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 […]
Abu Dhabi’s Mubadala Investment Company is transferring its $25bn (£18.7bn) credit portfolio to its alternative asset management arm, Mubadala Capital, giving pension funds, insurers and wealthy investors access to the platform for the first time. Mubadala Capital will now manage the credit portfolio, opening it up to third-party capital investors. Alongside this, the Abu Dhabi […]
Indian refiners that have bought Iranian crude under the one-month U.S. waiver on Iran’s oil on tankers are settling the purchases in Chinese yuan via the Shanghai office of India’s ICICI Bank, reported on Friday, quoting multiple sources familiar with the deals. After initial hesitancy following the temporary U.S. waiver on purchases of Iranian crude loaded […]
Damage caused to energy infrastructure in Gulf states would cost $58 billion to repair, Rystad Energy estimated this week, suggesting the fallout of the war between the U.S. and Israel, and Iran is more severe than futures market-focused observers would assume, because just two weeks ago, Rystad had calculated the damage at less than half that amount. […]
President Donald Trump’s administration plans to launch next Monday the system it will use for issuing refunds to American importers for US$166 billion (HK$1.3 trillion) the companies paid in tariffs that the US Supreme Court struck down in February as unlawful. US Customs and Border Protection said in a court filing on Tuesday that it […]