The Markets | - Part 224

Commodity | Trafigura Profit Boosted by Angola Buying Dormant Iron Ore Mine

LAGOS, Nigeria, Capital Markets in Africa: Trafigura Group Pte’s first-half profit was boosted through a deal where the Angolan government paid millions of dollars for a dormant iron ore project, allowing the trading house to avoid a 50 percent drop in net income. The transaction, reported in a note in its earnings report earlier this month, enabled the Singapore-based trading house to book a one-time gain of almost $265 million in the six months to March…

Crude Oil | OPEC Turmoil Could Turn IEA’s Balanced Market Into Shortfall

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall. World oil production in 2017 will very nearly match consumption, ending several years of oversupply, the Paris-based IEA forecast on June 14. For that to happen, the Organization of Petroleum Exporting Countries would have to…

Crude Oil Price Falls Sixth Day as Easing Disruptions Offset U.S. Stock Drop

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Oil fell a sixth day, heading for the longest run of declines since February on speculation that easing global supply disruptions will offset a decline in U.S. crude stockpiles and production. Futures dropped as much as 1.7 percent in New York, sliding in tandem with industrial metals and global equities, after losing 6.3 percent the previous five sessions. Output in Canada is expected to ramp up this month after wildfires cut production. U.S….

Egypt Approves Tougher Penalties on Black Market Dollar Traders

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egypt approved tougher measures against illegal foreign currency traders as authorities seek to ease dollar shortages that are contributing to economic weakness. The government increased jail time for black market trading to as long as 10 years and raised fines, the cabinet said in an e-mailed statement. Other amendments to the central bank law give the governor the authority to suspend currency bureaus’ licenses and impose fines for violations. The…

Oil Climbs to 10-Month High as Falling U.S. Supplies Trim Glut

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to the highest level in more than 10 months as weekly U.S. industry data showed crude stockpiles declined, reducing a glut. Futures rose 1.3 percent in New York after climbing 3.6 percent the previous two sessions to close above $50 a barrel Tuesday for the first time since July. Inventories fell by 3.57 million barrels last week, the American Petroleum Institute was said to report. Repair work on a…

Market Watch | Emerging Markets Climb for Fifth Day on Higher Oil, China Data

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for a fifth day with currencies as crude oil extended gains above $50 a barrel and Chinese trade data bolstered confidence the world’s second-biggest economy was stabilizing. Equity valuations rose to a one-year high as commodity producers led shares to the longest winning streak in two months. South Africa’s rand, Brazil’s real and Russia’s ruble helped lift a gauge of currencies to a one-month high. Chinese stocks in Hong Kong…

Ghana to Sell $1 Billion Eurobond Despite Concern Over Costs

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana will sell $1 billion Eurobonds this year despite concerns about rising borrowing costs. The West African nation will offer the debt in either July or September, Minister of Finance Seth Terkper said in an interview in the capital, Accra. The country hired three transaction advisers and remains open to other funding options, Terkper said. A failure to issue a Eurobond would leave a $750 million hole in the 2016 budget with an…

« 1 … 222 223 224 225 226 … 255 »