Reuters Africa Business

South Africa getting to grips with economic reforms, central bank governor says

29 Aug 2024

By Kopano Gumbi and Alexander Winning JOHANNESBURG (Reuters) – South Africa is getting to grips with reforms that could lift its economic potential, its central-bank governor said on Thursday, adding that success tackling a longstanding power crisis could spur progress in other sectors. The central bank has repeatedly pointed to the need for structural reforms …

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South African rand firms to 13-mth high ahead of key US inflation reading

29 Aug 2024

JOHANNESBURG (Reuters) -The South African rand firmed on Thursday to its strongest level in 13 months, buoyed by the return of risk appetite to financial markets ahead of key U.S. inflation data which could solidify rate cut bets in the world’s biggest economy. At 1546 GMT the rand traded at 17.7675 against the dollar, about …

South African rand firms to 13-mth high ahead of key US inflation reading Read More »

Exclusive-Egypt’s Sisi ordered huge wheat purchase fearing new supply crisis, sources say

29 Aug 2024

By Ahmed Mohamed Hassan, Mohamed Ezz and Sarah El Safty CAIRO/DUBAI (Reuters) – Egypt’s biggest ever wheat tender, nearly 20 times its usual size, stemmed from food security concerns sparked by an intelligence briefing given to President Abdel Fattah al-Sisi, according to three security and government sources. Egypt, one of the world’s biggest wheat importers, …

Exclusive-Egypt’s Sisi ordered huge wheat purchase fearing new supply crisis, sources say Read More »

Impala CEO says South Africa faces lack of new platinum mines amid EV threat

29 Aug 2024

JOHANNESBURG (Reuters) -Impala Platinum’s CEO said on Thursday he saw little prospect of new platinum mines being built in South Africa as investors struggle with a price slump amid uncertainty over future demand for platinum-group metals due to growth in EVs. Johannesburg-based Impala, which reported an 87% slump in annual profit on Thursday, said its …

Impala CEO says South Africa faces lack of new platinum mines amid EV threat Read More »

Kumba to invest further $428 million in iron ore processing plant upgrade

29 Aug 2024

(Reuters) – South Africa’s Kumba Iron Ore will invest an additional 7.6 billion rand ($428 million) in processing technology that will treble premium quality production at its Sishen mine, it said on Thursday. The Anglo American unit said the extra investment follows a technical review and brings the total investment in its ultra-high-dense-media-separation (UHDMS) processing …

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Cameroon to share cocoa location data to meet EU environment rules

29 Aug 2024

By Amindeh Blaise Atabong YAOUNDE (Reuters) – Cameroon’s cocoa and coffee association on Wednesday signed agreements with six cocoa exporters to roll out a platform that will provide plantations’ location data to comply with an impending EU regulation on deforestation-free products. The European Union is Cameroon’s biggest market where it shipped about 80% of total …

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Stocks fall, Nvidia down 3% after the bell despite strong earnings

28 Aug 2024

By Chibuike Oguh and Lawrence White NEW YORK/LONDON (Reuters) -Global equity markets eased while the U.S. dollar rebounded on Wednesday, and then chipmaker Nvidia’s better-than-expected results failed to impress some investors and the company’s stock fell 3% in extended trading. Wall Street’s main indexes finished lower, the Dow Jones Industrial Average fell 0.39% to 41,091.42, …

Stocks fall, Nvidia down 3% after the bell despite strong earnings Read More »

Mpox to add to sub-Saharan Africa’s fiscal pressures, rating agency Fitch warns

28 Aug 2024

By Duncan Miriri NAIROBI (Reuters) – A rapid spread of the mpox virus in sub-Saharan Africa could add to the fiscal pressures many countries in the region are already experiencing, ratings agency Fitch said on Wednesday. Potentially deadly mpox was declared global health emergency by the World Health Organisation earlier this month after a new …

Mpox to add to sub-Saharan Africa’s fiscal pressures, rating agency Fitch warns Read More »

US dollar advances on month-end demand; focus on economic data

28 Aug 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar gained on Wednesday due to month-end buying and technical factors after recent declines that pushed it to its weakest in more than a year, as traders awaited data that could dictate the pace of the Federal Reserve’s imminent easing cycle. Sharp bouts of volatility hit foreign …

US dollar advances on month-end demand; focus on economic data Read More »

Oil prices fall 1% after US crude stocks draw; Libya supply risks limit losses

28 Aug 2024

By Nicole Jao (Reuters) -Oil prices settled 1% lower on Wednesday after a smaller-than-expected draw in U.S. crude stockpiles and as concerns over Chinese demand persisted, though losses were capped by supply risks in the Middle East and Libya. Brent crude futures settled down 90 cents, or 1.13%, at $78.65 a barrel. U.S. West Texas …

Oil prices fall 1% after US crude stocks draw; Libya supply risks limit losses Read More »

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