Oil prices rose more than US$3 a barrel on Wednesday after joint strikes in Iraq by the US and Saudi Arabia, and the interception of Iran’s ballistic missiles aimed at US forces in the Middle East, while US crude inventories shrank. Brent futures increased by US$3.30, or 3.9 per cent, to US$87.39 a barrel by […]
The funding, approved by Parliament, transfers responsibility for financing the government’s domestic gold purchase programme from the Bank of Ghana to the state, with the newly established Ghana Gold Board (GoldBod) taking charge of the programme. The change is intended to bolster Ghana’s foreign exchange reserves and support the cedi by increasing the country’s gold […]
Japan is planning to join the rush to diversify oil export routes away from the Strait of Hormuz by investing in pipeline projects abroad, notably in the Middle East. Citing a document produced by the country’s economy ministry, Bloomberg reported the investment will be made through Japanese companies in the form of risk-capital funding. […]
As Africa’s second-largest copper producer, Zambia wants to process its own minerals at home rather than shipping raw materials directly to foreign factories. Zambian officials are negotiating with major international industrial firms, including China’s Wuxi Jiangnan Cable, to build local manufacturing plants capable of turning raw copper into finished products such as high-voltage electrical cables […]
The Houthi threats to shipping in the Red Sea and its chokepoint, the Bab el-Mandeb Strait, have forced at least one oil tanker carrying Saudi crude to Asia to choose the much longer route through the Suez Canal, the Mediterranean, and around Africa. The supertanker Olympic Luck, partially laden with Saudi crude at Yanbu […]
The project is being developed by China’s Gotion High-Tech and will involve an initial investment of about $1.3 billion to build an integrated lithium iron phosphate (LFP) battery plant in Morocco’s Rabat-Salé-Kénitra Free Trade Zone. Beyond the loan, the AfDB said it plans to mobilise up to an additional €141 million ($161 million) from […]
Dollar-inflow schemes announced by the central bank in June have brought in close to $32 billion, the central bank governor, Sanjay Malhotra, told The Hindu Businessline newspaper in an interview published on Monday. The inflows are likely to boost India’s balance of payments, he said. Here are some key comments: Most of the $32 billion […]
Singapore sovereign wealth fund GIC plans to deploy an additional $30 billion into hedge funds and is spreading its bets across artificial intelligence, top executives said, while reporting its weakest long-run returns since 2020. Group Chief Investment Officer Bryan Yeo said the money would be allocated over three years and that the fund’s top executives […]
According to a directive issued by the Bank of Angola on July 2 and published on Thursday, banks can now use the Chinese yuan alongside the U.S. dollar, euro and South African rand to meet foreign-currency reserve requirements. Mandatory reserves are funds commercial banks are required to hold with the central bank to support financial […]
China and Namibia signed a series of agreements on Friday to strengthen cooperation in infrastructure, energy, mining and agriculture, as President Netumbo Nandi-Ndaitwah sought investment to support economic diversification and job creation in the southern African nation. The agreements were signed during Nandi-Ndaitwah’s seven-day state visit to China, her first official visit outside Africa since taking office […]