Reuters Africa Business

Zimbabwe needs predictable policy to support currency, World Bank says

1 Mar 2024

By Nyasha Chingono HARARE (Reuters) – Zimbabwe needs to make its fiscal and monetary policy more predictable to instil confidence in its depreciating currency, a senior World Bank official said on Friday. It could make progress by moving away from the central bank’s “quasi-fiscal operations”, Victoria Kwakwa, the World Bank’s Regional Vice President for Eastern …

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Northam CEO says S.African platinum miners facing worst crisis in decades

1 Mar 2024

JOHANNESBURG (Reuters) – Northam Platinum’s CEO said on Friday that platinum mining companies in South Africa, the world’s top supplier of the metal, are facing “severe” market conditions and are caught up in the worst crisis in three decades as prices plummet. “I personally believe it’s the worst crisis I have seen in three decades, …

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South African factory activity recovers in February – Absa PMI

1 Mar 2024

JOHANNESBURG (Reuters) – South African manufacturing activity recovered in February after a steep slump the month before, a Purchasing Managers’ Index (PMI) survey showed on Friday. The seasonally-adjusted PMI increased to 51.7 points in February from 43.6 in January, rising above the 50-point mark that separates expansion from contraction. The business activity sub-index and new …

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Kenya new car sales plunge 15% in 2023 on new taxes, weaker currency

1 Mar 2024

NAIROBI (Reuters) – The number of new vehicles sold in Kenya dropped 15% in 2023, data from an industry association showed, as new taxes and a weaker currency curbed demand. Although the East African nation’s car market is dominated by used imports from Japan, it has been attracting investments from global car makers such as …

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Northam Platinum pauses some capital projects amid metal price rout

1 Mar 2024

(Reuters) -Northam Platinum said on Friday it had halted some capital projects due to the current slump in metal prices, which saw the South African miner’s half-year profit plunge by 93%. South African platinum group metal (PGM) producers, who account for about 70% of global output, are restructuring their operations to protect margins after metal …

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Equities gain on in-line US inflation, Treasury yields dip

1 Mar 2024

By Sinéad Carew and Marc Jones NEW YORK/LONDON (Reuters) -The S&P 500 and Nasdaq closed at record highs and the global equity index advanced on Thursday after a much anticipated U.S. inflation reading provided little surprise for relieved investors and helped push U.S. Treasury yields lower. The Nasdaq registered a record closing high for the …

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Oil inches down as US inflation data, rising OPEC output weigh

29 Feb 2024

By Laila Kearney NEW YORK (Reuters) -Oil prices edged lower on Thursday as U.S. inflation data implied a softening of the world’s biggest economy that could weaken crude demand, with rising OPEC production also weighing on prices. Brent futures for April delivery settled at $83.62 a barrel, down 6 cents. U.S. crude settled at $78.26 …

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South African rand firms despite mixed data; shares rise

29 Feb 2024

JOHANNESBURG (Reuters) -South Africa’s rand firmed on Thursday as investors digested a mixed bag of data, including producer inflation and trade balance figures. The rand traded at 19.1850 against the U.S. dollar at 1640 GMT, 0.4% stronger than its previous close. Producer inflation rose to 4.7% year on year in January from 4.0% in December, …

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Zambia plans to import and ration electricity due to drought

29 Feb 2024

LUSAKA (Reuters) – Zambia has drawn up plans to import and ration electricity as a devastating drought looks set to affect hydropower generation, the country’s main source of power, President Hakainde Hichilema said on Thursday. The prolonged dry spell, which has already been declared a national disaster, would also hit food production and was likely …

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