By Ange Aboa and Loucoumane Coulibaly ABIDJAN (Reuters) -Cashew nut processors in Ivory Coast have asked the government to renew a subsidy deal, warning of bankruptcy if support for the struggling sector is not forthcoming, as data on Wednesday showed just 22% of output was processed locally in 2023. Ivory Coast, the world’s largest cocoa producer, …
Ivory Coast cashew processors urge government to renew support Read More »
By Joe Bavier JOHANNESBURG (Reuters) – South Africa’s power sector will require increased private sector investment as debt-ridden utility Eskom implements structural reforms and builds critical new infrastructure, the company’s chairman told Reuters. Private sector involvement in the power sector is a politically sensitive subject as South Africa prepares for elections in May, and the …
South Africa’s power sector needs more private investment, Eskom chair says Read More »
By Kopano Gumbi, Olivia Kumwenda-Mtambo and Nellie Peyton CAPE TOWN (Reuters) -South Africa’s government will draw down $8 billion over the next three years from contingency reserves held at the central bank to limit rising debt, the National Treasury said on Wednesday. Africa’s most industrialised economy has barely grown in more than a decade, with …
South Africa taps contingency reserves to limit rising debt Read More »
JOHANNESBURG (Reuters) -The South African rand and international dollar bonds jumped on Wednesday, after the finance minister said the government would tap 150 billion rand ($7.99 billion) from a central bank-administered contingency account in order to limit borrowing. At 1249 GMT, the rand traded at 18.825 against the dollar, around 0.49% stronger than its previous …
South African rand, dollar bonds jump after budget Read More »
By Isaac Anyaogu LAGOS (Reuters) – Nigeria’s tanker drivers ended a strike to protest rising operational costs after agreeing to an increase in freight charges with fuel marketers following talks, a union official said on Wednesday. The Nigerian Association of Road Transport Owners (NARTO), which groups thousands of truck owners and drivers responsible for distributing …
Nigerian fuel tanker union ends strike after agreeing to higher freight costs Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South African food services company Bid Corporation (Bidcorp) is stocking buffer inventory to help offset delays caused by disruption to Red Sea shipping and congestion at local ports, its chief executive said. The company reported an 18.6% jump in half-year headline earnings per share on Wednesday while its net revenue …
Bidcorp holding buffer stock to offset shipping disruptions Read More »
(Reuters) – The UAE’s largest lender First Abu Dhabi Bank has given initial price guidance at 120 basis points over U.S. Treasuries for its 5-year benchmark-sized debt issuance, fixed income news service IFR reported on Wednesday. The UAE lender has hired Citi, First Abu Dhabi Bank, HSBC, ICBC Dubai, Societe Generale and Standard Chartered Bank …
First Abu Dhabi Bank starts selling 5-year debt – IFR Read More »
(Reuters) -Sibanye Stillwater’s annual profit plunged by as much as 91% last year, the South African mining group said on Wednesday, mainly due to a sharp decline in platinum group metal (PGM) prices. The diversified miner in its first forecast on the year ended Dec. 31 said it expects to post headline earnings per share, …
Sibanye Stillwater warns of 91% plunge in annual profit Read More »
By Herbert Lash and Alun John NEW YORK/LONDON (Reuters) -The dollar eased and a gauge of global stock performance fell on Tuesday as fading optimism that central banks will soon cut interest rates dampened sentiment, leaving key pan-European and Japanese stock indices just below their all-time highs. Europe’s broad STOXX 600 benchmark and Japan’s Nikkei …
Dollar, stocks slip on fading rate cut expectations Read More »
By Karen Brettell NEW YORK (Reuters) -The U.S. dollar weakened on Tuesday after China cut interest rates in a bid to prop up its struggling property market, raising hopes of additional stimulus that would boost global growth. The yen gained, meanwhile, but stayed below the 150.88 per dollar level reached last Monday, its weakest in …
