KEY POINTS



<ul class="wp-block-list"><li>UST, a so-called stablecoin that’s meant to maintain a $1 peg, was trading at less than 50 cents Wednesday.</li><li>Sister token luna dived more than 80%.</li><li>Terra creator Do Kwon said Tuesday he was “close to announcing a recovery plan” for UST.</li></ul>



The two main tokens from embattled crypto project Terra are now in free fall.



TerraUSD, or UST, is a so-called stablecoin that’s meant to maintain a 1-to-1 peg with the U.S. dollar. But the cryptocurrency plunged to as low as 31 cents Wednesday morning. It was last trading at less than 50 cents, according to CoinGecko data.



Sister token luna dived 95% to just $1.69. The latest plunge means luna has erased more than 98% of its value in the last seven days.



<a href="https://www.cnbc.com/quotes/BTC.CM=">Bitcoin</a>&nbsp;and&nbsp;<a href="https://www.cnbc.com/quotes/ETH.CM=">ether</a>&nbsp;saw more muted moves. Bitcoin fell about 1% to $31,378 while ether slipped 0.6% to $2,393.



Stablecoins are akin to bank accounts for the crypto economy, offering a sound store of value to avoid the kind of volatility cryptocurrencies like bitcoin have become notorious for — in theory, at least.



UST is what’s known as an “algorithmic” stablecoin. It uses a <a href="https://www.cnbc.com/2022/05/09/what-is-terrausd-ust-and-how-does-it-affect-bitcoin.html">complex system of minting and burning tokens</a> to adjust supply and stabilize prices. UST’s price has crumbled under the pressure of a sell-off in cryptocurrencies recently, resulting in further panic in the market.



Do Kwon, the coin’s creator, has amassed&nbsp;<a href="https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html">billions of dollars’ worth of bitcoin</a>&nbsp;through his Luna Foundation Guard fund to support UST in times of crisis. The fear now is that Luna Foundation Guard dumps those bitcoins onto the market, resulting in an even bigger sell-off.



Bitcoin&nbsp;<a href="https://www.cnbc.com/2022/05/10/bitcoin-dips-below-30000-drops-more-than-56percent-from-its-all-time-high.html">briefly slumped below $30,000</a>&nbsp;late Monday, its lowest price since July 2021. The world’s biggest digital coin is now hovering slightly above that level. It’s fallen over 50% since setting an all-time high of nearly $69,000 in November.



David Moreno Darocas, a research analyst at CryptoCompare, said the situation highlights the “fragility” of algorithmic stablecoins like UST.



“UST has grown to be both an integral and controversial piece of the crypto ecosystem,” he said.



The phenomenon is still relatively new. But UST has grown to become a major player in the crypto economy, with a circulating supply of 16 billion tokens.



Investors are now closely watching for how Luna Foundation Guard responds to prop up its ailing stablecoin. Kwon said Tuesday he was “close to announcing a recovery plan” for UST. “Hang tight,” he tweeted.



Elsewhere, crypto traders were also rattled by concerns over&nbsp;<a href="https://www.cnbc.com/quotes/COIN" target="_blank" rel="noreferrer noopener">Coinbase’s</a>&nbsp;financial health.



CEO Brian Armstrong clarified Tuesday that there was “no risk of bankruptcy” for the crypto exchange even as digital currency prices slide.



“For our retail customers, we’re taking further steps to update our user terms such that we offer the same protections to those customers in a black swan event,” he said in a series of tweets. “We should have had these in place previously, so let me apologize for that.”



Coinbase shares were down 19% in pre-market trading Wednesday after the company reported a&nbsp;<a href="https://www.cnbc.com/2022/05/10/coinbase-coin-earnings-q1-2022.html">27% slide in first-quarter revenue</a>.

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Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 50 cents

ACCRA, May 11 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s consumer price inflation accelerated to 23.6% year-on-year in April from 19.4% in March, the statistics service said on Wednesday, a recent record one economist said was &#8220;shocking&#8221;.



The West African nation&#8217;s latest inflation reading was the highest in 18 years and more than double government&#8217;s targeted band of 6% to 10%.



Prices for 295 of the 307 items analysed by the statistics service rose in April. Prices for imported items accelerated faster than locally produced items for the first time in 29 months, except in the case of locally produced food.



Transport costs, which include fuel prices, saw the largest increases, up to 33.5% from 17.4% in March. Diesel costs alone were up 90.9%.



&#8220;We were all expecting the diesel increases, and these are imported items,&#8221; government statistician Samuel Kobina Annim told a news conference.



&#8220;But we need to look at it from the food and non-food perspective if we want policy to get a hold of the challenges we are having,&#8221; he added.



Food prices were up 26.6% from the previous month and nearly double the category&#8217;s 12-month average of 13.5%. Cereal prices were among the greatest contributors, continuing a trend that began with Russia&#8217;s invasion of Ukraine in February.



Razia Khan, Standard Chartered Bank&#8217;s chief economist for Africa and the Middle East, said the spike was &#8220;shocking&#8221; and may pressure the central bank to further tighten interest rates.



&#8220;Failure to act soon could have far reaching implications, putting at risk any hopes for quick macroeconomic stabilisation,&#8221; she said.



Ghana&#8217;s central bank raised its main lending rate by a record 250 basis points in March, fearing that runaway inflation, compounded by a depreciating local currency and mounting national debt, could ignite a full-blown economic crisis.



The central bank&#8217;s monetary policy committee will meet from May 18 to March 23 to discuss further adjustments.



(Reporting by Cooper Inveen; Editing by Estelle Shirbon and Alex Richardson)

Ghana lifts lockdown on key regions as COVID-19 cases reach 1,042

Ghana lifts lockdown on key regions as COVID-19 cases reach 1,042. shutterstock_422422516

Ghana’s consumer inflation spikes to ‘shocking’ 23.6% in April

CHICAGO, May 10 (Reuters)&nbsp;&#8211;&nbsp;Why are food prices rising?



Global food prices started to rise in mid-2020 when businesses shut down due to the COVID-19 pandemic, straining supply chains. Farmers dumped out milk and let fruits and vegetables rot due to a lack of available truckers to transport goods to supermarkets, where prices spiked as consumers stockpiled food. A shortage of migrant labor as lockdowns restricted movement impacted crops worldwide.



