Reuters Africa Business Archives - Page 183 of 921

Oman sovereign wealth fund in preliminary pact with Algeria for investment fund

5 May 2025 5 May 2025

CAIRO (Reuters) -The Oman Investment Authority signed a preliminary agreement with Algeria’s Finance Ministry to establish an investment fund worth 115 million Omani riyals ($298.79 million). The fund announced by the sultanate’s sovereign wealth fund will focus on mining, food security and pharmaceutical industries, according to a statement by the OIA. The agreement was signed …

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Global stock index dips while bond yields rise, oil prices drop

5 May 2025 5 May 2025

By Sinéad Carew, Dhara Ranasinghe NEW YORK/ LONDON (Reuters) -MSCI’s global equities index lost ground on Monday on the latest uncertainty around tariffs while oil prices fell on the prospect of production increases and U.S. bond yields rose. U.S. Treasury yields were marginally higher after data showed that the services sector in the world’s largest …

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IMF to begin 5th review of Egypt’s economic programme this week

5 May 2025 5 May 2025

CAIRO (Reuters) -The International Monetary Fund will begin the fifth review of Egypt’s $8 billion economic reform programme, with a team scheduled to arrive in Cairo this week, the IMF said in a statement on Monday. The IMF board approved the fourth review on March 11, unlocking a disbursement of $1.2 billion in a 46-month …

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Egypt’s net foreign assets jump in March after IMF review approval

5 May 2025 5 May 2025

CAIRO (Reuters) -Egypt’s net foreign assets jumped by $4.9 billion in March, central bank data showed, apparently boosted by the approval of the fourth review of the country’s IMF programme. Net foreign assets climbed to the equivalent of $15.08 billion from $10.18 billion at the end of February, according to Reuters calculations based on official …

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South Africa’s Gold Fields to buy Australia’s Gold Road for $2.4 billion

5 May 2025 5 May 2025

By Melanie Burton MELBOURNE (Reuters) -South Africa’s Gold Fields will acquire Gold Road Resources in a sweetened deal valuing the Australian miner’s equity at A$3.7 billion ($2.4 billion), as sky-high bullion prices drive a wave of tie-ups. Gold Road’s shares rallied as much as 12% on the offer, which was pitched at a 14.5% premium …

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Sonatrach and Saudi Aramco cut May LPG prices by 1-11%

5 May 2025 5 May 2025

MOSCOW (Reuters) -Saudi Aramco and Algeria’s Sonatrach have cut May’s official selling prices for liquefied petroleum gas by 0.8-10.9% from the previous month due to rising global supply, traders said on Monday. Aramco’s May OSP for propane was cut by $5 to $610 a metric ton while butane prices were dropped by $15 to $590 …

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South African rand hits five-week high lifted by Eskom’s power outlook

5 May 2025 5 May 2025

By Sfundo Parakozov, Colleen Goko JOHANNESBURG (Reuters) -The South African rand strengthened on Monday to its highest levels in five weeks, after state utility Eskom said it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months. Africa’s most industrialised nation has experienced recurring …

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MTN South Africa aims to boost 4G adoption with budget smartphones

5 May 2025 5 May 2025

JOHANNESBURG (Reuters) -MTN South Africa said it will offer 1.2 million of its prepaid customers 4G smartphones for as little as 99 rand ($5.42) to support digital adoption for low-income households, as the country gears up to switch off 2G and 3G technologies. The initiative will be executed in three phases, starting this month until …

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Fortuna eyes Guinea investments after Burkina Faso exit, CEO says

5 May 2025 5 May 2025

By Maxwell Akalaare Adombila DAKAR (Reuters) -Canada’s Fortuna Mining is eyeing expansion into Guinea after exiting Burkina Faso, where it faced regulatory instability and high security costs because of jihadist threats, its CEO told Reuters. Fortuna, which is not currently established in Guinea, is looking for gold mining opportunities there, conducting site visits and meeting …

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South Africa’s Eskom aiming for no power cuts for next four months

5 May 2025 5 May 2025

JOHANNESBURG (Reuters) – South African state utility Eskom said on Monday that it was optimistic about the power outlook over the southern hemisphere winter, aiming for no electricity cuts in the next four months if breakdowns stay around current levels. Eskom’s difficulties supplying power to Africa’s biggest economy have curbed economic growth for more than …

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