Reuters Africa Business

ArcelorMittal South Africa defers closure of long steel unit by 6 months

8 Feb 2024

(Reuters) -ArcelorMittal South Africa said on Thursday it would defer the closure of its long steel business by six months as the steelmaker pursues various initiatives with the government, state utilities and workers. The company said there was “constructive progress” in the engagements, with several interventions that could salvage the business and save 3,500 jobs …

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MultiChoice will pay settlement of $37.3 million to Nigerian tax authorities

8 Feb 2024

JOHANNESBURG (Reuters) – Africa’s biggest pay TV company MultiChoice Group said on Thursday its subsidiaries have reached a settlement with Nigerian tax authorities and agreed to pay a total tax amount of about $37.3 million. Nigeria’s Federal Inland Revenue Service (FIRS) froze MultiChoice Nigeria’s accounts in 2022 and served MultiChoice Group with a 1.8 trillion …

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S&P 500 closes at record as yields rise, dollar retreats

8 Feb 2024

By Chris Prentice and Amanda Cooper NEW YORK/LONDON (Reuters) -Global equities climbed to a more than two-year peak and the S&P 500 closed at a record high on Wednesday, as strong earnings offset jitters related to U.S. regional banks and China’s markets. Bonds yields rose as comments from Federal Reserve officials reaffirmed expectations that the …

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Nigerian officials in talks with World Bank on reforms

8 Feb 2024

ABUJA (Reuters) – Nigeria’s finance and budget ministers and central bank governor held talks with World Bank executives in Abuja on Wednesday to discuss the West African country’s economic recovery plans and seek support for its reforms. “I have come to Nigeria to have conversations, discussions over the coming days on the ambitious plans that …

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Egypt raises minimum wage by 50% as part of ‘urgent’ package

7 Feb 2024

CAIRO (Reuters) -Egyptian President Abdel Fattah al-Sisi has raised the monthly minimum wage by 50% to 6,000 pounds ($194) to take effect in March, part of a 180 billion pound “urgent social protection package”, the presidency said on Wednesday. The move comes at a time when Egypt is on a pound devaluation watch. Some analysts …

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South African rand weakens ahead of president’s address

7 Feb 2024

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Wednesday as local investors turned their attention to President Cyril Ramaphosa’s address to the nation. At 1512 GMT, the rand traded at 18.9150 versus the dollar, 0.4% weaker than its previous close. The dollar was last down 0.08% against a basket of other major currencies. Ramaphosa makes his …

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Congo’s Gecamines and Entreprise Generale du Cobalt sign mining deal

7 Feb 2024

JOHANNESBURG (Reuters) -Congo’s state mining company Gecamines and its subsidiary Entreprise Generale du Cobalt (EGC) have signed an agreement granting EGC exclusive mining rights to five mining areas, the firms said on Wednesday. Created by government decree in December 2019, EGC was granted a monopoly on artisanal cobalt produced in the central African country, the …

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