Reuters Africa Business

South Africa’s Woolworths reports 16.8% drop in FY profit as shoppers spend less

4 Sep 2024

JOHANNESBURG (Reuters) -South African upmarket fashion and food retailer Woolworths reported a decline in full-year headline earnings on Wednesday, as higher living costs continue to weigh on discretionary spend. Woolworths reported headline earnings per share (HEPS) for continuing operations of 352.3 cents, down 16.8% on a comparable 52 weeks ended June 25. Including Australian department …

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African drugmaker Aspen in talks to manufacture mpox vaccines

4 Sep 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -African drugmaker Aspen Pharmacare is in talks with partners to manufacture mpox vaccines at its facilities, Chief Executive Officer Stephen Saad told Reuters on Tuesday. The continent is under pressure to curb an outbreak of the potentially deadly infection that the World Health Organization declared to be a global health …

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Libya factions agree to appoint central bank governor in bid to ease crisis

4 Sep 2024

CAIRO (Reuters) – Libya’s two legislative bodies agreed on Tuesday to appoint jointly a central bank governor, potentially defusing a battle for control of the country’s oil revenue that has slashed production. The House of Representatives based in Benghazi, in eastern Libya, and the High State Council in Tripoli in the west signed a joint …

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Ethiopian Airlines says it halts Eritrea flights after account frozen

3 Sep 2024

ADDIS ABABA (Reuters) -Ethiopian Airlines said on Tuesday it had suspended flights to neighbouring Eritrea because its bank account there was frozen. The carrier’s CEO Mesfin Tasew told a news conference that the Eritrean Civil Aviation Authority had blocked money transfers from Ethiopian Airlines’ bank account in the Eritrean capital city Asmara. Eritrea had previously …

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African drugmaker Aspen bets on GLP-1 drugs to boost profit

3 Sep 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -Aspen Pharmacare fell short of its targeted mid-single digit growth in core profit on Tuesday, but is betting on GLP-1 drug contracts to boost future earnings. Aspen’s shares shed 13.23% to 213.60 rand by market close. For the year to June 30, Africa’s biggest drugmaker recorded normalised headline earnings per …

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Equities sell off sharply, Treasury yields drop with economic data in focus

3 Sep 2024

By Sinéad Carew and Yoruk Bahceli (Reuters) -MSCI’s gauge of global equities fell sharply on Tuesday, with Wall Street stocks taking their biggest hit since early August while U.S. Treasury yields fell after manufacturing data spurred worries about the economy. Investors were also waiting anxiously for the monthly U.S. jobs report due later in the …

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Libya’s bank crisis disrupts many state salaries, deepens hardship

3 Sep 2024

By Ayman al-Warfali BENGHAZI, Libya (Reuters) – In banks, shops and businesses across Libya, confusion, fear and snagged transactions reveal the immediate costs of a factional struggle for control over the central bank that analysts say could get worse.  While the United Nations is holding meetings with rival political leaders to try to resolve the …

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