Reuters Africa Business

JOHANNESBURG (Reuters) -South Africa’s biggest pharmacy chain Clicks Group on Thursday reported 14.3% growth in full-year profit, at the upper end of its forecast range, driven by strong margins and cash flow generation. It said it expected customer spending to remain constrained, but hoped for improvement citing “lower inflation, interest rate relief, declining fuel costs, …

S.Africa’s Clicks posts 14.3% rise in annual profit Read More »

By Chibuike Oguh and Amanda Cooper NEW YORK/LONDON (Reuters) -Global stocks edged lower on Wednesday amid tepid trading ahead of the U.S. election, while gold prices retreated from record highs, dragged down by gains in the U.S. dollar. Investors are also rethinking how much the Federal Reserve might need to cut interest rates after the …

Stocks fall, gold retreats from record peak amid US election worries Read More »

By Karin Strohecker WASHINGTON (Reuters) -Kenya has fulfilled all targets mandated by the International Monetary Fund in a review of its loan programme, the country’s central bank governor told Reuters on Wednesday, and expects to continue its engagement with the global lender after April. Kenya agreed to a four-year loan with the IMF in 2021, …

Kenya fulfilled all targets in IMF review, central bank governor says Read More »

By Karin Strohecker and Libby George WASHINGTON/LONDON (Reuters) -The recent cascade of countries defaulting on their debt has brought back into vogue complex securities, born in the 1980s, that aim to speed up restructurings. The renaissance of so-called State Contingent Debt Instruments, which lure investors with new bonds that promise payouts if the country hits …

Analysis-Retro bonds return from the ’80s to speed up debt reworks, but at a cost Read More »

By Chuck Mikolajczak NEW YORK (Reuters) -The dollar climbed above 153 against the yen for the first time in nearly three months on Wednesday on U.S. economic strength and an expected divergence among major global central banks’ pace of interest rate cuts. The greenback is on track for its 16th gain in 18 sessions and …

Dollar continues rally, hits 3-month high vs yen Read More »

By Nicole Jao NEW YORK (Reuters) -Oil prices fell on Wednesday after data showed U.S. crude inventories rose by more than expected even as refining activity rebounded, though futures remained up about 2% this week as traders factored in continuing conflict in the Middle East. Brent crude futures settled at $74.96, down $1.08, or 1.42%. …

Oil slips 1% on large build in US crude stocks; market watches Middle East Read More »

By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria’s decision this week to block Shell’s $2.4 billion sale of its onshore assets has sent a negative signal to investors the country urgently needs to strengthen its all-important oil sector, analysts said. President Bola Tinubu has been seeking with some success to woo foreign investment as Africa’s most …

Analysis-Shell setback upsets Nigeria’s quest to lure investment Read More »

JOHANNESBURG (Reuters) -The South African rand slumped on Wednesday against a strong dollar on bets that the Federal Reserve won’t rush to cut interest rates and as investors were uncertain about the outcome of next month’s U.S. election. At 1515 GMT, the rand traded at 17.8450 against the U.S. currency, down about 1.8% on Tuesday’s …

South African rand slumps as markets focus on Fed rate path, US election Read More »