Since then, there have been problems with key crops in many parts of the world. Brazil, the world&#8217;s top soybean exporter, suffered from severe drought in 2021. China&#8217;s wheat crop has been among the worst ever this year. Concerns about food security, heightened during the pandemic, have led some countries to hoard staples to ward off future shortages, limiting supplies on the global market.



Russia&#8217;s invasion of Ukraine in late February dramatically worsened the outlook for food prices. The U.N. food agency said prices hit an all-time record in February and again in March. Russia and Ukraine account for nearly a third of global wheat and barley, and two-thirds of the world&#8217;s export of sunflower oil used for cooking. Ukraine is the world&#8217;s No. 4 corn exporter. The conflict has damaged Ukraine&#8217;s ports and agricultural infrastructure and that is likely to limit the country&#8217;s agricultural production for years.



Some buyers are avoiding buying grains from Russia due to Western sanctions.



Indonesia banned most exports of palm oil in late April to ensure domestic supplies of cooking oil, cutting off supplies from the world&#8217;s largest producer of the edible oil used in everything from cakes to margarine.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WK0MX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



What food prices are rising the most?



Throughout the pandemic, high vegetable oil prices have helped drive up broader food costs. Cereal prices also hit a record in March, a result of limited shipments of corn and wheat during the Ukraine war.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2W60EX&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Dairy and meat prices reached a record in April, according to the U.N. food agency, reflecting continually increasing global demand for protein and high prices for animal feed – mainly corn and soybeans. In addition, bird flu in Europe and North America impacted egg and poultry prices.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WY2BD&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL2N2WA1YB&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In U.S. inflation data for March, the index for meats, poultry, fish and eggs increased 14% from a year ago while beef rose 16%.



When will food prices come down?



It is hard to say, given that agricultural production depends on hard-to-predict factors like weather. U.N. Secretary-General Antonio Guterres said in early May the problem of global food security could not be solved without restoring Ukrainian agricultural production and Russian food and fertilizer output to the world market.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WW202&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The World Bank forecasts wheat prices could rise more than 40% in 2022. The Bank expects agricultural prices to fall in 2023 versus 2022. But that depends on increased crop supplies from Argentina, Brazil and the United States &#8211; by no means guaranteed.



The sharp rise in fertilizer prices, as countries avoid buying from major producers Russia and its ally Belarus, could discourage farmers from applying adequate crop nutrients to their fields. That could bring down yields and result in lower production, prolonging the crisis. As the climate warms, extreme weather is becoming more common &#8211; posing another risk to crop production.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2VI30O&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a><a href="https://www.reutersconnect.com/all?search=all%3AL1N2V30V8&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Who is most affected?



Food prices in March accounted for the greatest share of U.S. inflation since 1981, according to Fitch Ratings, while shop prices in Britain surged in April at the fastest rate in more than a decade. But the people most impacted by higher food prices live in the developing world, where a larger percentage of incomes is spent on food.



The Global Network Against Food Crises, set up by the United Nations and the European Union, said in an annual report that Russia&#8217;s invasion of Ukraine poses serious risks to global food security, especially in countries facing a food crisis including Afghanistan, Ethiopia, Haiti, Somalia, South Sudan, Syria and Yemen.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WW0JG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Caroline Stauffer in ChicagoEditing by Matthew Lewis)

Concept of healthy food- fresh vegetables

Why are food prices going up? Key questions answered￼

LONDON, May 11 (Reuters)&nbsp;&#8211;&nbsp;Rising fuel and food prices look set to stoke an &#8220;inevitable&#8221; rise in civil unrest, with developing middle-income countries such as Brazil or Egypt particularly at risk, a report by a risk consultancy said.



Three quarters of nations expected to be at high-risk or extreme risk of civil unrest by the fourth quarter of 2022 were middle-income countries, as defined by the World Bank, Verisk Maplecroft said in an update to its political risk monitor.



&#8220;Unlike low-income countries, they were rich enough to offer social protection during the pandemic, but now struggle to maintain high social spending that is vital to the living standards of large sections of their populations,&#8221;&nbsp;<a href="https://www.maplecroft.com/insights/analysis/cost-of-living-crisis-inflames-civil-unrest-risks-in-emerging-markets" target="_blank" rel="noreferrer noopener">the report found</a>.



Argentina, Tunisia, Pakistan and Philippines were also among the countries to watch in the next six months, the authors said, pointing to their high dependency on food and energy imports.



Russia&#8217;s war in Ukraine has accelerated a rise in food prices, which hit an all-time record in February and again in March. Energy prices also rose sharply.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2X12RV&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>O/R



&#8220;With no resolution of the conflict in sight, the global cost of living crisis will continue deep into 2023,&#8221; the report said.



Lebanon, Senegal, Kenya and Bangladesh face similar pressures.



The report pointed to Sri Lanka and Kazakhstan as examples of middle income countries that have already suffered unrest this year. The former saw rising food and fuel prices contribute to escalating tensions, while an attempt to cut fuel subsidies sparked protests in Kazakhstan.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS0N2VC00E&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Civil unrest could hamper a potential economic recovery but also deter investors focused on environmental, social and governance (ESG) factors, it said.



&#8220;Some countries risk falling into a vicious cycle, whereby worsening governance and social indicators make them ESG investment pariahs, impeding the inflows needed to improve economic performance and address societal needs.&#8221;



The report found that more than 50% of the almost 200 countries covered by the index have experienced an increase in civil unrest since the COVID-19 pandemic hit.



(Reporting by Jorgelina do Rosario; Editing by Karin Strohecker and Richard Pullin)

RWANDA, KIGALI: A big market in the capital offers everything: food, clothes, kitchen equipment, herbal medicine.

