Business

Ethiopia becomes Africa’s latest sovereign default

A general view shows the cityscape of Ethiopia’s capital Addis Ababa, January 29, 2017. Photographer Tiksa Negeri/File Photo By Reuters Ethiopia became Africa’s third default in as many years on Tuesday after it failed to make a $33 million “coupon” payment on its only international government bond. Africa’s second most populous country announced earlier this

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Oil prices flat as market factor in supply uncertainties

By Anadolu Agency Crude oil prices stayed in a narrow range on Tuesday’s light trade over the Christmas holiday as markets weighed the prospect of supply disruptions in Red Sea trading routes. The international benchmark crude Brent traded at $78.99 per barrel at 0659 GMT, a 0.24% increase from the closing price of $78.80 a

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UK recession might be under way after economy shrinks in Q3

File Photo: People walk over London Bridge looking at a view of Tower Bridge in the City of London financial district in London, Britain, October 25, 2023. Photographer Susannah Ireland/File Photo By Reuters Britain’s economy might be in a recession, according to data that showed it shrank between July and September, shortly after finance minister

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Oil rises on Red Sea jitters, Russian export cut

Oil pumps are seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to the coronavirus disease (COVID-19) pandemic and the drop in demand for oil globally, in Karnes County, Texas, U.S., May 18, 2020. Picture taken May 18, 2020. Photographer Jennifer Hiller/File Photo By Reuters Oil rose on Monday

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Why Kenya faces slim savings in Sh46bn early Eurobond repayment

The recovery of prices of Kenya’s inaugural Eurobond has reduced potential savings the country may make. Photo/Shutterstock By Business Daily Africa The recovery of prices of Kenya’s inaugural Eurobond which matures in June next year, has reduced potential savings the country may make from an early partial redemption of $300 million (Sh46.1 billion) this month.

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Refinery Owned by Africa’s Richest Man, Aliko Dangote, Begins Operation

Dangote Refinery By The African Exponent A milestone moment unfolded for the Nigerian mega-refinery developed by billionaire Aliko Dangote as it received its initial shipment of crude oil, marking a significant advancement in a project marred by delays. The refinery aims to entirely fulfill the country’s fuel demands, as announced by the company on Saturday.

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UK economy shrinks as BoE readies new rates decision – ONS

People shop on Oxford Street in London, Britain April 10, 2023. Photographer Anna Gordon/File Photo By Reuters Britain’s economy shrank in October, official data showed on Wednesday, a day before the Bank of England is expected to keep interest rates at a 15-year high to curb still-high inflation despite the toll they are taking on

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Somalia secures $4.5bn debt relief from lenders-sources say

File Photo/Somali Times Somalia has secured a $4.5 billion debt write-off from global lenders, marking the culmination of a decade-long process of negotiations and reforms. Read: Somalia’s corruption is widespread throughout the regime The nation, which is just settling into the East African Community (EAC) after its admission two weeks ago, has been exempted from

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Michael Jordan falls out of list of 1,000 richest people despite a staggering net worth of $3 billion

Michael Jordan. Photo: wikimedia commons/Bryan Horowitz By Face2Face Africa NBA legend Michael Jordan has fallen out of the list of 1,000 richest billionaires despite his staggering net worth of $3 billion. He joined the exclusive list in October following the sale of his controlling stake in the Charlotte Hornets, a professional basketball team, valued at

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Mozambique fine tunes new $80 bln energy transition blueprint

Mozambique President Filipe Jacinto Nyusi addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. Photographer Eduardo Munoz/File Photo By Reuters Mozambique has approved an ambitious new energy transition plan until 2050, hoping to attract investments of some $80 billion to boost renewable energy capacity and increase electricity

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