Reuters Africa Business

By Wendell Roelf CAPE TOWN (Reuters) -South Africa’s Koeberg nuclear power plant will be allowed to run one of its two units for another 20 years, the country’s nuclear regulator said on Monday after lengthy deliberations. The 40-year operating licence of Unit 1 of the plant outside Cape Town was due to expire this month, …

South African nuclear power plant wins approval for 20-year life extension Read More »

ABIDJAN (Reuters) – Ivory Coast’s October-to-March main cocoa crop is expected to start early in most of the country’s growing regions, helped by recent drier weather, farmers said on Monday. The world’s top cocoa producer is in its rainy season, which runs officially from April to mid-November. Rains are typically abundant during this period but …

Ivory Coast’s main cocoa crop expected to start early, farmers say Read More »

By Simon Jessop and Virginia Furness LONDON (Reuters) – A stress test of five of Africa’s banking systems has found some lenders in the region could face collapse if nature loss slashes the profits of agriculture and forestry firms they have lent to. The analysis in Zambia, Ghana, Rwanda, Morocco and Mauritius showed that firms …

African bank stress test flags systemic risks posed by nature loss Read More »

By Maytaal Angel and Maxwell Akalaare Adombila LONDON/ACCRA (Reuters) – Trading houses face losses of at least $1 billion on cocoa derivatives after major producer Ghana failed to deliver beans this year, forcing traders to liquidate short positions in a rallying market, six industry sources told Reuters. Global cocoa prices soared this year after bad …

Exclusive-Traders face $1 billion loss on faltering Ghana cocoa supply, sources say Read More »

By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s rate of inflation rose to a new 28-year high of 34.19% in annual terms in June, official data showed on Monday, but some analysts said it may have peaked as devaluation effects should start to fade from this month. June’s data marked the 19th straight month that inflation had …

Nigeria’s inflation hit new 28-year high in June, may have peaked Read More »

NAIROBI (Reuters) -Kenya’s government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll back tax hikes due to mass protests. President William Ruto last week fired almost his entire cabinet and pledged to set …

Kenya to cut spending in revised budget after tax-hike rollback Read More »

By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets. A dramatic escalation in U.S. political tension and violence looms over world markets on Monday after the attempted assassination of former President Donald Trump on Saturday, with Asian assets the first to show what the impact – if any – will …

Trump shooting overshadows markets, China GDP in spotlight Read More »

GABARONE (Reuters) – The International Monetary Fund (IMF) has slashed Botswana’s 2024 growth forecast to 1% from an earlier April estimate of 3.6% due mainly to lower diamond production, it said in a statement. The budget deficit is also expected to widen to 6% from 3.45% due to a fall in mineral revenues, the IMF …

IMF slashes Botswana’s 2024 growth forecast amid diamond market woes Read More »