Reuters Africa Business

Oil prices up 3% to 4-month high on US crude stock drop, Russian refinery attacks

13 Mar 2024

By Scott DiSavino NEW YORK (Reuters) -Oil prices rose about 3% to a four-month high on Wednesday on a surprise withdrawal in U.S. crude inventories, a bigger-than-expected drop in U.S. gasoline stocks and potential supply disruptions after Ukrainian attacks on Russian refineries. Brent futures rose $2.11, or 2.6%, to settle at $84.03 a barrel, while …

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Somalia secures 99% debt cancellation from Paris Club creditor nations

13 Mar 2024

By Rachel Savage JOHANNESBURG (Reuters) – Somalia secured the cancellation of 99% of the debt it owed to members of the Paris Club of creditor nations, the Paris Club said on Wednesday, a milestone in the war-scarred country’s efforts to rejoin the international financial system. Countries including the United States, Japan and Russia cancelled more …

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Deal to sell government stake in South African Airways collapses

13 Mar 2024

JOHANNESBURG (Reuters) -A deal the South African government has been negotiating for three years to sell a majority stake in South African Airways (SAA) has fallen apart, the minister overseeing the company said on Wednesday. The government announced the planned deal to sell a controlling stake in SAA to the Takatso Consortium in 2021, part …

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South Africa’s financial conduct regulator approves 59 crypto licences

13 Mar 2024

JOHANNESBURG (Reuters) – South Africa’s financial conduct regulator has approved 59 operating licences for crypto currency businesses, an official said on Wednesday, as Africa’s most industrialised economy makes inroads with regulating the asset class. In 2022, the Financial Sector Conduct Authority (FSCA) declared crypto assets to be financial products and said they needed to be …

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Exclusive-Trafigura, Mercuria switch bunkering to Mauritius amid attacks, tax dispute, sources say

13 Mar 2024

By Wendell Roelf CAPE TOWN (Reuters) – With more ships heading around the Cape of Good Hope due to attacks in the Red Sea region and a shutdown in their main South African bunkering operations, Mercuria and Trafigura have started refuelling services in Mauritius, four sources said. The two trading houses have opened operations in …

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Nigeria secures $1.3 billion funding for rail link to Niger Republic

13 Mar 2024

By Camillus Eboh ABUJA (Reuters) – Nigeria has secured $1.3 billion in funding to complete a railway project connecting Kano, the largest city in the north, to Maradi in neighbouring Niger, the transport ministry said on Wednesday. The railway line will build on existing economic and social ties to boost trade and cultural cooperation between …

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Growthpoint Properties expects lower annual distributable income

13 Mar 2024

(Reuters) -South Africa’s Growthpoint Properties said on Wednesday it expects its distributable income for this year to be lower due to high interest rates, while the impact would likely be more weighted across its businesses in the second half. The property developer said distributable income per share – the primary measure of underlying financial performance …

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US dollar advances after firmer-than-expected inflation data

13 Mar 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar rose in choppy trading on Tuesday, after data showed hotter-than-expected inflation last month for the world’s largest economy, slightly paring back expectations of an interest rate cut by the Federal Reserve at its June policy meeting. It was a volatile session, with the U.S. dollar …

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