Soaring food, fuel ramp up social unrest risk for emerging markets -report￼

KEY POINTS



<ul class="wp-block-list"><li>Crypto investors are keeping a close eye on UST, a controversial stablecoin, as the organization that supports it is sitting on billions of dollars in bitcoin.</li><li>Terra’s UST token sank below 70 cents late Monday, as holders continued to flee the controversial stablecoin.</li><li>Traders worry the project might have sold, or will sell, a large portion of its bitcoin to prop up UST.</li></ul>



Investors in&nbsp;<a href="https://www.cnbc.com/quotes/BTC.CM=">bitcoin</a>&nbsp;are in panic mode as the controversial terraUSD stablecoin slips further from its intended $1 peg.



TerraUSD, or UST, sank below 70 cents for the first time late Monday, as holders continued to flee the token in what some have described as a “bank run.” The token fell as low as 62 cents before regaining ground to trade at 90 cents Tuesday, according to Coinbase data.



Created by Singapore-based Terraform Labs in 2018, UST is what’s known as an “algorithmic” stablecoin. Part of the Terra blockchain project, it’s meant to track the value of the dollar, like fellow stablecoins tether and USDC.



However, unlike with those cryptocurrencies, Terra doesn’t have cash and other assets held in a reserve to back its token. Instead, it uses a complex mix of code — alongside a sister token called luna — to stabilize prices.



UST is important for bitcoin investors as Luna Foundation Guard, an organization supporting the Terra project, is sitting on billions of dollars in bitcoin that could potentially be dumped onto the market at any point.



″Every professional investor in crypto has one eye on UST today, watching to see if it can maintain its peg to the dollar,” said Matt Hougan, chief investment officer at Bitwise Asset Management. “There’s clearly significant risk in the market.”



In simple terms, the Terra protocol&nbsp;<a href="https://www.cnbc.com/2022/05/09/what-is-terrausd-ust-and-how-does-it-affect-bitcoin.html">destroys and creates new units of UST and luna</a>&nbsp;to adjust&nbsp;supply.&nbsp;When the price of UST falls&nbsp;below the dollar,&nbsp;it can be&nbsp;taken out of circulation and exchanged for luna, making&nbsp;UST’s supply more scarce and boosting its price&nbsp;— at least, that’s how it should work in theory.



To further complicate things, Terra’s creator, Do Kwon, bought $3.5 billion worth of bitcoin to provide a backstop for UST in times of crisis. The theory was that UST could eventually be redeemed for bitcoin instead of luna, but this is untested and hasn’t yet been put into practice.



Deposits into Anchor, Terra’s flagship lending protocol, have declined from 10.3 billion tokens on May 6 to just 6.4 billion Tuesday, according to data from blockchain analytics platform Nansen. Anchor offered users an almost 20% annual percentage yield on their UST holdings, a rate many analysts believe was unsustainable.



On Monday, Kwon’s Luna Foundation Guard said it would lend $750&nbsp;million worth of bitcoin to trading firms to “help protect the UST peg,” while a further 750 million UST will be lent out to buy more bitcoin “as market conditions normalize.”



In a follow-up tweet, the organization said it had withdrawn 37,000 bitcoins — worth more than $1 billion at current prices — to lend out. “Very little” of the borrowed bitcoins have been spent, Luna Foundation Guard said, but it is “currently being used to buy” UST.



Several crypto investors are worried that Luna Foundation Guard might have sold, or will sell, a large portion of its bitcoin to prop up UST — analysts pointed out that the group’s bitcoin wallet is now <a href="https://www.oklink.com/en/btc/address/bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q" target="_blank" rel="noreferrer noopener">completely empty</a>.



Amid all of this uncertainty, UST’s decline has sent shock waves throughout the crypto market.



Bitcoin, the world’s largest digital currency,&nbsp;<a href="https://www.cnbc.com/2022/05/10/bitcoin-dips-below-30000-drops-more-than-56percent-from-its-all-time-high.html">briefly fell below $30,000</a>, hitting its lowest price since July 2021. As of 7:00 a.m. ET, bitcoin was trading at $31,324, down around 5% in the last 24 hours. It’s now down more than 50% from its November all-time high.



Luna, UST’s counterpart, has roughly halved in value in the past 24 hours. It was last trading at a price of $32.



Adding to UST holders’ woes, Binance, the largest crypto exchange by market volume,&nbsp;<a href="https://www.binance.com/en/support/announcement/dc02bedd65be40f7b10022f26bc06879" target="_blank" rel="noreferrer noopener">temporarily suspended</a>&nbsp;withdrawals of both UST and luna “due to a high volume of pending withdrawal transactions,” citing network congestion.



Binance has since resumed withdrawals, and says it “will continue to monitor” network conditions.



“I think the market is expecting some forced selling here on the part of Terra and the reserve,” Nic Carter, co-founder of Coin Metrics, told CNBC. “It is a calamity but very expected. No algorithmic stablecoin has ever succeeded and this is no exception.”



He added that the problem with UST is that it’s largely “backed by faith.”



“It’s not fully guaranteed, it’s certainly not fully backed by reserves,” he told CNBC. “It was really just backed by faith in the issuer effectively.”



Terraform Labs did not respond to multiple requests for comment.

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Bitcoin investors are panicking as a controversial crypto experiment unravels

Price rises sparked by war worsening food crisis in Africa



Ukraine, Russia are major suppliers of wheat, fertilizers



Aid agencies hit by rising costs and drop in donor funding



By Nelson Banya



HARARE, May 10 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwean security guard Edwin Dapi was already struggling to provide for his wife and four children before a conflict 11,000 km (6,800 miles) away in Ukraine sent global prices for grains, cooking oils, fuel and fertilizer soaring.



Now his monthly pay of 18,000 Zimbabwe dollars, worth roughly $55 at the black market rate used at many informal markets, is stretched to breaking point.



At a supermarket in Mabvuku, one of the poorest neighbourhoods of the capital Harare, the 46-year-old was fretting over his family&#8217;s next meal.



He reached for a 2-litre (0.5 gallon) bottle of vegetable oil, but at 990 Zimbabwean dollars it was more than he could afford. So was a 2 kg (4.4 lb) bag of flour for 390 Zimbabwean dollars.



&#8220;I keep hearing it&#8217;s because of Ukraine, but I don&#8217;t know what that has to do with us,&#8221; he said, scratching oil and flour from his grocery list.



