Reuters Africa Business

Impala Platinum reports strike at its Bafokeng operations

2 Jul 2024

(Reuters) – South Africa’s Impala Platinum on Tuesday reported a strike at part of its recently acquired Bafokeng operations in Rustenburg, which it said mostly involves contractors demanding permanent positions. “Impala Platinum is closely monitoring an illegal work stoppage, which began on Thursday 27 June 2024, at the North Shaft of Impala Bafokeng’s BRPM operation …

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TotalEnergies to exit gas field offshore South Africa in blow to country

2 Jul 2024

CAPE TOWN (Reuters) – French oil major TotalEnergies has notified South Africa’s petroleum regulator that it intends to withdraw from its 11B/12B offshore gas field but has yet to submit a formal request to do so, a source at Petroleum Agency SA said. TotalEnergies discovered the first of two large mainly gas finds in Block …

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South African rand extends losses, focus on unity government’s reforms

2 Jul 2024

JOHANNESBURG (Reuters) -The South African rand extended losses on Tuesday after a turbulent start to the week as markets waited to see how the new government of national unity (GNU) would approach economic reform following the formation of the cabinet. At 1530 GMT, the rand traded at 18.6325 against the dollar, 1.5% weaker than its …

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Nigeria’s NNPC says focused on action to boost oil output

2 Jul 2024

By Camillus Eboh ABUJA (Reuters) – Nigerian state oil company NNPC Ltd is committed to reversing declining crude production and will replace partners that fail to fulfil their joint venture commitments on output, group chief executive, Mele Kyari, said on Tuesday. Oil output in Africa’s top exporter has fallen in recent years, hobbled by large-scale …

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Oil majors show interest in Galp’s Namibia oil prospect, sources say

2 Jul 2024

By Ron Bousso, Sabrina Valle and Sergio Goncalves LONDON (Reuters) – More than 12 oil companies, including Exxon, Shell and Brazil’s national oil company, have expressed interest in buying a 40% stake in Galp Energia’s major oil discovery offshore Namibia, sources close to the sale process said. Galp’s Mopane discovery, which is estimated to hold …

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ArcelorMittal shelves plan to close South African steel plant

2 Jul 2024

(Reuters) -ArcelorMittal’s South African division has decided against shutting its steel plant in the KwaZulu-Natal province and is working on a plan to make it viable, it said on Tuesday, more than six months after announcing its closure. The company’s Johannesburg-listed shares fell 12.1% by 1004 GMT after a trading update said that losses would …

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Cape Town seeks extra time to decide on extension of nuclear plant operations

2 Jul 2024

By Wendell Roelf CAPE TOWN (Reuters) – Cape Town has asked the nuclear regulator for extra time to decide on Koeberg power plant’s request to operate for 20 more years, as authorities fret over urban space and their ability to respond to a potential nuclear accident, officials said. For two decades the rapidly growing coastal …

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World stocks, US yields gain after French election results

1 Jul 2024

By Chibuike Oguh NEW YORK (Reuters) -Global stocks edged higher in choppy trading on Monday, while U.S. Treasury yields rose following France’s historic elections and ahead of a string of economic data this week that could provide clues on the likelihood of Federal Reserve interest rate cut. The French far right took a smaller-than-expected lead …

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US dollar climbs to new 38-year peak vs yen; euro rises after French elections

1 Jul 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar surged to a fresh 38-year peak against the yen on Monday, as Treasury yields on the long end rose sharply, keeping investors on heightened alert for intervention from Japanese authorities to bolster the country’s currency. The yen’s weakness was exacerbated by data showing Japan’s economy shrank …

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Oil prices up 2% to two-month high on summer demand hopes, supply worries

1 Jul 2024

By Scott DiSavino (Reuters) -Oil prices gained about 2% to a two-month high on Monday on hopes of rising demand during the Northern Hemisphere’s summer driving season and worries that conflict in the Middle East could spread and reduce global oil supplies. Brent futures rose $1.60, or 1.9%, to settle at $86.60 per barrel, while …

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