Reuters Africa Business

S. Africa’s tax change to level playing field for clothing retailers -Mr Price CEO says

13 Jun 2024

By Nqobile Dludla JOHANNESBURG (Reuters) – Regulatory changes that will impose a 45% import duty on all imported clothing items that come into South Africa will level the playing field for local retailers, the CEO of value fashion retailer Mr Price said on Thursday. Anthony Thunström, the CEO of upmarket fashion retailer TFG told investors …

S. Africa’s tax change to level playing field for clothing retailers -Mr Price CEO says Read More »

Uganda to curb commercial borrowing to limit debt build-up

13 Jun 2024

By Elias Biryabarema KAMPALA (Reuters) – Uganda hopes to limit rising debt by focusing on concessional borrowing and curbing commercial loans next fiscal year, its finance minister said on Thursday, after a credit rating downgrade last month. The East African country’s public debt has been mounting as the government of President Yoweri Museveni splurges on …

Uganda to curb commercial borrowing to limit debt build-up Read More »

South Africa’s Mr Price full-year profit grows but warns on supply chain pressures

13 Jun 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -South Africa’s Mr Price, a budget fashion and homeware retailer, reported on Thursday a 6.7% rise in full-year earnings, but warned local supply chain challenges will add pressure in the short term. Retailers in South Africa are struggling to get products shipped into the country quickly to their stores and …

South Africa’s Mr Price full-year profit grows but warns on supply chain pressures Read More »

US stocks hit record highs, dollar pares losses after CPI, Fed decision

12 Jun 2024

By Stephen Culp NEW YORK (Reuters) -The S&P 500 and the Nasdaq scored record closing highs for the third consecutive session on Wednesday and U.S. Treasury yields pared earlier declines as investors weighed a market-pleasing inflation report against lowered interest rate cut expectations. The dollar shed some weakness after the U.S. Federal Reserve concluded its …

US stocks hit record highs, dollar pares losses after CPI, Fed decision Read More »

Dollar pares losses as Fed officials project only one rate cut this year

12 Jun 2024

By Karen Brettell NEW YORK (Reuters) -The dollar dropped on Wednesday after data showed that consumer prices in May rose less than economists expected, but pared losses after updated interest rate projections by Federal Reserve officials showed an expectation for only one rate cut this year. The headline consumer price index (CPI) was flat on …

Dollar pares losses as Fed officials project only one rate cut this year Read More »

Oil settles up on Mideast tension, gains curbed as interest rate cuts pushed back

12 Jun 2024

By Georgina McCartney HOUSTON (Reuters) -Oil settled higher on Wednesday as ongoing tensions in the Middle East lent support to prices, but news that interest rate cuts could start as late as December capped gains, following the Federal Reserve’s statement concluding its two-day meeting. Brent crude futures settled 68 cents, or 0.83%, higher at $82.60 …

Oil settles up on Mideast tension, gains curbed as interest rate cuts pushed back Read More »

South African rand firms, focus on unity government talks

12 Jun 2024

JOHANNESBURG (Reuters) -The South African rand strengthened on Wednesday, as investors waited for collaboration signs between parties trying to form a government of national unity before lawmakers’ swearing in on Friday. At 1528 GMT, the rand traded at 18.40 against the dollar, nearly 1% stronger than its previous close. The African National Congress (ANC) last …

South African rand firms, focus on unity government talks Read More »

Ghana, official creditors agree debt rework, paving way for IMF cash

12 Jun 2024

By Maxwell Akalaare Adombila ACCRA (Reuters) -Ghana’s finance ministry said on Wednesday it has finalised a pact with the official creditor committee to formalise a debt restructuring deal agreed in January, smoothing the path to a new funding tranche from the International Monetary Fund. The outlines of the agreement pave the way for the IMF …

Ghana, official creditors agree debt rework, paving way for IMF cash Read More »

South African pay-TV group MultiChoice slides into annual loss

12 Jun 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -South African pay television company MultiChoice Group swung into a 706 million rand ($38 million) loss before tax in the year to March, it said on Wednesday, hit by currency volatility and weak consumer spending. Growing debt woes in many African nations and risk aversion by investors buying African exports …

South African pay-TV group MultiChoice slides into annual loss Read More »

Close Bitnami banner
Bitnami