Reuters Africa Business

By Ahmad Ghaddar, Alex Lawler and Olesya Astakhova LONDON/MOSCOW (Reuters) – OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters. Eight OPEC+ members are …

OPEC+ likely to proceed with planned output hike from October, sources say Read More »

(Reuters) – South Africa’s platinum mining industry has entered a phase of irreversible decline as producers struggle with low prices and demand suffers from the rise of battery electric vehicles, Northam Platinum CEO Paul Dunne said on Friday. The price of the white metal used primarily in autocatalysts, which once topped $2,000 an ounce, has …

South Africa’s platinum mining industry in terminal decline, Northam CEO says Read More »

(Reuters) – Libya’s central bank governor Sadiq al-Kabir said he and other senior bank staff had been forced to leave the country to “protect our lives” from potential attacks by armed militia, the Financial Times reported on Friday. “Militias are threatening and terrifying bank staff and are sometimes abducting their children and relatives to force …

Libya central bank governor, other bankers flee to avoid militias, FT says Read More »

By Ayman Al-Warfali BENGHAZI (Reuters) -More than half of Libya’s oil production, or about 700,000 barrels per day, was offline on Thursday and exports were halted at several ports as a standoff between rival political factions over the central bank and oil revenue threatens to end a four-year period of relative peace. Libya’s National Oil …

Libya’s oil output falls more than half due to political standoff Read More »

JOHANNESBURG (Reuters) – South African grocery retailer Pick n Pay said on Thursday that proceeds from listing its discount grocery chain Boxer could total 8 billion rand ($450 million), according to its preliminary estimate. Chief Executive Sean Summers is tasked with reviving through a turnaround and two-step recapitalisation plan a retail business that has been …

South African grocer Pick n Pay says its Boxer IPO could raise $450 million Read More »

GABORONE (Reuters) – Botswana’s state-owned Okavango Diamond Company (ODC) seeks a $300 million credit facility from local banks to support larger volumes of diamond purchases, Finance Minister Peggy Serame said on Thursday. ODC, established in 2012 as an independent window for the government to sell diamonds outside of the De Beers channel, currently gets 25% …

Botswana’s ODC seeks $300 million loans for diamond purchases Read More »