Reuters Africa Business

Fashion retailer Truworths flags risks as profit growth slows

29 Feb 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -Fashion retailer Truworths on Thursday flagged trading risks including sustained pressure on the discretionary spending of South Africans, local port congestion and international shipping disruption after reporting a slowdown in profit growth. Supply chain disruption due to attacks by the Iran-allied Houthi militia on ships in and around the Red …

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New Eskom boss under pressure to turn South Africa’s lights back on

29 Feb 2024

By Joe Bavier JOHANNESBURG (Reuters) – Dan Marokane is about to tackle the hardest job in South Africa: getting the lights back on. As CEO of state power utility Eskom, he takes on an organisation hampered by alleged coal theft and sabotage, which faces financial and technical crises. He will be working with a government …

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South African lender FirstRand sees similar profit growth in second-half to H1

29 Feb 2024

JOHANNESBURG (Reuters) – South Africa’s FirstRand Ltd expects to generate earnings in the second half that are similar to the first half, which rose by 6%, and anticipates softer overall loan growth due to high interest rates and persistent elevated inflation. The top five private South African banks – among the continent’s biggest – are …

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Impala Platinum weighs closing some loss-making mines as profit slumps

29 Feb 2024

(Reuters) -Impala Platinum may consider closing some loss-making mining shafts in South Africa if metal prices deteriorate further and efforts to restructure some operations don’t improve its margins, CEO Nico Muller said. The Johannesburg-based platinum-group metals producer scrapped an interim dividend and postponed spending on various projects to save about 10 billion rand ($519.48 million) …

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China promises investment in impoverished Sierra Leone

29 Feb 2024

BEIJING (Reuters) -Chinese President Xi Jinping promised to encourage Chinese firms to invest in minerals-rich but economically ailing Sierra Leone as part of Beijing’s long-term drive to deepen economic and political ties with Africa. China has always regarded cooperation with African countries as a cornerstone of its foreign policy, Xi told visiting Sierra Leone President …

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Stocks slip, dollar rises ahead of US inflation data

28 Feb 2024

By Sinéad Carew NEW YORK (Reuters) -A global equities index fell slightly on Wednesday while Treasury yields edged down and the dollar rose against a basket of currencies as investors were wary the day before U.S. inflation data that could influence Federal Reserve policy. January’s U.S. personal consumption expenditures price index (PCE), the Fed’s preferred …

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U.S. oil futures settle lower as Fed takes stock before cutting rates

28 Feb 2024

By Georgina McCartney HOUSTON (Reuters) -U.S. crude oil futures settled lower on Wednesday after the Federal Reserve held firm on its decision to hold off cutting interest rates in the near future, while growing U.S. crude stockpiles added further pressure. Brent crude futures settled 3 cents higher, or up 0.04% at $83.68 a barrel. U.S. …

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