Business

IMF slashes Botswana’s 2024 growth forecast amid diamond market woes

Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana November 24, 2015. Reuters/Siphiwe Sibeko/File Photo/File Photo By Reuters The International Monetary Fund (IMF) has slashed Botswana’s 2024 growth forecast to 1% from an earlier April estimate of 3.6% due mainly to lower diamond production, it said in

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Sterling hits four-month high; dollar falters ahead of US inflation test

British pound banknote is displayed on U.S. Dollar banknotes in this illustration taken, February 14, 2022. Photographer Dado Ruvic/Illustration/File Photo By Reuters Sterling strengthened to a four-month high on Thursday after comments from Bank of England policymakers prompted markets to scale back bets of an August rate cut, while the dollar inched lower ahead of

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Nairobi slaps Uganda with fresh hurdle on fuel imports

By The East African Kenya has thrown a fresh hurdle on Uganda’s direct fuel import scheme, doubling the bond fee for imported consignments destined for Kampala to $45 million. Uganda’s Energy and Mineral Resources minister Ruth Nankabirwa said Kenya increased the requirement on the size of bond fees at the Vitol Tank Terminal International (VTTI)

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First batch of Uganda oil imports near Mombasa port, ends Kenya monopoly

By The East African Two tankers carrying the maiden consignment of petroleum products directly imported by Uganda will dock at the Mombasa port next week, marking an end to the monopoly long enjoyed by Kenya oil marketers. The imports are part of a negotiated deal between Uganda National Oil Company (Unoc) and Vitol Bahrain that

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Mombasa beats Djibouti, Dar in new port ranking

Cargo trucks queue as the Process of removing Private Equipment and Idle Containers which have overstayed at the Port of Mombasa, Kenya By The East African Mombasa port bypassed its main Eastern African competitors, Djibouti and Dar es Salaam, in the latest World Bank global ports index over ship delays and non-tariff barriers. According to

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Dollar steady; yen wobbles near 160 as intervention worries linger

U.S. Dollar and Japan Yen notes are seen in this June 22, 2017 illustration photo. Reuters/Thomas White By Reuters The dollar was steady on Monday ahead of a fresh U.S. inflation reading that will likely influence the interest rate outlook, while the yen languished near the 160 level, drawing verbal warnings from Japanese authorities as

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China loans delay plunges Eacop partners in crisis

A section of the East African Crude Oil Pipeline on the Ugandan side. Photo/Pool By The East African More than a year since Chinese financiers and the developers of the East African Crude Oil Pipeline (Eacop) entered negotiations to bankroll the project’s debt, a massive hole remains in the financing structure as the loans amounting

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S.Korea pushes for markets in new Africa deals

South Korean President Yoon Suk Yeol speaks during the 2024 Korea-Africa Summit in Goyang, South Korea on June 4, 2024.Credit Photo/Reuters By The East African South Korea is dangling market reorientation and technological expertise to gain access to African countries, joining a list of global powers wanting a slice of the continent’s resources. But at

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Opening of new mines boosts Ivory Coast 2023 gold output

By Reuters Ivory Coast’s gold output hit a record high in 2023, helped by the opening of new mines, and will continue to grow further, mines minister Mamadou Sangafowa Coulibaly said on Thursday. Ivory Coast, the world’s top cocoa producer, is seeking to develop its long-neglected mining sector to diversify its sources of income. Gold

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OPEC extends output cuts to support oil prices

Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Xinhua/He Canling) By Xinhua News Agency OPEC has made the latest decisions to “achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with

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