United Nations agencies are warning that price hikes sparked by Russia&#8217;s invasion of Ukraine will worsen a food crisis in Africa, where tens of millions of people have already been plunged into extreme poverty by the COVID-19 pandemic, armed conflicts, climate shocks and economic turmoil.



Last year, Sub-Saharan Africa accounted for nearly two-thirds of the 193 million people considered to be acutely food insecure worldwide, a report by the Global Network Against Food Crises, set up by the United Nations and the European Union, said this month.



Once-prosperous Zimbabwe has struggled to feed itself since the seizure of thousands of white-owned farms to resettle black families, a policy championed by Zimbabwe&#8217;s late president Robert Mugabe during the 2000s.



More recently, its economy has been throttled by drought and cyclones, rolling electricity cuts, foreign currency shortages and runaway inflation.



The U.N. World Food Program (WFP) estimates that some 5.3 million Zimbabweans – around a third of the population &#8211; are food insecure.



To make ends meet, Dapi said he was making plans to move his family to his home village of Mutoko, some 140 km (87 miles) northeast of Harare. &#8220;I must reduce my rent and school fees because everything is going up, except my salary,&#8221; he said.



Across Africa, food insecurity is on the rise. More than 2 million children are at risk of starving to death in the Horn of Africa, where parts of Kenya, Ethiopia and Somalia are facing their driest conditions in more than 40 years, U.N. aid chief Martin Griffiths told donors in Geneva on April 26.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2WO1H3&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



In Ethiopia, a civil war has pushed hundreds of thousands of people into famine conditions. Millions more are at risk in South Sudan, where a war that ended in 2020 caused widespread destruction, compounded by some of the worst flooding in generations.&nbsp;L3N2NW2JD



West Africa is facing its worst food crisis on record, driven by Islamist insurgencies that have forced millions of people off their land in Burkina Faso, Mali, Niger and Nigeria. The region has also seen worsening floods and droughts linked to global warming.&nbsp;L5N2W23Z3



The conflict in Ukraine is making a dire situation even worse.



The war has disrupted shipping in the Black Sea, a major artery for grains and other commodities, throttling exports from Russia and Ukraine to markets including Africa. Ukraine has said the area sown with grains could fall by around a fifth this year because of the war.



Abebe Haile-Gabriel, assistant director-general of the U.N. Food and Agriculture Organization (FAO) and its representative for Africa, said nearly half of the continent&#8217;s 54 countries rely on Russia and Ukraine for wheat imports. Russia is also a major supplier of fertilizer to at least 11 countries.



&#8220;This Ukraine war&#8217;s impact is overlapping with a crisis that has already been unfolding in some African countries,&#8221; Abebe told Reuters. &#8220;We have a very grim outlook going forward.&#8221;



&#8216;DOUBLE JEOPARDY&#8217;



Even before the conflict in Ukraine, food inflation was pushing many African families to the brink. Global food commodity prices climbed over 23% last year, the fastest pace in more than a decade, according to the FAO.



Many of the most vulnerable depend on handouts from the WFP, which buys half the wheat it distributes around the world from Ukraine. Rising food and fuel prices have increased its monthly operating costs by $71 million – a 50% rise &#8211; since 2019, said Tomson Phiri, a global spokesman.



&#8220;WFP faces a double jeopardy: our costs are going up as the numbers of hungry rise,&#8221; he told Reuters.



Prior to the Ukraine war, the WFP faced a funding shortfall that forced it to cut rations in 17 African countries &#8211; including Zimbabwe, Chad, South Sudan and Ethiopia – and the gap has widened as donors turn their attention to the conflict in Europe, Phiri said.



Experts say the impact of grains shortages could be particularly harsh in North Africa, where countries like Egypt import up to 80% of their wheat from Russia and Ukraine.



But even African countries that import little from them are being hurt by higher world prices for key commodities.



Kenya, East Africa&#8217;s biggest economy, was shielded from early impacts because millers there had turned to other suppliers after Russia increased taxes on its wheat exports last year, said Kennedy Nyaga, chairman of the United Grain Millers Association.



Kenya has sufficient wheat reserves to last until September but has already run out of reserves of maize &#8211; its staple &#8211; due to the drought, Nyaga said.



The association is pressing the government to allow millers to import 360,000 tons of maize duty free, saying prices leapt from around 2,800 shillings ($24.17) per 90 kg bag to 4,500 shillings since December.



Kenya&#8217;s Ministry of Agriculture did not respond to requests for comment. Finance minister Ukur Yatani said on May 5 he was yet to receive a request from the millers for duty free imports.



STRUGGLING FOR BASICS



In Zimbabwe, households are already feeling the pain. About half its 15 million people survive on less than $1.90 per day, according to the Zimbabwe National Statistics Agency.



Households’ struggles to afford food were compounded when the Grain Millers Association of Zimbabwe hiked prices for wheat flour and the staple maize meal by about 15% in March, citing surging global prices linked to the Ukraine war.



The FAO says that Zimbabwe imports the bulk of its wheat from the Black Sea and Baltic regions, with Russia and Ukraine accounting for nearly one-fifth of imports last year.



Information Minister Monica Mutsvangwa said in March the government had purchased sufficient maize and wheat stocks from local farmers in the 2021-21 agricultural year to cushion the poor against any food shortages this year.



But the millers association imposed even bigger price increases in April of 31% for wheat flour and 52% for maize meal.



The group says it is seeking alternative suppliers for at least 155,000 tonnes of imports needed until the next harvest in October.



As fuel prices rose and the currency rapidly devalued, Zimbabwe&#8217;s annual inflation jumped to 96% in April, up from 61% in January.



And with fertilizer prices soaring due to the disruption of exports from Russia, many farmers in Zimbabwe are struggling to afford it just as dry weather is affecting crop yields in parts of the country.



Fertilizer prices are up 30% over the past year, according to the Zimbabwe Farmers Union.



&#8220;If fertilizer prices remain at their record high levels, it will also dim crop yield prospects for the 2022/23 agricultural year,&#8221; WFP&#8217;s Zimbabwe spokeswoman Maria Gallar Sanchez said.



Officials at Zimbabwe&#8217;s information, agriculture and trade ministries did not respond to requests for comment.



