Reuters Africa Business

Thungela CEO sees South Africa coal exports rebounding as rail improves

JOHANNESBURG (Reuters) – Thungela Resources, a South African exporter of thermal coal burned in power stations, expects the country’s shipments of the fossil fuel to rebound from next year as rail bottlenecks ease, CEO July Ndlovu said on Monday. The country’s coal shipments fell to a three-decade low of about 47 million tons per year …

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Morocco annual inflation dropped to 1.3% in July from 1.8% in June

RABAT (Reuters) – Morocco’s annual inflation, measured by the consumer price index, eased to 1.3% in July from 1.8% a month earlier, Morocco’s statistics agency said on Monday. Food prices, the main driver for inflation, rose 0.5% from a year earlier, while non-food inflation increased by 1.8%. Core inflation, which excludes more volatile goods, was …

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South African lender Absa reports lower half-year profit

JOHANNESBURG (Reuters) -South Africa’s Absa Group posted a 5% decline in half-year profit on Monday as operating expenses rose faster than revenue but flagged a moderation in cost growth in the second half and a slight improvement in credit loss levels. Inflationary pressure, high interest rates, regular power blackouts and logistical bottlenecks are taking a …

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South Africa’s Absa CEO Arrie Rautenbach to retire next year

JOHANNESBURG (Reuters) -South African lender Absa Group on Monday said Chief Executive Officer Arrie Rautenbach will take early retirement from the company, effective on April 15, 2025. Charles Russon will become interim CEO of Absa Group and Absa Bank effective on Oct. 15, 2024, subject to regulatory approval, the bank said in a statement. “Charles’ …

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Libya’s central bank suspends operations after kidnapping of official

DUBAI (Reuters) – Libya’s Tripoli-based central bank said on Sunday it would shut down all operations and not resume work until a senior bank official kidnapped earlier in the day was released. The central bank is the only internationally recognised depository for Libyan oil revenues, a vital economic income for a country torn for years …

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Kenya aviation workers’ union postpones planned strike

NAIROBI (Reuters) – The biggest union of Kenya’s aviation workers has postponed for two weeks a planned strike that was scheduled to start on Monday, to allow talks with the government over a proposed deal with an Indian company to develop the country’s main airport. The union, which represents airport workers, opposes the proposed agreement …

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Oil falls 2% to end volatile week, focus on China demand concerns

By Shariq Khan NEW YORK (Reuters) -Oil prices settled down nearly 2% on Friday, little changed on the week with Brent crude below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China. Brent crude futures fell $1.36, or 1.7%, to settle at $79.68 per barrel. U.S. West Texas Intermediate …

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World stocks extend week-long rebound after slew of US data

By Lawrence Delevingne and Naomi Rovnick (Reuters) -Global shares pushed higher on Friday, adding to weekly gains, after encouraging U.S. economic data helped soothe fears of a recession in the world’s largest economy. On Wall Street, stocks extended their biggest weekly percentage gains of the year. The Dow Jones Industrial Average finished up about 0.25% …

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Dollar softens, yen set for weekly fall as US recession worries fade

By Laura Matthews NEW YORK (Reuters) -The dollar fell against the yen on Friday, and was softer against other peers as traders took profits and investors sifted through economic data to gauge the Federal Reserve’s appetite for interest-rate cuts. Disappointing U.S. housing numbers also kept pressure on the greenback, helping it shed some of the …

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