
South Africa’s Financial Services Board (FSB) is probing certain trades made in the hours before former Finance Minister Pravin Gordhan was recalled from an investor roadshow and then dismissed, an official said on Tuesday. The Johannesburg bourse said in April it was probing the trades involving currency futures and would forward its findings to the…
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Nigerian central bank trying to make FX rates converge
Nigeria’s central bank has been working to make the exchange rates for its currency converge on the official and black markets, its spokesman said, and plans to offer $100 million on the forward market on Tuesday to boost liquidity. Nigeria runs a system of multiple exchange rates, and the central bank has sold more than…
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Kenya:Banks warned on inaccurate borrowers data
The Central Bank of Kenya (CBK) has put on notice commercial banks and credit reference bureaus (CRB) over inaccurate data on borrowers. CBK chairman Mohammed Nyaoga said complaints about inaccurate listings by customers if not well handled by the banks and the credit reference bureaus pose significant reputational risks to the firms. “Customer complaints arising…
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East Africa:World Bank says coffee, tea prices to fall this year
Coffee, tea and cocoa prices could fall by more than six per cent this year due to greater supply, a report says. The World Bank report, however, also projects that agricultural raw materials production is expected to rise by four per cent. According to the World Bank’s Commodity Markets Outlook, returns from the three beverages…