Reuters Africa Business

Toyota hikes annual profit forecast after Q3 beats expectations

6 Feb 2024

By Daniel Leussink TOKYO (Reuters) -Japan’s Toyota Motor raised its full-year operating profit forecast by nearly 9% on Tuesday, after its third-quarter earnings raced past analysts’ estimates thanks to a weaker yen and strong sales of high-margin cars and hybrid vehicles. Toyota shares surged after the announcement early losses, and closed 4.8% higher – the …

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Dollar surges to 11-week high as Fed rate cut bets diminish

5 Feb 2024

By Herbert Lash and Harry Robertson NEW YORK/LONDON (Reuters) -The dollar climbed to its highest in almost three months against nine other major currencies on Monday as traders slashed bets the Federal Reserve would aggressively cut interest rates this year after new economic data further diminished those odds. U.S. services sector growth picked up in …

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Oil rises nearly 1% as traders assess worsening geopolitical situation

5 Feb 2024

By Shariq Khan NEW YORK (Reuters) -Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies. Brent crude futures settled higher by 66 cents, or 0.9%, at $78.22 a barrel and U.S. West Texas Intermediate crude futures …

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Equities fall, yields jump after data and Powell comments

5 Feb 2024

By Chris Prentice and Nell Mackenzie NEW YORK/LONDON (Reuters) -Shares on Wall Street and in Europe fell on Monday and government bond yields jumped as traders amended their expectations of a near-term U.S. interest rate cut. Federal Reserve Chairman Jerome Powell continued to push back against the prospect of near-term rate cuts, in an interview …

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Anglo American considers deeper cost cuts in face of worst downturn in years

5 Feb 2024

By Felix Njini and Veronica Brown CAPE TOWN (Reuters) -Anglo American may consider deeper cost-cutting measures unless market conditions improve after a fall in prices and a downturn in the platinum group metals (PGMs) sector that is the worst in 35 years, CEO Duncan Wanblad said on Monday. The diversified miner announced sweeping cuts last …

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Botswana forecasts economic rebound, budget focus on infrastructure

5 Feb 2024

By Brian Benza GABORONE (Reuters) – Botswana sees a recovery in economic growth this year and plans to increase spending on infrastructure development in a “stimulus” budget, its finance minister said on Monday. The southern African country’s economy was hit by a decline in demand for diamonds last year. The gems generate about 30% of …

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Zambia says no timeline on debt restructuring as IMF seeks compromise

5 Feb 2024

By Olivia Kumwenda-Mtambo and Wendell Roelf CAPE TOWN (Reuters) – Zambia’s finance minister said on Monday he could not give a timeline for a debt restructuring deal with private creditors, while the International Monetary Fund’s Africa director urged all sides to compromise. Zambia was the first African country to default on its sovereign debt during …

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South African rand knocked down as early Fed rate cut hopes fade

5 Feb 2024

JOHANNESBURG (Reuters) -The South African rand weakened on Monday as traders scaled back their expectations for aggressive interest rate cuts by the Federal Reserve this year. The rand traded at 19.0800 against the dollar at 1600 GMT, down 0.94% from its previous close. In a U.S. interview aired on Sunday night, Fed Chair Jerome Powell …

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South African platinum industry could shed up to 7,000 jobs to cut costs

5 Feb 2024

By Olivia Kumwenda-Mtambo CAPE TOWN (Reuters) -Restructuring of South Africa’s platinum group metals (PGM) industry in response to rising costs and falling prices could result in between 4,000 and 7,000 job cuts, the country’s Minerals Council said on Monday. South African PGM miners, home to around 70% of global mined platinum output, are discussing the …

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Nigeria’s latest devaluation may be ‘turning point’ in currency reform drive

5 Feb 2024

By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria’s second currency devaluation in less than a year and new forex rules suggest the central bank is gearing up to let the naira float freely, but a huge backlog of orders for dollars and low liquidity may stall reform momentum, investors and analysts said. Foreign investors in particular …

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