Reuters Africa Business

TotalEnergies sells Nigeria oilfield stake to Shell for $510 million

29 May 2025

(Reuters) -French oil major TotalEnergies said on Thursday it agreed to sell its 12.5% stake in the Bonga oilfield offshore Nigeria to Shell, the field’s operator, for $510 million. The deal will bring Shell’s stake in Bonga to 67.5% and shows its continued interest in producing oil offshore Nigeria after selling its spill-plagued Nigerian onshore …

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Kenyan shilling steady against dollar, LSEG data shows

29 May 2025

NAIROBI (Reuters) -Kenyan shilling held steady against the dollar on Thursday, data from the London Stock Exchange Group showed. At 0745 GMT, commercial banks quoted the shilling 129.00/50 per dollar, the same as with Wednesday’s close. (Reporting by George Obulutsa; editing by Elisha Bala-Gbogbo)

Ugandan shilling strengthens; offshore FX inflows help

29 May 2025

KAMPALA (Reuters) -The Ugandan shilling gained on Thursday, helped by dollar inflows from offshore investors participating in this week’s Treasury auction, traders said. At 0726 GMT, commercial banks quoted the shilling at 3,628/3,638, compared with Wednesday’s closing rate of 3,638/3,648. (Reporting by Elias Biryabarema; Editing by George Obulutsa)

Kenya’s Equity Group reports 8% drop in Q1 pretax profit

29 May 2025

NAIROBI (Reuters) -Kenya’s Equity Group reported on Thursday that pretax profit dropped to 18.7 billion shillings ($145.02 million) in the first quarter of 2025 from 20.4 billion shillings a year earlier, as its interest income fell. The group, which also has operations in Uganda, Tanzania, Rwanda, Burundi, South Sudan and Democratic Republic of Congo, said …

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Shares finish down with investors focused on Nvidia results, oil prices gain

29 May 2025

(This story has been refiled to add a dropped word in the headline) By Chibuike Oguh NEW YORK (Reuters) -Global shares edged lower on Wednesday, snapping two straight sessions of gains, with investors weighing Nvidia’s results, while oil prices rose amid supply concerns as OPEC+ left production unchanged and as U.S. authorities barred Chevron from …

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Oil gains on supply concerns, investors await July OPEC+ output decision

28 May 2025

By Nicole Jao NEW YORK (Reuters) -Oil prices gained more than 1% on Wednesday on supply concerns as OPEC+ agreed to leave their output policy unchanged and as the U.S. barred Chevron from exporting Venezuelan crude. Investors previously anticipated members of OPEC+ would agree to a production increase later this week. Brent crude futures settled …

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Sudan war shatters infrastructure, costly rebuild needed

28 May 2025

By Khalid Abdelaziz and Eltayeb Siddig KHARTOUM (Reuters) -Destroyed bridges, blackouts, empty water stations and looted hospitals across Sudan bear witness to the devastating impact on infrastructure from two years of war. Authorities estimate hundreds of billions of dollars’ worth of reconstruction would be needed. Yet there is little chance of that in the short-term …

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Jihadist violence and coups test West Africa ECOWAS bloc at 50

28 May 2025

LAGOS (Reuters) -The Economic Community of West African States (ECOWAS) faces growing threats of terrorism, climate change, military coups, and poverty, its most senior official said on Wednesday as leaders marked 50 years since the bloc’s formation in Nigeria. Jihadist violence has surged this year in Nigeria and the Sahel region, including Burkina Faso, Mali, …

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Pepkor’s fashion chain Ayana aims for hundreds of stores in South Africa

28 May 2025

By Nqobile Dludla JOHANNESBURG (Reuters) – Recently-launched fashion chain Ayana could have hundreds of stores, the CEO of its owner Pepkor told Reuters, as the South African retailer targets trendier customers and embraces the fast-fashion model of some rivals. Pepkor, the owner of the budget Pep and Ackermans clothing chains, is underrepresented in the adult …

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South African rand stable as traders wait for interest rate decision

28 May 2025

JOHANNESBURG (Reuters) -The South African rand was steady on Wednesday, a day ahead of the central bank’s interest rate decision. At 1329 GMT, the rand traded at 17.9375 against the dollar, little changed from Tuesday’s closing level. The U.S. dollar last traded about 0.3% firmer against a basket of currencies as markets waited for minutes …

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