Reuters Africa Business

Western miners lag as oil powers enter race for Africa’s critical metals

2 Feb 2024

By Felix Njini and Clara Denina JOHANNESBURG/LONDON (Reuters) – Risk aversion is likely to leave major Western miners lagging in a race to tap Africa’s reserves of critical raw materials that has gathered pace now Middle Eastern oil powers have begun to emulate China’s years of investment on the continent. Attracting the capital needed to …

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South Africa’s Vodacom service revenue rises nearly 30% on Egypt boost

2 Feb 2024

JOHANNESBURG (Reuters) -South Africa’s Vodacom Group reported on Friday a 29.7% jump in third-quarter service revenue, benefiting from the inclusion of Vodafone Egypt. The biggest telecoms operator in South Africa, which is majority-owned by Britain’s Vodafone Group, said service revenue in the three months ended Dec. 31 rose to 31 billion rand ($1.67 billion). On …

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IMF, Egypt agree on ‘main policy elements’ of economic reform programme

2 Feb 2024

CAIRO (Reuters) – The International Monetary Fund said on Thursday it had agreed with Egypt on the key policy components of an economic reform programme, in a further sign that a final deal to augment the country’s $3 billion loan is nearing completion. Ivanna Vladkova Hollar, the IMF mission chief for Egypt, said both sides …

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Stocks rally on earnings outlook, yields slip on banking concerns

2 Feb 2024

By Herbert Lash and Marc Jones NEW YORK/LONDON (Reuters) -Global equity markets rebounded on Thursday on expectations that interest cuts by the Federal Reserve and other central banks were coming, though not as soon as hoped for, while Treasury yields slid again on concerns about regional U.S. banks. Fed Chair Jerome Powell on Wednesday pushed …

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Oil prices drop 2% on unsubstantiated ceasefire reports, refinery shutdown

2 Feb 2024

By Stephanie Kelly NEW YORK (Reuters) -Oil prices fell over 2% on Thursday after unsubstantiated reports of a ceasefire between Israel and Hamas and after a power outage forced a large U.S. refinery to shut. A Qatari official told Reuters there was no ceasefire yet, but repeated that Hamas had received a ceasefire proposal made …

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Tunisia asks central bank for funds to pay urgent foreign debts- minister

1 Feb 2024

By Tarek Amara TUNIS (Reuters) – The Tunisian government has resorted to requesting direct financing from the central bank to pay urgent foreign debts, including bonds worth 850 million euros ($920 million) that mature on Feb. 16, Finance Minister Sihem Boughdiri said. The government requested exceptional direct funding from the central bank worth 7 billion …

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