Reuters Africa Business

Exclusive-Ghana, bondholders kick off formal talks on $13 billion debt restructuring

14 Mar 2024

By Jorgelina do Rosario and Karin Strohecker LONDON (Reuters) -Ghana’s international bondholders entered into non-disclosure agreements (NDAs) with the government on Wednesday, three sources told Reuters, a step that marks the start of formal talks to restructure over $13 billion of international bonds. The West African country is seeking debt relief after defaulting on most …

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Nigeria seeks to prolong detention of Binance executives

14 Mar 2024

By MacDonald Dzirutwe LAGOS (Reuters) – Nigerian authorities have asked an Abuja court to extend the detention of two Binance executives caught up in the country’s cryptocurrency crackdown after an initial warrant used to hold them lapsed this week, people familiar with the matter said on Thursday. Tigran Gambaryan, a U.S. citizen and Binance’s head …

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South Africa’s SPAR steps up battle for affluent and discount shoppers

14 Mar 2024

By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s second-biggest supermarket retailer, SPAR Group, plans to open premium and discount grocery stores while also entering new niche retail markets, its chief executive said on Thursday. South African grocery retailers have been refining their strategies to appeal to both affluent and low-income customers, to gain a bigger …

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South African rand extends losses after mining, manufacturing data

14 Mar 2024

JOHANNESBURG (Reuters) -South Africa’s rand extended its losses against a strong U.S. dollar on Thursday after a mixed batch of local mining and manufacturing data. At 1518 GMT, the rand traded at 18.7875 against the dollar, almost 1.2% weaker than its previous close. South Africa’s manufacturing output rose 2.6% year-on-year in January, statistics agency data …

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South African manufacturing output rises 2.6% y/y in January

14 Mar 2024

JOHANNESBURG (Reuters) – South Africa’s manufacturing output rose 2.6% year-on-year in January, after rising by a revised 1.3% in December, statistics agency data showed on Thursday. Factory production was up 0.8% month-on-month in January, after falling by a revised 1.3% in December. (Reporting by Nellie Peyton; Editing by Alexander Winning)

African cocoa plants run out of beans as global chocolate crisis deepens

14 Mar 2024

By Maytaal Angel and Maxwell Akalaare Adombila LONDON/ACCRA (Reuters) -Major African cocoa plants in Ivory Coast and Ghana have stopped or cut processing because they cannot afford to buy beans, four trading sources said, meaning chocolate prices around the world are likely to soar. Chocolate-makers have already increased prices to consumers, after three years of …

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South Africa’s Standard Bank posts 27% jump in annual profit

14 Mar 2024

JOHANNESBURG (Reuters) – Africa’s biggest lender by assets Standard Bank said on Thursday its annual profit jumped by 27% as high interest rates helped offset rising bad loans. The lender posted headline earnings of 42.9 billion rand ($2.31 billion) for the year ended Dec. 31, while total net income grew by 20% to 177.6 billion …

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US dollar drifts lower, market consolidates gains post-inflation data

13 Mar 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar slipped on Wednesday, a day after rising on hotter-than-expected U.S. inflation data, as investors consolidated gains ahead of this week’s economic data that could shed light on when the Federal Reserve might start cutting interest rates this year. In afternoon trading, the dollar index, which measures the …

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