JOHANNESBURG (Reuters) -The South African rand weakened on Monday, with the central bank’s interest rate decision likely to be the highlight this week. At 1533 GMT, the rand traded at 17.86 against the dollar, about 0.2% weaker than its previous close. The South African Reserve Bank will announce its monetary policy decision on Thursday after …
South African rand slips, local rate decision in focus Read More »
RABAT (Reuters) -Morocco’s largest mining group Managem reported on Monday a 20% rise in its first-quarter revenue to 2.32 billion dirhams ($250 million), driven by higher gold, silver, copper, and cobalt prices. The Casablanca-listed firm invested 1.5 billion dirhams in the first three months of 2025, with 65% allocated to its Tizert copper mine in …
Moroccan miner Managem reports 20% rise in Q1 revenue Read More »
By Nell Mackenzie and Johann M Cherian LONDON/SINGAPORE (Reuters) -Global markets climbed on Monday and the euro rallied after U.S. President Donald Trump kicked his threat to slap 50% tariffs on European Union goods into July, marking another temporary trade policy reprieve. MSCI’s broadest index of world shares rose 0.2%. The pan-European stocks index, last up …
By Duncan Miriri and Loucoumane Coulibaly NAIROBI/ABIDJAN (Reuters) -The African Development Bank is meeting in Ivory Coast this week to pick a new president at a time when the continent’s biggest multilateral lender faces unprecedented challenges from funding cuts by the U.S. government. Washington wants to cut $555 million in funding to the AfDB and …
African Development Bank to pick new head to confront US funding cuts Read More »
By Libby George LONDON (Reuters) -Five candidates are running to become President of the African Development Bank in an election on Thursday during the lender’s annual meeting in Abidjan, Ivory Coast. Tectonic shifts in global development finance with shrinking concessional funding, cuts to wealthy countries’ aid spending and whipsawing borrowing costs have made the bank’s …
Meet the people vying to lead Africa’s top development bank Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South African grocery group Pick n Pay on Monday reported a narrower full-year loss before tax, reflecting a lower trading loss in its core supermarket business, and said it expects that unit to now break even in 2028. The country’s second biggest grocery retailer by southern Africa turnover is in …
South Africa’s Pick n Pay narrows losses, aims for core business to break even by 2028 Read More »
By Isaac Anyaogu LAGOS (Reuters) -Nigeria is set to commission two major lithium processing plants this year, the country’s mining minister announced on Sunday, marking a shift from raw mineral exports towards adding value domestically. The facilities, largely funded by Chinese investors, could help transform Nigeria’s vast mineral wealth into jobs, technology, and manufacturing growth …
Nigeria to open two Chinese-backed lithium processing plants this year Read More »
NAIROBI (Reuters) -Kenya’s government plans to sell more of its shareholding in telecom operator Safaricom, Finance Minister John Mbadi was cited as saying in Kenyan newspaper Business Daily on Monday. The government aims to raise 149 billion shillings ($1.16 billion) in the 2025/26 financial year through the sale of stakes in companies it has share …
Kenya’s government to sell more of its stake in Safaricom, finance minister says Read More »
(Reuters) -Officials from the Democratic Republic of Congo are optimistic they can reach a deal with Washington next month to secure U.S investment in critical minerals alongside support to end a Rwandan-backed rebellion in the country’s east, the Financial Times reported on Sunday. Congolese minerals such as tungsten, tantalum and tin, which Kinshasa has long …
Congo eyes US minerals deal by end of June, FT reports Read More »
By Mohamed Ezz and Marwa Rashad CAIRO/LONDON (Reuters) -Egypt is in talks with energy firms and trading houses to buy 40-60 cargoes of liquefied natural gas (LNG) amid a worsening energy crunch ahead of peak summer demand, three sources aware of the matter told Reuters. The country faces spending up to $3 billion at current …
Egypt in talks to buy 40-60 LNG cargoes amid energy crunch, sources say Read More »