Fertilizer firm Omnia Holdings&nbsp;OMNJ.J, which operates in many African countries, said prices of potash, ammonia, urea and other key soil nutrients have gone up by 200%-400% since January 2021.



Small-scale farmers, who account for more than 70% of fertilizer consumption in the region, have been hardest hit, Omnia Chief Executive Seelan Gobalsamy told Reuters.



Boniface Mutize, who grows maize and soybeans just outside Harare, said he has started making his own fertilizer by mixing cow dung or chicken waste with zinc. But he said he needs ammonium nitrate, which is not produced in large quantities in Zimbabwe.



&#8220;Many smallholder farmers will not be able to come back next season to grow their own food,&#8221; he said.



($1 = 115.8500 Kenyan shillings)



(Additional reporting by Duncan Miriri and Ayenat Mersie in Nairobi; Editing by Olivia Kumwenda-Mtambo and Daniel Flynn)

Z63TKZLGTFLOXPFQ45DXM3R5TE

Ukraine war fuels food crisis in distant Africa

<ul class="wp-block-list"><li>Largest private bank to begin stake sale next week</li></ul>



<ul class="wp-block-list"><li>Government pushing broad privatisation strategy</li></ul>



By Miguel Gomes



LUANDA, May 10 (Reuters)&nbsp;&#8211;&nbsp;Next month&#8217;s debut initial public offering (IPO) on Angola&#8217;s BODIVA stock exchange is expected to unlock a wave of new listings, its chief executive said, as the Southern African oil producer forges ahead with a far-reaching privatisation drive.



BODIVA will begin accepting bids next week for 1.945 million shares &#8211; a 10% stake &#8211; being offered by BAI, Angola&#8217;s largest private bank. BAI&#8217;s listing is expected on June 9.



Under President Joao Lourenco, the OPEC member has embarked on an ambitious reform programme to modernise the economy and attract private investment.



The state plans to sell its stakes in firms including upstream oil company ACREP, Caixa de Angola bank, fuel retailer Sonangalp and television and telecommunications provider TVCabo Angola.



&#8220;All these companies revealed, publicly or privately, their ambition to list capital with BODIVA,&#8221; the exchange&#8217;s CEO Walter Pacheco told Reuters. &#8220;I think that the first IPO will be decisive to promote the market.&#8221;



BODIVA was founded in 2014. But with Angola&#8217;s economy largely dominated by state-owned companies &#8211; a legacy of its socialist past &#8211; the exchange has mainly served as a market for government bonds, trading debt of around $2 billion in 2020.



&#8220;The market did not advance earlier because it was necessary for the state to reduce its direct intervention in companies and in the economy,&#8221; Pacheco said.



The 10% of capital offered by BAI represents stakes currently held by state-owned oil and diamond companies Sonangol and Endiama.



Foreign investors will be allowed to purchase shares sold at between 17,200 and 20,640 kwanzas ($42.92 and $51.50) each, a prospectus published on the bank&#8217;s website showed.



The stake sale should raise 33 billion to 35 billion kwanzas ($82-87 million), Pacheco said.



Angola plans to privatise some 62 state assets this year, though the sale of a 30% stake in state oil company Sonangol, seen as the crown jewel of the privatisation push, could take another two years.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2U43AC&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;We know that the restructuring of Sonangol, because of its dimension and relevance for the country, is going to take some time,&#8221; Pacheco said.



BODIVA was prepared to work with Sonangol on privatisation, he said, but the extent of the exchange&#8217;s involvement was not yet clear.



&#8220;We don&#8217;t know if the country and our capital market are ready to negotiate this kind of asset. Maybe Sonangol will spread their capital in different jurisdictions, not only in Angola,&#8221; Pacheco said.



($1 = 400.7700 kwanzas)



(Writing by Joe BavierEditing by Mark Potter)

Trading Board Is Showing A Crash In Stok Exchange Market

Angola’s first IPO to spur wave of listings – stock exchange CEO￼

May 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s government is still analysing details of a $8.5 billion financing package offered by rich Western nations last year to help the country shift away from coal, environment minister Barbara Creecy said on Tuesday.



The United States, Britain, France, Germany and the European Union pledged the funding during the COP26 climate conference in Glasgow, Scotland, last November. South Africa is the world&#8217;s 12th biggest emitter of climate-warming gases and a major coal producer and user.



Pressed by lawmakers over delays in obtaining the funding during a virtual parliamentary briefing, Creecy said South Africa, which has set up a task team to advise President Cyril Ramaphosa and his cabinet on the offer, was still looking at the terms.



&#8220;I think that the issue of speed is important, but the issue of the nuances and the quality of the decision is also important,&#8221; Creecy said.



&#8220;I am not negative about the opportunities that this money presents, but I am realistic that we have to look at it properly and we shouldn&#8217;t rush when looking at it properly. There is a lot of scepticism out there that it&#8217;s only loan financing, that it&#8217;s going to worsen our sovereign debt situation.&#8221;



South Africa&#8217;s chief negotiator at COP26, Maesela Kekana, told the same briefing that negotiations were still being held with the Western nations.



Creecy said South Africa was also considering the impact of the shift from coal on unemployment and poverty.



About 93,000 people were employed in South Africa&#8217;s coal mines in 2021, according to industry body the Minerals Council.



&#8220;We&#8217;ve got to ensure that by introducing green technology into the economy, we&#8217;re not just changing technology, we&#8217;re also dealing with some of the abiding constraints of inequality, unemployment and poverty that confront our economy,&#8221; Creecy said.



(Reporting by Nelson BanyaEditing by Alexander Winning, William Maclean)

power-station-pollution-energy-electricity

S.Africa says still interrogating $8.5 bln climate deal with rich nations

May 9 (Reuters)&nbsp;&#8211;&nbsp;The International Monetary Fund&#8217;s executive board on Monday approved a three-year, $456 million extended credit facility arrangement for Mozambique, with about $91 million available for immediate disbursement, the Fund said.



