LONDON (Reuters) – Nigeria will have to adjust to oil prices heading lower for some time to come, Finance Minister Ngozi Okonja-Iweala said on Thursday in an interview in which she also cut the outlook for economic growth next year.
Africa’s largest economy relies on oil exports for 70 percent of government revenues and has been hit hard as crude prices have fallen to four-year lows below $80 a barrel after trading above $115 as recently as June. [O/R]
LONDON, Nov 12 (Reuters) – Plunging oil prices, terrorism
and messy pre-election politics are setting the stage for a
rough time for Nigeria’s battered currency, the naira, with some
seeing it highly vulnerable to attack from speculators.
Africa’s largest economy relies on oil exports for 80
percent of government revenues and has been hit hard as crude
prices have fallen to four-year lows around $80 a barrel.
LONDON, Nov 10 (Reuters) – Emerging stocks gained for the
first time in 10 days on Monday, buoyed by confirmation of
China’s impending tie-up of its two main bourses and Russia’s
rouble strengthening after supportive comments from President
Hong Kong and Shanghai will link their stock
exchanges on Nov. 17, creating the world’s third-largest equity
market and giving foreigners unprecedented access to China’s
$3.9 trillion stock market.
LONDON, Nov 7 (Reuters) – Ebola, terrorism and political
upheaval – headlines from Africa over the past year seem a far
cry from the inspiring ‘Africa Rising’ story. But many newly
found investors are sticking with the plot.
Even against the additional headwinds of falling commodity
prices and the prospect of higher U.S. interest rates, funds
active in sub-Saharan Africa insist they still see a compelling
growth story, driven by an uptick in regional trade, growing
investment and a bulging middle class – the basis of the ‘Africa
LONDON (Reuters) – Albania hopes next week’s meeting with Serbia can draw a line under an on-pitch brawl between their national soccer teams and put efforts to heal fragile Balkan relations back on the right track, its foreign minister said on Monday.
Speaking to Reuters, Ditmir Bushati also said he thought Albania would be ready to join the European Union in 10 years but voiced concern at the anti-enlargement rhetoric now coming from some EU leaders.
LONDON, Oct 31 (Reuters) – Romanian investment fund Fondul
Proprietatea aims to launch its secondary listing in
London in December and hopes to get approval from shareholders
for another share buyback, the fund’s manager Greg Konieczny
Bucharest set up the fund in 2005 to compensate Romanians
whose properties were seized under communism. It holds minority
stakes in a slew of state-owned firms — some of which are
unlisted — and is managed by Franklin Templeton.
LONDON (Reuters) – British investment managers grew more cautious in October, cutting equity allocations and boosting their cash to its highest level in more than two years as they fretted about risks to the global economic recovery.
A monthly survey of 10 UK-based asset managers found the average cash holding in balanced portfolios almost doubled to 11.2 percent from 6.6 percent, reaching its highest in at least 2 1/2 years. Property investments rose to a high of 4.7 percent.
LONDON, Oct 31 (Reuters) – Emerging stocks were on track for
their biggest weekly gains in six months on Friday, buoyed by
Japan’s surprise move to ramp up its stimulus programme and
strong United States growth data.
The Russian rouble weakened ahead of a central bank meeting
that could see either a significant rate rise or a move to a
more freely floating currency.
LONDON, Oct 28 (Reuters) – A majority of the world’s largest
sovereign wealth funds lack transparency and adequate
governance, with those in the Gulf region scoring particularly
low, according to a report published by political risk group
Geneva-based GeoEconomica, an independent political-risk
research firm, assessed 31 sovereign wealth funds with a total
of $4 trillion worth of assets for their compliance with the
Santiago Principles, a voluntary code of practice on governance
LONDON, Oct 21 (Reuters) – Uganda could rely on income from
future oil exports to finance an $8 billion railway if funding
talks with China fail to bear fruit, its president said.
Yoweri Museveni confirmed that Uganda had started
negotiations with China on building the line that would link to
Kenya, speeding up freight transport in the region. He gave no
details about how far the talks had progressed.