Reuters Africa Business

JOHANNESBURG (Reuters) -South Africa’s rand firmed against a weaker dollar on Friday, helped by higher gold prices as concerns over the United States’ fiscal health sent investors into the safe-haven asset. At 1434 GMT, the rand traded at 17.58 against the dollar, about 0.2% stronger than its previous close. Gold prices rose on Friday, boosted …

South African rand lifted by gold, focus on inflation data next week Read More »

By Colleen Goko and Anathi Madubela JOHANNESBURG (Reuters) -South Africa’s Nedbank Group has agreed to sell its 21.2% stake in pan-African lender Ecobank to the private investment vehicle of financier Alain Nkontchou for $100 million, it said on Friday. Nedbank said this month that it wanted to sell the stake, citing regulatory uncertainties, potential higher …

Nedbank sells $100 million Ecobank stake to financier Nkontchou’s Bosquet Investments Read More »

By Chibuike Oguh and Naomi Rovnick NEW YORK/LONDON (Reuters) -Global stocks edged lower on Thursday, with equities on Wall Street ending flat, while U.S. Treasury yields rose after market expectations for Federal Reserve interest rate cuts were shaken by surprisingly strong inflation data. The benchmark S&P 500 eked out a fresh closing high for the …

Stocks ease, US yields rise after hot US inflation data shakes confidence in Fed rate cut Read More »

JOHANNESBURG (Reuters) -The South African rand weakened on Thursday after a bigger-than-expected increase in U.S. producer prices reduced the odds of a super-sized September Federal Reserve rate cut. U.S. PPI inflation jumped 3.3% in July, topping the 2.5% Reuters consensus. Fed funds futures traders are pricing in a near certainty that the U.S. central bank …

South African rand weakens after higher-than-expected US producer prices Read More »

By Nqobile Dludla and Siyanda Mthethwa JOHANNESBURG (Reuters) -Danish drugmaker Novo Nordisk introduced its weight-loss drug Wegovy in South Africa on Thursday, marking its debut in Africa and stepping up competition with Eli Lilly’s Mounjaro which launched in the country eight months ago. South Africa has the continent’s fourth-highest number of adults with diabetes, according …

Novo Nordisk debuts Wegovy in South Africa as weight-loss drugs race gathers pace Read More »

By Wendell Roelf CAPE TOWN, August 14 (Reuters) -Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters. Angola expects gas production to rise more than 20% in the next five years as …

Angola seeks gas growth as oil output flatlines despite OPEC exit Read More »

By Colleen Goko and Sfundo Parakozov JOHANNESBURG (Reuters) -South Africa’s Standard Bank Group said Chief Executive Sim Tshabalala would retire by the end of 2027 as it reported higher half-year earnings that sent shares to an all-time high on Thursday. Tshabalala, one of corporate South Africa’s best-known figures, will not be subject to a recent …

Standard Bank CEO to retire by end-2027, strong half-year result boosts shares Read More »