Reuters Africa Business

Ghana close to signing debt rework MoU with official creditors, sources say

7 Jun 2024

By Maxwell Akalaare Adombila, Karin Strohecker and Libby George ACCRA/LONDON (Reuters) – Ghana and its official creditors have finalised core issues on a debt rework and will sign a draft memorandum of understanding very soon, two sources told Reuters, a key step required to access more International Monetary Fund financing. The memorandum formalises a provisional …

Ghana close to signing debt rework MoU with official creditors, sources say Read More »

Gotion High Tech Morocco gigafactory to start production in 2026

7 Jun 2024

By Ahmed Eljechtimi RABAT (Reuters) – China’s Gotion High Tech will start production at a gigafactory it plans to build in Morocco in the third quarter of 2026, Hicham Chaoudri, director at the investment department said on Friday. Gotion High Tech signed an investment deal with the Moroccan government on Thursday to set up a …

Gotion High Tech Morocco gigafactory to start production in 2026 Read More »

Guinea signs alumina refinery deal with Emirates Global Aluminium subsidiary

7 Jun 2024

CONAKRY (Reuters) – Guinea has signed a non-binding agreement with a subsidiary of Emirates Global Aluminium for the construction of a major alumina refinery, the second one in the country, two senior officials of Guinea’s mines ministry told Reuters. The agreement, known as a “Term Sheet”, said the company, through its Guinea Alumina Corporation (GAC), …

Guinea signs alumina refinery deal with Emirates Global Aluminium subsidiary Read More »

South African retailer TFG reports slight profit rise, higher dividend

7 Jun 2024

JOHANNESBURG (Reuters) -South African retailer TFG on Friday posted a 0.2% increase in full-year headline earnings per share and declared a higher dividend, sending its shares up more than 6%. TFG, owner of the Foschini and Markham clothing stores, reported headline earnings per share – a profit measure – of 970.7 cents for the year …

South African retailer TFG reports slight profit rise, higher dividend Read More »

Egypt to issue tender for at least 15 LNG cargoes to cover summer demand – sources say

7 Jun 2024

By Marwa Rashad and Ron Bousso LONDON (Reuters) -Egypt plans to issue a buy tender seeking 15-20 cargoes of liquefied natural gas (LNG) to cover heavy summer demand that had led to a wave of rolling blackouts and forced temporary shutdowns of chemical and fertilizers plants, four industry sources told Reuters. The most populous Arab …

Egypt to issue tender for at least 15 LNG cargoes to cover summer demand – sources say Read More »

Egypt will have access to about $820 million subject to IMF Board approval, fund says

6 Jun 2024

WASHINGTON (Reuters) – The International Monetary Fund said on Thursday that it reached a staff-level agreement with Egypt on the third review of an expanded IMF loan program, which would disburse about $820 million to Cairo upon board approval. The agreement follows a May 12-26 IMF mission to Cairo to review Egypt’s reform performance under …

Egypt will have access to about $820 million subject to IMF Board approval, fund says Read More »

Dollar flat ahead of US jobs report, euro digests ECB cut

6 Jun 2024

By Alden Bentley, Alun John and Rae Wee NEW YORK/LONDON/SINGAPORE (Reuters) -The dollar traded sideways on Thursday ahead of Friday’s U.S. employment data that could help the Federal Reserve set a timetable for easing, while the euro held steady after a widely anticipated European Central Bank rate cut. The euro rose 0.17% to $1.0887, approaching …

Dollar flat ahead of US jobs report, euro digests ECB cut Read More »

Oil settles higher on hopes Fed will track European Central Bank rate cuts

6 Jun 2024

By Georgina McCartney HOUSTON (Reuters) -Oil settled up 2% on Thursday after the European Central Bank opted to cut interest rates, spurring hopes that the Fed will follow suit, and OPEC+ ministers reassured investors the latest oil output agreement could change depending on the market.  Brent crude futures settled $1.46 higher or 1.86% at $79.87 …

Oil settles higher on hopes Fed will track European Central Bank rate cuts Read More »

China’s Gotion High Tech to set up $1.3 billion EV battery gigafactory in Morocco

6 Jun 2024

RABAT (Reuters) – China’s Gotion High Tech will build Morocco’s first EV battery gigafactory for a total cost of 12.8 billion dirhams ($1.3 billion), the Moroccan government said on Thursday. Gotion High Tech is the latest company to invest in EV battery manufacturing in Morocco, which seeks to adapt its growing automotive sector to rising …

China’s Gotion High Tech to set up $1.3 billion EV battery gigafactory in Morocco Read More »

Close Bitnami banner
Bitnami