Reuters Africa Business

Yen tumbles as markets on alert for Japan action; dollar falls after data

23 Apr 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The yen dropped to multi-year lows against the U.S. dollar and euro on Tuesday, keeping investors on heightened Japanese intervention watch ahead of this week’s Bank of Japan policy meeting. The euro reached 165.71 yen, its highest since 2008, after data showed business activity in the euro zone expanded …

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Egypt economy seen growing slower after IMF deal before picking up- Reuters poll

23 Apr 2024

By Patrick Werr CAIRO (Reuters) – Egypt’s economy will grow slower than previously expected this year after it signed an $8 billion financial support package with the IMF that came with conditions, but growth will accelerate next year, a Reuters poll forecast on Tuesday. Egypt has also been clobbered by the Gaza crisis, which caused …

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South Africa central bank: path to 4.5% inflation likely ‘bumpy and protracted’

23 Apr 2024

By Kopano Gumbi JOHANNESBURG (Reuters) – South Africa’s central bank said on Tuesday that the path back to 4.5% inflation would probably be “bumpy and protracted” after setbacks in the disinflation trajectory in recent months. The South African Reserve Bank (SARB) has held its main interest rate at 8.25% since May 2023, keeping policy restrictive …

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Zambia seeks power imports for key mining sector

23 Apr 2024

LUSAKA (Reuters) – Zambia’s state-owned electricity utility Zesco said on Monday it is seeking to import power to avert an energy deficit that could affect output in Africa’s second-largest copper producer. The southern African country generates 86% of its electricity from hydropower stations. Power generation has been hit by a severe drought induced by El …

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Ugandan shilling flat as charity inflows offer support

23 Apr 2024

KAMPALA (Reuters) – The Ugandan shilling was flat against the dollar on Tuesday, with some inflows of hard currency from non-governmental organisations (NGOs) helping provide support, traders said. At 0856 GMT commercial banks quoted the shilling at 3,810/3,820, same level as Monday’s close. (Reporting by Elias Biryabarema; Editing by Hereward Holland)

South African lender Capitec expects loan losses to be within target in 2025

23 Apr 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -South African lender Capitec Bank said on Tuesday its loan losses in retail banking will likely shrink to within its target range in 2025, as its full-year profit rose by 16%, sending its share up 7.43%. Capitec Bank is one of the fastest-growing South African lenders, targeting low-income earners who …

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Kumba quarterly sales fall 10% as port challenges curb exports

23 Apr 2024

(Reuters) – Kumba Iron Ore on Tuesday reported a 10% fall in first quarter sales due to port equipment challenges, as South Africa’s logistical problems continue to throttle commodity exports. The Anglo American Plc unit has already curtailed production to match the diminished capacity of state-owned rail and port operator Transnet, which is battling equipment …

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Equities gain, gold drops as fears of wider Middle East conflict ease

22 Apr 2024

By Chris Prentice and Alun John NEW YORK/LONDON (Reuters) -Investors scaled back safe-haven bets on Monday as worries over a wider Middle East conflict eased, boosting world equities and pressuring gold, oil and bond prices. MSCI’s gauge of stocks across the globe rose 6.01 points, or 0.81%, to 749.29. In a reversal of Friday’s “risk …

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