Reuters Africa Business

Heidelberg Materials beats Q1 expectations on strong Africa business

8 May 2025

FRANKFURT (Reuters) -Heidelberg Materials, the world’s second-biggest cement maker, on Thursday reported forecast-beating first-quarter sales and profits and confirmed its outlook, citing strong growth in Africa. The company’s first-quarter result from current operations (RCO) rose by 1.3% to 235 million euros ($266 million), beating the 207 million average forecast in a poll provided by the …

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Moroccan exchange to launch derivatives within weeks, CEO says

8 May 2025

By Libby George and Ahmed Eljechtimi LONDON/RABAT (Reuters) -Morocco’s Casablanca Stock Exchange expects to launch a new derivatives market within weeks as part of an effort to boost liquidity in one of Africa’s largest exchanges, its chief executive told Reuters. CSE chief executive Tarik Senhaji said derivatives would expand the investor base by allowing participants …

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Stocks rise in choppy trade after Fed keeps rates unchanged

7 May 2025

By Sinéad Carew and Yoruk Bahceli NEW YORK/LONDON (Reuters) -Equities rose in a volatile session on Wednesday but U.S. Treasury yields fell after the Federal Reserve left interest rates unchanged while warning of higher inflation and labor market risks. While trading was choppy after the Fed statement and comments from its chair, Jerome Powell, stocks …

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KoBold Metals agrees on framework to buy stake in Congo lithium deposit

7 May 2025

(Reuters) -California-based metals exploration company KoBold Metals said on Wednesday that it had agreed on a framework to buy AVZ Minerals’ interests in the Manono lithium deposit in the Democratic Republic of Congo. The agreement will enable KoBold, which is backed by billionaires Bill Gates and Jeff Bezos, to invest more than $1 billion to …

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Dollar retains strength against peers after Fed rate decision

7 May 2025

By Chibuike Oguh NEW YORK (Reuters) -The U.S. dollar remained slightly stronger against major currencies including the yen and the euro on Wednesday after the Federal Reserve left interest rates unchanged, in line with market expectations. The Fed kept its benchmark interest rate steady in the 4.25%-4.50% range, but said that the risks of higher …

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Exclusive-Guinea moves to cancel EGA’s mining licence, sources say

7 May 2025

By Saliou Samb CONAKRY (Reuters) -Guinea has initiated a process to revoke Emirates Global Aluminium’s mining licence in the West African nation, two people with knowledge of the matter told Reuters on Wednesday. Emirates Global Aluminium, equally owned by Abu Dhabi sovereign wealth fund Mubadala, and Dubai sovereign wealth fund the Investment Corporation of Dubai, …

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Exxon plans $1.5 billion investment in Nigerian oilfield

7 May 2025

By Isaac Anyaogu LAGOS (Reuters) -Energy giant ExxonMobil is set to inject $1.5 billion into the development of its deepwater operations in Nigeria, the country’s oil regulator said on Wednesday. The planned capital deployment, spanning from the second quarter of 2025 to 2027, will primarily focus on revitalising production at the Usan deepwater oilfield, located …

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Kenya’s 2025/26 budget proposals avoid new taxes after last year’s riots

7 May 2025

By Duncan Miriri NAIROBI (Reuters) -Kenya’s government will not impose new taxes or increase existing ones in this year’s budget proposals, the finance minister said, after deadly protests broke out last year against the government’s measures to raise revenue. More than 50 people were killed when the youth-led marches broke out last June, forcing President …

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South African rand slips after strong run

7 May 2025

JOHANNESBURG (Reuters) -The South African rand slipped on Wednesday as investors took profits after a strong run against the dollar. At 1230 GMT, the rand traded at 18.2825 to the U.S. currency, down about 0.5% on Tuesday’s closing level. The rand had strengthened for the previous four trading sessions. Andre Cilliers, currency strategist at TreasuryONE, …

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Ivory Coast raises projected cashew output as threatened tariffs hit exports

7 May 2025

ABIDJAN (Reuters) – Ivory Coast, the world’s biggest cashew grower, has raised its projected output to 1.3 million metric tons from 1.15 million tons even as potential U.S. tariffs and a falling dollar drag down exports, the head of the sector regulator told Reuters. The production increase stems in part from curbs on the smuggling …

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