Reuters Africa Business

Hijacks a big security concern for S.Africa’s last-mile delivery companies

12 Sep 2024

By Nqobile Dludla JOHANNESBURG (Reuters) – As e-commerce continues to grow in South Africa, last-mile delivery trucks and vans are increasingly becoming prime targets of hijacking syndicates, driving up security costs for these companies, executives said on Thursday. New international entrants to the market like U.S. e-commerce giant Amazon.com and fast-fashion online retailers Shein and …

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South African rand edges higher; big local drivers due next week

12 Sep 2024

JOHANNESBURG (Reuters) -South Africa’s rand inched higher against a weaker dollar on Thursday, with the next big local drivers – inflation data and an interest rate decision – due next week. At 1521 GMT the rand traded at 17.86 against the dollar, about 0.3% stronger than Wednesday’s closing level. The U.S. currency was down about …

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Zimbabwe blueberry farmers chase booming demand but face funding woes

12 Sep 2024

By Nyasha Chingono HARARE (Reuters) – Zimbabwean farmers aim to capitalize on increasing global demand for blueberries, but self-funded growers like Willard Zireva cite a lack of finance and minimal government support as barriers. Despite being one of the fastest growing blueberry producers globally, with production doubling to 7,000 metric tons last year due to …

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Ugandan shilling little-changed, under pressure

12 Sep 2024

KAMPALA (Reuters) – The Ugandan shilling was little-changed on Thursday, but was under a little pressure from an uptick in appetite for hard currency by firms in the manufacturing and energy sectors, traders said. At 0840 GMT commercial banks quoted the shilling at 3,715/3,725, compared to Wednesday’s close of 3,713/3,723. (Reporting by Elias Biryabarema; Editing …

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South African lender FirstRand’s profit rises despite UK motor loans charge

12 Sep 2024

JOHANNESBURG (Reuters) -South African lender FirstRand posted a 4% rise in annual profit on Thursday despite absorbing a 3 billion rand ($167 million) pre-tax accounting provision related to an investigation by Britain into the vehicle finance market. Its normalised earnings rose to 38 billion rand in the year ended June 30 from 36.6 billion the …

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Crude oil production to thrust Uganda’s economic growth into double digits – IMF

12 Sep 2024

KAMPALA (Reuters) – The start of commercial crude oil production in Uganda is expected to propel economic growth into double digits in the next financial year, the International Monetary Fund (IMF) said. Uganda’s economy would race to 10.8% growth in the 2025/2026 fiscal year which starts in July, up from a projection of 6.2% in …

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US grants Egypt $1.3 billion in military aid, overriding rights conditions

12 Sep 2024

By Simon Lewis WASHINGTON (Reuters) -The Biden administration is overriding human rights conditions on military aid to Egypt, a State Department spokesperson said on Wednesday, granting the U.S. ally its full allocation of $1.3 billion this year for the first time during this administration, despite ongoing concerns over human rights in the country. The announcement …

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Libya’s factions progress in central bank crisis talks, says UN Libya mission

11 Sep 2024

CAIRO (Reuters) – Libya’s rival factions made progress on talks over the central bank crisis and will continue discussions on Thursday to reach a final agreement, the UN Libya mission said on Wednesday, in a bid to defuse a crisis that has slashed oil output and exports. “The participants of the two (legislative) chambers made …

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US stocks bounce back, Treasury yields steady after CPI, debate

11 Sep 2024

By Stephen Culp NEW YORK (Reuters) -Wall Street reversed an earlier sell-off to close higher on Wednesday, and Brent crude prices rebounded from 3-1/2 year lows as a key inflation report cemented expectations that the U.S. Federal Reserve will issue a 25-basis point rate cut next week. Investors also parsed Tuesday night’s U.S. Presidential debate …

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