JOHANNESBURG (Reuters) – Malawi’s central bank raised its benchmark interest rate by 200 basis points to 26.0%, it said on Monday, citing a high inflation environment. “The MPC (Monetary Policy Committee) observed that inflationary pressures have intensified, such that inflation is projected to persist before it starts to decline,” the Reserve Bank of Malawi said …
Malawi central bank raises policy rate by 200 basis points Read More »
By Olivia Kumwenda-Mtambo and Felix Njini CAPE TOWN (Reuters) – Anglo American is in the early stages of exploring for copper and cobalt in Zambia’s North-Western province, its Chief Executive Officer Duncan Wanblad said on Monday. “Zambia’s mining sector appears to be on track for renewed activity – and that is good for Zambia and …
Anglo American explores for copper, cobalt in Zambia Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) – South African retailers across apparel, electronics and home improvement are bracing for another challenging year but analysts believe consumer spending pressures should ease from the second half of the year when interest rates start to come down. Wider industry data had showed lacklustre sales over November, fuelling concerns that …
S.Africa consumer spending pressures could ease in second half -analysts Read More »
By Elisha Bala-Gbogbo and Camillus Eboh ABUJA (Reuters) – Nigeria’s central bank governor said on Monday that a forensic audit of $7 billion of overdue foreign exchange transactions the bank has been trying to clear had uncovered irregularities affecting $2.4 billion worth of the transactions. Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said in …
Nigeria central bank audit finds irregularities in $2.4 billion of FX backlog Read More »
By Isaac Anyaogu LAGOS (Reuters) – Shell Plc has made a final investment decision to build a gas supply facility in Nigeria to feed a fertiliser plant owned by Africa’s richest man Aliko Dangote, the company said in a statement. The new facility will supply 100 million standard cubic feet of gas per day from …
Shell agrees to develop Nigeria gas field for Dangote fertiliser Read More »
NAIROBI (Reuters) – Kenya’s private sector activity fell in January, but at a slower rate than a month earlier, helped by improved performance in agriculture, construction and services, a survey showed on Monday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 49.8 in January from 48.8 a month earlier. Readings above 50.0 signal …
JOHANNESBURG (Reuters) – South African private sector activity contracted for a second consecutive month in January, hurt by weak demand and shipping disruption at the country’s major port, a survey showed on Monday. The S&P Global South Africa Purchasing Managers’ Index (PMI) inched up to 49.2 in January from 49.0 in December. A reading below …
South Africa business activity contracts again in January – PMI Read More »
JOHANNESBURG (Reuters) -South Africa’s MultiChoice Group on Monday said it will not continue talks with Vivendi’s Canal Plus after the board concluded that its offer significantly undervalues the company. Canal Plus, a top shareholder in MultiChoice, had on Thursday offered 105 rand ($5.55) per share for every MultiChoice share it does not already own. Canal …
South Africa’s MultiChoice rejects Vivendi’s Canal Plus buyout offer Read More »
CAIRO (Reuters) – Non-oil private sector activity in Egypt shrank for a 38th month in January as inflation pressure and the conflict in Gaza continued to weigh on demand, a survey showed on Monday. The S&P Global Purchasing Managers’ Index (PMI) for Egypt edged down to 48.1 from 48.5 in December, remaining below the 50.0 …
Egypt January non-oil business shrinks on inflation, Gaza-PMI Read More »
By Felix Njini CAPE TOWN (Reuters) – KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it may consider partnerships as it plans to fast-track development of a new copper mine in Zambia that could cost about $2 billion. The Silicon Valley start-up, which uses artificial intelligence to …
