Reuters Africa Business

By Nqobile Dludla JOHANNESBURG (Reuters) – South African banks report their half-year earnings from Tuesday, with the focus on whether credit impairments have peaked and on the interest rate outlook, with rates expected to fall in September for the first time since July 2020. Monetary policy has remained tight in Africa’s most industrialised economy with …

South African banks’ earnings in spotlight ahead of first rate cuts Read More »

JOHANNESBURG (Reuters) – South Africa’s Pick n Pay has raised 4 billion rand ($217 million) through a rights offer that was 106% oversubscribed, it said on Monday as the country’s third biggest grocery group looks to reduce its debt. Pick n Pay, which has 2,279 stores across South Africa and seven countries across Africa said …

South African grocer Pick n Pay’s rights offer oversubscribed Read More »

CAIRO (Reuters) – Egypt’s net foreign assets (NFAs) stayed positive for a second straight month in June having been deeply negative for more than two years, central bank data showed. NFAs slid to 626.6 billion Egyptian pounds in June from 676.4 billion pounds as of end-May. This works out to $13.05 billion at end-June and …

Egypt’s net foreign assets positive for second month in June Read More »

By Amindeh Blaise Atabong YAOUNDE (Reuters) – The head of Cameroon’s National Hydrocarbons Corporation (SNH) has said some managers and employees will appear before a UK court over suspected involvement in bribery offences linked to Swiss commodity trader Glencore. Adolphe Moudiki, SNH’s administrator and director general, had previously denied staff involvement but late on Friday …

Cameroon state oil firm says staff linked to Glencore bribes will face UK court Read More »