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The OPEC+ oil producers coalition, having seen departures like Angola in recent times, is considering Namibia for potential membership.
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The world’s second-largest economy grew 5,3 percent in the first quarter of this year from a year ago, according to the National Bureau of Statistics — beating the 4,8 percent growth analysts polled by Bloomberg had forecast and the 5,2 percent growth it chalked up in the fourth quarter of 2023.
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Herald Reporter Despite the headwinds confronting the media business due to digital migration, the latest Zamps survey results show that Zimpapers newspapers, radio stations and television channel are not only resilient, but continue to be market leaders in Zimbabwe, the diversified media company’s chief executive officer, Mr Pikirayi Deketeke, has said. “We are very pleased […]
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Business Reporter CABS, a member of the Old Mutual Group, received US$110 million lines of credit in 2023 from AfreximBank and the Trade and Development Bank for on-lending to key economic sectors of the economy such as agriculture, mining, energy, and manufacturing. The bank, in its 2023 annual report, said it remained committed to supporting […]
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Business Reporter The Reserve Bank of Zimbabwe (RBZ) has adjusted the foreign currency statutory reserve ratio on demand deposits, a move analysts said would help in the sustainable management of the foreign exchange market. The policy change resulted in an increase in the statutory reserve ratio for foreign currency demand deposits from 15 percent to […]
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A new commodities boom is complicating central bankers’ anti-inflation efforts and may help derail prospects for significant interest-rate cuts any time soon. Even before Iran’s attack on Israel over the weekend stoked fears of a wider regional war and disruption to oil supplies, crude had already risen significantly this year. That advance, together with a […]
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Nigeria’s debt stock as of Q4 2023, its last update period, saw an increase from its previous figure. Reports indicate that Nigeria’s debt stock increased by N10 trillion (US$8,4 billion) between the third and fourth quarter of 2023. This debt, however, which grew at a rate of 10,73 percent on a quarter-on-quarter basis, includes both […]
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Enacy Mapakame Datvest Modified Consumer Staples Exchange Traded Fund (Datvest ETF) swung back to profitability during the year to December 31, 2023 from a loss position recorded in the prior year period. Its financial statements for the period reveal that the ETF recorded an inflation-adjusted profit after tax of $255,2 million against the prior year’s […]
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JOHANNESBURG. — Ghana has failed to strike a deal with two bondholder groups to restructure US$13 billion of international bonds, the government said yesterday, dealing a blow to its efforts to swiftly emerge from default and economic crisis. Talks were derailed for now amid indications from the International Monetary Fund (IMF) that the deal would […]
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Prices of Murban crude in the global market have climbed to highs last seen in October last year, setting up Kenyans for an end to months of a continued drop in local pump prices. A barrel of Murban crude went for US$90,61 last week, the highest level since US$91,57 per barrel posted in October last […]
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Nelson Gahadza Senior Business Reporter ZESA Enterprises (ZENT) has lined up three power generation projects valued at over US$15 million as part of its roadmap of various strategic directions towards building the security of energy supply in the country. ZENT, a subsidiary of State power utility ZESA Holdings, manufactures and distributes electrical equipment, including transformers and […]
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Business Reporter SEED Co Limited says it will continue to enhance its thrust on innovation, breeding climate-smart products to catch up with the demands of the ever-changing weather conditions. The seed-producing entity has significantly invested in research and development mainly at the Kadoma, Muzarabani, Shamva, and Stapleford research stations. For more business stories visit: http://www.businessweekly.co.zw Shamva […]
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Walter Muchinguri in Cape Town, South Africa. LEADING hospitality company, Rainbow Tourism Group, and Switzerland-based Grand Metropolitan Hotel, last week unveiled a strategic partnership that will enable the former to spread its influence beyond the country’s borders. The partnership, which is the culmination of negotiations that started in August last year, is anchored on four […]
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Libya overtook Nigeria as the top African crude oil producer for March, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. According to the April 2024 Monthly Oil Market Report (MOMR), Libya recorded 1,236 million barrels per day (bpd) of crude production in March, up from 1,173 million bpd in February. For more […]
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Ethiopia may have to decide on a big currency devaluation sooner rather than later to secure a rescue loan from the International Monetary Fund (IMF), which left the country last week without reaching a much-needed deal with authorities. East Africa’s most populous country, already struggling with high inflation, became the third African state in as […]