The facility is the southeast African nation&#8217;s first program since the global lender suspended support six years ago.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VV4W0&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



The IMF said the three-year arrangement will help support economic recovery and policies to reduce public debt and financing vulnerabilities, while creating space for public investments in human capital, climate adaptation and infrastructure.



The Fund said the program will support a reform agenda centered on establishing a sovereign wealth fund to manage the country&#8217;s liquefied natural gas wealth, mobilizing tax revenue and strengthening public finances.



&#8220;Mozambique has managed the COVID pandemic relatively well, maintaining macroeconomic stability and reform momentum even as the country has weathered a series of shocks, culminating with the effects of the war in Ukraine,&#8221; IMF&nbsp;Deputy&nbsp;Managing&nbsp;Director Bo Li said in a statement. &#8220;With policy space now limited, sustaining the economic recovery underway and tackling debt vulnerabilities are priorities.&#8221;



(Reporting by Rami Ayyub and David Lawder; Editing by Sandra Maler and Christopher Cushing)

BE2FA7DW6VJP3AYQ5S5CUCMQO4

IMF board approves $456 mln program for Mozambique

NEW YORK, May 9 (Reuters)&nbsp;&#8211;&nbsp;Economic growth in emerging markets is set to slow &#8220;sharply&#8221; this quarter weighed by China, Russia and the spread of tighter monetary conditions, JPMorgan analysts said on Monday.



&#8220;China’s adherence to its zero-COVID policy, Russia&#8217;s recession and tightening global financial conditions are set to pull EM growth sharply lower this quarter,&#8221; wrote Luis Oganes, head of currencies, commodities and EM research, and Jonny Goulden, head of EM local markets and sovereign debt strategy at JPMorgan.



Emerging market currencies are likely to underperform as U.S. dollar strength continues and there is risk to EM economic growth, they said.



The dollar on Monday hit a 20-year high against a basket of developed market currencies&nbsp;=USD&nbsp;and an index of EM currencies&nbsp;.MIEM00000CUS&nbsp;touched its lowest since November 2020.



On local market debt the U.S. bank retains an underweight as inflation in the region is revised higher, as are expectations for higher rates as central banks continue to focus on inflation.



They remain neutral on foreign debt with a market weight on the EMBI global diversified index &#8220;as EM sovereigns remain at the mercy of rates but cushioned by a combination of front-loaded pain and cleaner technicals.&#8221;



On EM corporate credit, they keep a market weight on the CEMBI as &#8220;the uncertain market environment and macro risks are mitigated by strong standalone fundamentals and supportive technicals.&#8221;



(Reporting by Rodrigo Campos; Editing by Andrea Ricci)

(Photo: Flickr/QuoteInspector.com)

EM economic growth to slow sharply this quarter -JPMorgan

ABUJA, May 9 (Reuters)&nbsp;&#8211;&nbsp;A Nigerian federal high court rejected the central bank governor&#8217;s request to restrain the electoral commission (INEC) and the attorney general from blocking his bid to run for president next year while in office, a court ruling showed on Monday.



Governor Godwin Emefiele may seek the ruling party ticket for the presidential race next year. Critics called on him to resign following reports of his political ambitions.



INEC and the attorney general could force him to resign if he decides to participate in the presidential primaries. The judge ruled that no decision could be made without all parties present.



&#8220;They are to appear in court on May 12 and show cause on why the (Emefiele&#8217;s) request should not be granted,&#8221; Justice Ahmed Ramat Mohammed said.



(Reporting by Camillus Eboh, writing by Julia Payne, editing by Chris Reese)

Nigeria MPC cuts down MPR from 12.5 % to 11.5% (Full Speech)

Nigerian court rejects central bank governor’s restraint order on electoral commission￼

Mozambique records first COVID-19 death

CAPE TOWN, May 9 (Reuters)&nbsp;&#8211;&nbsp;Angola&#8217;s state-run diamond miner Endiama could face a hit to its operations as Western sanctions on Russia could delay supplies of parts and machinery, according to a government brochure released on Monday.



Western nations have unleashed crippling economic sanctions against Russia after Moscow launched its invasion of Ukraine in late February.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL2N2X1018&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Endiama, which holds the exclusive concession for diamond mining rights in Angola, has already flagged an almost one-third reduction in diamond output to 10.05 million carats this year, from a forecast 13.8 million carats.



The company expects revenue of around $1.42 billion from the sale of its diamonds this year.



&#8220;One of the great challenges for 2022 will certainly be to maintain the sustainability of the mines while the war between Russia and Ukraine lasts,&#8221; said the government publication, which was made available at the Mining Indaba conference in Cape Town.



&#8220;Since the sanctions that the United States and Western countries have imposed on Russia may affect some national mining companies, delaying the supply of some machinery, parts and spares,&#8221; it said.



Endiama has signed contracts with Rio Tinto&nbsp;RIO.L&nbsp;to explore its Chiri mine in the Angolan province of Lunda-Norte, while another project, Luaxe, was also expected to begin pilot production, it added, without providing a timeline.



Last month, diamond miner De Beers signed two mineral investment contracts with the Angolan government, the Anglo American&nbsp;AAL.L&nbsp;subsidiary said ahead of a return to the country it left in 2012.&nbsp;nL2N2WI0II



(Reporting by Wendell Roelf; Editing by Susan Fenton)

diamonds-4040800_1280

Angola’s Endiama says sanctions against Russia could hurt its diamond operations

By Felix Onuah



ABUJA, May 6 (Reuters)&nbsp;&#8211;&nbsp;Nigerian central bank governor Godwin Emefiele will seek the ruling All Progressives Party (APC) ticket to run for president next February, a ruling party spokesperson said on Friday.



President Muhammadu Buhari will step down after serving two four-year terms following a February 2023 ballot. His ruling APC has set its primaries to decide on their presidential candidate for May 30-31.



Emefiele will go head-to-head with current Vice President Yemi Osinbajo and former Lagos state governor Asiwaju Bola Tinubu, who are frontrunners in the race to be the next candidate to head Africa&#8217;s top economy.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2W90ZF&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



&#8220;I can confirm that central bank governor bought the APC presidential form today,&#8221; the APC spokesperson said, referring to forms to contest for the party&#8217;s nomination.



