Reuters Africa Business

(Reuters) -AngloGold Ashanti’s <ANGJ.J> second-quarter profit jumped 151% on record gold prices and increased output, allowing the company to bump up its quarterly dividend, it said on Friday. The gold miner’s headline earnings were $639 million in the three months to June 30, up from $255 million a year earlier. AngloGold Ashanti’s gold production increased …

AngloGold Ashanti raises dividend after 151% jump in second-quarter profit Read More »

By Colleen Goko and Sfundo Parakozov JOHANNESBURG (Reuters) -South Africa’s government borrowing costs dropped to their lowest in five years after the Reserve Bank announced on Thursday it would lower its inflation goal despite the finance minister not yet signing off on a formal change of target. “Over the past few months, the prospect of …

Cost of South African government borrowing falls as Reserve Bank targets lower inflation Read More »

By Nqobile Dludla and Alexander Winning JOHANNESBURG (Reuters) -South African telecoms operator Vodacom won a partial court victory on Thursday in a 17-year legal battle over compensation potentially worth millions of dollars claimed by an ex-employee for his role in developing a lucrative call-back messaging service. The ruling by South Africa’s Constitutional Court – its …

Vodacom wins appeal in 17-year compensation case Read More »

JOHANNESBURG (Reuters) -South African fashion retailer Woolworths expects an up to 29% decline in full-year headline earnings, due to the weaker-than expected performance of its Australian clothing chain Country Road Group, it said on Thursday. Headline earnings per share (HEPS) are seen falling by between 24% and 29% in the 52 weeks ended June 29, …

South Africa’s Woolworths flags 29% decline in annual profit Read More »

By Chibuike Oguh NEW YORK (Reuters) -The dollar strengthened against major peers on Wednesday after the Federal Reserve left U.S. interest rates unchanged, in line with market expectations but rebuffing pressure from President Donald Trump. The Federal Open Market Committee voted 9-2 to keep its benchmark overnight interest rate steady in the 4.25%-4.50% range for …

Dollar gains against peers after Fed leaves rates unchanged Read More »

By Duncan Miriri NAIROBI (Reuters) -Sub-Saharan African central banks that have added gold to their reserves in recent years could face price and liquidity crises if the value of the precious metal slides, BMI, a unit of Fitch Group, said on Wednesday. Ghana, Tanzania and Nigeria have been buying gold domestically to beef up their …

African central banks’ gold rush faces liquidity, price risks, Fitch unit says Read More »

By Emmanuel Bruce ACCRA (Reuters) -Ghana’s central bank slashed its benchmark interest rate by 300 basis points to 25% on Wednesday, the largest cut in its history, as inflation slows at a record pace in the gold-, oil- and cocoa-producing economy. The Bank of Ghana said the move reflects growing confidence in the disinflation trend, …

Ghana central bank delivers record rate cut as inflation cools rapidly Read More »