Reuters Africa Business Archives - Page 400 of 921

Anglo American’s South Africa investors open to improved BHP bid, FT reports

10 May 2024 10 May 2024

(Reuters) -Anglo American’s key South African shareholders are open to a takeover offer from BHP, with some advocating for an additional cash component to the bid, the Financial Times reported on Thursday. The investors who collectively hold more than 15% of Anglo American, told FT that BHP, the world’s biggest listed mining group, would need …

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Stocks rally as European shares scale new highs, dollar slips

9 May 2024 9 May 2024

By Herbert Lash and Marc Jones NEW YORK/LONDON (Reuters) -World stocks rallied on Thursday, led by surging European shares and a larger-than-expected rise in U.S. weekly jobless claims that buoyed interest rate cut hopes, while the dollar eased as the market awaits key inflation data next week. The pan-European STOXX 600 and Britain’s FTSE 100 …

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Oil edges up to one-week high on rising demand hopes after China, US data

9 May 2024 9 May 2024

By Scott DiSavino NEW YORK (Reuters) -Oil prices edged up to a one-week high on Thursday on data from China and the U.S. signaling demand in the world’s two biggest crude-consuming nations could climb. Brent futures rose 30 cents, or 0.4%, to settle at $83.88 a barrel, while U.S. West Texas Intermediate crude rose 27 …

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Dollar softens after claims data, pound recovers from BoE-led low

9 May 2024 9 May 2024

By Chuck Mikolajczak NEW YORK (Reuters) -The dollar weakened against most currencies on Thursday after economic data showed more signs of softening in the U.S. labor market, while the pound rebounded from earlier lows after the Bank of England opened the door for an interest rate cut. Weekly initial claims for state unemployment benefits increased …

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South African rand firms as dollar slips on claims data

9 May 2024 9 May 2024

JOHANNESBURG (Reuters) – South Africa’s rand strengthened on Thursday as the dollar weakened after recent U.S. economic data signalled a softening U.S. labour market. At 1536 GMT, the rand traded at 18.49 against the dollar, up 0.5% from its previous close. The dollar index was down about 0.2% against a basket of currencies after U.S. …

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IMF maintains Nigeria growth forecast at 3.3% for 2024

9 May 2024 9 May 2024

By Chijioke Ohuocha and Elisha Bala-Gbogbo ABUJA (Reuters) -The International Monetary Fund on Thursday maintained its growth forecast of 3.3% for Nigeria’s economy for 2024, up from 2.9% last year, citing a pick up in services and trade sectors. The IMF added that growth outlook was still challenging in Africa’s most populous nation and top …

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Egypt’s foreign debt rises $3.5 billion in last quarter of 2023

9 May 2024 9 May 2024

CAIRO (Reuters) – Egypt’s foreign debt climbed by $3.5 billion in the three months to the end of December, according to central bank data released on Thursday. Total foreign debt rose to $168.0 billion from $164.5 billion at the end of September and $162.9 billion at the end of December 2022. Egypt has quadrupled its …

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Safaricom annual earnings edge up helped by Kenya

9 May 2024 9 May 2024

NAIROBI (Reuters) -Kenyan telecom operator Safaricom on Thursday reported a 3.5% rise in its annual core earnings to 94.9 billion Kenyan shillings ($724 million) as solid growth in its home market helped cushion the costs of its nascent Ethiopian business. The group, which is partly owned by South Africa’s Vodacom and Britain’s Vodafone, said the …

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Egypt’s headline inflation slowed to 32.5% in April

9 May 2024 9 May 2024

CAIRO (Reuters) – Egypt’s annual urban consumer price inflation rate decreased to 32.5% in April from 33.3% in March, slowing slightly more than analysts had expected, data from the country’s statistics agency CAPMAS showed on Thursday. Month-on-month, prices rose by 1.1% in April, up from 1.0% in March. Food prices declined in April by 0.9%, …

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IMF and DR Congo reach agreement on final review of loan deal

8 May 2024 8 May 2024

By Sonia Rolley (Reuters) – The International Monetary Fund said on Wednesday it had reached a staff-level agreement with Democratic Republic of Congo on the final review of a $1.5 billion loan programme, noting the need for Congo to manage properly funds from a revised mining deal. This takes Congo one step closer to completing …

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