A central bank spokesperson did not return calls on whether Emefiele would stay on as central bank governor.



Political parties in Nigeria should pick presidential candidates by June 3, according to the electoral commission, while official campaigning will begin in September.



Emefiele is serving a second term at the central bank where he has pursued dovish policies on interest rates, introduced currency controls and launched a company to help build infrastructure in Nigeria, Africa&#8217;s most populous nation.



The ex-Zenith Bank&nbsp;ZENITHB.LG&nbsp;chief executive has tried to avoid a large currency devaluation that is frustrating foreign investors stuck in Nigeria at the height of a recession triggered by the COVID-19 pandemic.



Political power in Nigeria tends to shift between the oil-rich, largely Christian south and the poorer, mostly Muslim north. Buhari is from northern Katsina state and APC&#8217;s next candidate is expected to come from the south.



Some questioned whether Emefiele will be able to remain at the helm of the central bank while pursuing his political ambitions which would require a strong coalition of supporters with deep pockets to take on opponents.



&#8220;Is his position as central bank governor still tenable?,&#8221; one economist, who is a consultant to the central bank and declined to be named.



News of Emefiele&#8217;s presidential bid sent the naira close to a record low of 591 per dollar on the black market&nbsp;NGNP=, against a range of 413 to 417 naira on the official market&nbsp;NGN=&nbsp;where it has traded this year.



(Reporting by Felix OnuahWriting by Chijioke OhuochaEditing by James Macharia Chege and Raissa Kasolowsky)

Nigeria MPC: CBN Governor Godwin Emefiele retains MPR at 13.5% (full speech)

Nigeria’s central bank governor to seek ruling party ticket to run for president

KEY POINTS



<ul class="wp-block-list"><li>The euro zone faces concurrent economic shocks from the war in Ukraine and a surge in food and energy prices exacerbated by the conflict, along with a supply shock from China’s zero-Covid policy.</li><li>Stefan Hartung, CEO of German engineering and technology giant Bosch, told CNBC that the company sees “a big recession in the making.”</li></ul>



LONDON — The CEOs of several European blue chip companies have told CNBC that they see a significant recession coming down the pike in Europe.



The continent is particularly vulnerable to the fallout from the Russia-Ukraine war,&nbsp;<a href="https://www.cnbc.com/2022/04/28/europe-faces-recession-if-putin-fully-shuts-off-the-gas-taps.html">associated economic sanctions and energy supply concerns</a>, and economists have been downgrading growth forecasts for the euro zone in recent weeks.



The euro zone faces concurrent economic shocks from the war in Ukraine and a surge in food and energy prices exacerbated by the conflict, along with a supply shock arising from China’s zero-Covid policy. That has prompted concerns about “stagflation” — an environment of low economic growth and high inflation — and eventual recession.



“For sure, we see a big recession in the making, but that’s exactly what we see — it’s in the making. There is still an overhanging demand because of the Covid crisis we just are about to leave,” said Stefan Hartung, CEO of German engineering and technology giant&nbsp;<a href="https://www.cnbc.com/quotes/BOSCHLTD-IN" target="_blank" rel="noreferrer noopener">Bosch</a>.



“It’s still there and you see it heavily hitting us in China, but you see that in a lot of areas in the world, the demand of consumers has already even been increased in some areas.”



In particular, Hartung noted lingering consumer demand for household appliances, power tools and vehicles, but suggested this would dissipate.



“That means for a certain amount of time, this demand will still be there, even while we see the interest increase and we see the pricing increase, but at some point in time, it won’t be just a supply crisis, it will also be a demand crisis, and then for sure, we are in a deep recession,” he added.



Inflation in the euro zone hit a record high of 7.5% in March. So far, the&nbsp;<a href="https://www.cnbc.com/european-central-bank/">European Central Bank</a>&nbsp;has remained more dovish than its peers, such as the Bank of England and the U.S. Federal Reserve, both of which have begun hiking interest rates in a bid to rein in inflation.



However, the ECB now expects to conclude net asset purchases under its APP (asset purchase program) in the third quarter, after which it will have room to begin monetary tightening, depending on the economic outlook.



Berenberg Chief Economist Holger Schmieding said in a note Friday that near-term risks to economic growth are tilted to the downside in Europe.



“Worsening Chinese lockdowns and cautious consumer spending in reaction to high energy and food prices could easily cause a temporary contraction in Eurozone GDP in Q2,” Schmieding said.



“An immediate embargo on gas imports from Russia (highly unlikely) could turn that into a more serious recession. If the Fed gets it badly wrong and catapults the U.S. straight from boom to bust (unlikely but not fully impossible), such a recession could last well into next year.”



Yet Schmieding suggested that the euro zone is likely to enter recession only “if worse came to worst,” and that it isn’t a base expectation.



Mark Branson, president of German financial regulator BaFin, said any military escalation in Ukraine or further energy supply disruption could pose serious risks to growth in Europe’s largest economy, with industrial sectors particularly vulnerable.



“We’re already seeing that growth is down to around zero in many jurisdictions, including here, and it’s vulnerable. It’s also vulnerable from the ongoing Covid-related shocks,” he said.



“We’ve got inflation that’s going to need to be tackled, and it’s going to need to be tackled now, so that’s a cocktail which is difficult for the economy.”



<h3 class="wp-block-heading" id="h-challenging-business-environment">‘Challenging business environment’</h3>



Slawomir Krupa, deputy CEO at&nbsp;<a href="https://www.cnbc.com/quotes/GLE-FR" target="_blank" rel="noreferrer noopener">Societe Generale</a>, told CNBC on Thursday that the French lender is monitoring the macroeconomic picture closely.



“It’s obviously a fundamental piece of news for the macroeconomic context and the triggered inflation feedback loop between the energy shock – which was already going on before the war in Ukraine – you have the inflation expectation rising and the risk of a final, fundamental impact on the macroeconomy into a recession,” he said, adding that this would potentially affect “the entire system, and (SocGen) as well.”



Ola Kallenius, CEO of <a href="https://www.cnbc.com/quotes/MBG-DE" target="_blank" rel="noreferrer noopener">Mercedes-Benz</a>, also told CNBC last week that the situation in China and the Ukraine war are making for a “challenging business environment” for the German luxury automaker in three distinct ways.



“On the one hand, we have the ongoing shortages mainly associated with semiconductors. On top of that, there are now new lockdowns in China, our biggest market, which will affect us in China but also can affect supply chains across the world, and in addition to that, of course, the Ukraine war, so the business environment is challenging,” he explained.



His comments were echoed by&nbsp;<a href="https://www.cnbc.com/quotes/VOW3-DE" target="_blank" rel="noreferrer noopener">Volkswagen</a>&nbsp;CEO Herbert Diess, who told CNBC on Thursday that the company also faced a “challenging environment” from Covid, the chip shortage and the war in Ukraine in the first quarter.



<a href="https://www.cnbc.com/quotes/MAERSK.B-DK" target="_blank" rel="noreferrer noopener">Maersk</a>&nbsp;CEO Soren Skou said Thursday that the world’s largest shipping company is also keeping an eye on recession risks, particularly in the United States, but does not expect those to come to the fore until late 2022 or early 2023.

KGJLDHJ75ZNCHLECJOATMMUGCY

‘We see a big recession in the making’: Top CEOs are fearing the worst in Europe

LONDON, May 5 (Reuters)&nbsp;&#8211;&nbsp;Britain&#8217;s National Crime Agency (NCA) has recovered more than $23 million stolen from Nigeria by the country&#8217;s late military dictator Sani Abacha, it said on Thursday, the latest in a series of similar recoveries around the world.



Abacha ruled Africa&#8217;s most populous nation and top oil exporter from 1993 until his death in 1998, a period during which he stole up to $5 billion of public money, according to Transparency International. He was never charged.



The money recovered in Britain forms part of a larger pool of funds identified by the U.S. Department of Justice (DOJ) as having been misappropriated by Abacha and his associates, the NCA said in a statement.



&#8220;The NCA is committed to ensuring that the UK is not a safe haven for criminals to launder their proceeds of crime, and civil recovery of assets is a powerful weapon in this fight,&#8221; said Billy Beattie, Asset Denial Senior Manager at the NCA.



Police say about 100 billion pounds ($123 billion) of dirty cash moves through or into Britain every year, buying everything from luxury homes to whole companies.



Leaked troves of financial documents such as the Panama, Paradise and Pandora Papers have documented London&#8217;s role as a global money-laundering hub.



The $23 million were recovered after seven years of litigation and international negotiation pursued by the NCA, at the request of the DOJ, the statement said. The funds will be transferred to the DOJ.



An NCA spokesperson did not immediately respond to a query about whether the funds would ultimately return to Nigeria. In the past, countries including the United States and Switzerland have repatriated Abacha loot there.



(Reporting by Estelle ShirbonEditing by Mark Potter)

P7D3GU2BGZNHDCNT6DEA6AP3D4

UK recovers $23 mln in loot linked to late Nigerian dictator Abacha￼

By Rachel Savage



LONDON, May 4 (Reuters)&nbsp;&#8211;&nbsp;Inflation in South Africa is set to rise to 8% this year, overshooting the central bank&#8217;s target amid the global impact of the Ukraine conflict and rising U.S. interest rates, credit rating agency Moody&#8217;s forecast in a report on Wednesday.



Moody&#8217;s said inflation was set to be higher than the South African Reserve Bank&#8217;s 3-6% target range this year, before falling in 2023 and 2024, with the central bank likely to continue to tighten monetary policy after it raised interest rates in March.<a href="https://www.reutersconnect.com/all?search=all%3AL5N2VR4YO&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



South Africa&#8217;s finances were already under strain before the COVID-19 pandemic and worsened during&nbsp;successive waves of the virus, but have improved thanks to bumper prices for the country&#8217;s&nbsp;mineral&nbsp;commodity exports. But South Africa&#8217;s finance minister warned last month that the negative impact of high energy prices could outweigh this.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2WK4WG&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Moody&#8217;s cited risks to the country&#8217;s economy from&nbsp;highly indebted&nbsp;state-owned companies&nbsp;such as power utility Eskom, a rigid labour market and high social spending.



&#8220;The electricity sector poses the greatest risks to economic growth prospects, with generation capacity already insufficient to cover the economy&#8217;s needs,&#8221; Moody&#8217;s said in the report.



Power outages implemented by state-owned Eskom have constrained economic growth in Africa&#8217;s most industrialised country for more than a decade.



Moody&#8217;s upgraded South Africa&#8217;s outlook from &#8220;negative&#8221; to &#8220;stable&#8221; in April, keeping the government&#8217;s Ba2 rating and stating high commodity prices and fiscal consolidation would help to stabilise debt at around 80% of GDP in the&nbsp;medium term.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL3N2VZ3E2&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



(Reporting by Rachel Savage. Editing by Jane Merriman)

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IMF board approves $456 mln program for Mozambique

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Nigeria’s central bank governor to seek ruling party ticket to run for president

‘We see a big recession in the making’: Top CEOs are fearing the worst in Europe

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Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 50 cents

Ghana’s consumer inflation spikes to ‘shocking’ 23.6% in April

Why are food prices going up? Key questions answered￼

Soaring food, fuel ramp up social unrest risk for emerging markets -report￼

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IMF board approves $456 mln program for Mozambique

EM economic growth to slow sharply this quarter -JPMorgan

Nigerian court rejects central bank governor’s restraint order on electoral commission￼

IMF board approves $456 mln program for Mozambique

Angola’s Endiama says sanctions against Russia could hurt its diamond operations

Nigeria’s central bank governor to seek ruling party ticket to run for president

‘We see a big recession in the making’: Top CEOs are fearing the worst in Europe

UK recovers $23 mln in loot linked to late Nigerian dictator Abacha￼

Zimbabwe govt expects 43% decline in maize harvest this year￼

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Why are food prices going up? Key questions answered

Soaring food, fuel ramp up social unrest risk for emerging markets -report

Angola’s first IPO to spur wave of listings – stock exchange CEO

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UK recovers $23 mln in loot linked to late Nigerian dictator Abacha

Zimbabwe govt expects 43% decline in maize harvest this year