Reuters Africa Business

Nigeria says backlog of verified airline claims cleared, but IATA says more to do

31 Jan 2024

By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria’s central bank said it had cleared the entire backlog of verified claims owed to foreign airlines whose payments had been blocked in the country, but airline association IATA said another $700 million of owed money remained in Nigerian banks. Dollar shortages have since 2016 made it hard for …

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S.Africa’s Absa aims to harness Chinese corporate Africa push

31 Jan 2024

JOHANNESBURG (Reuters) – South African lender Absa Group is positioning to benefit as private Chinese firms increase their investment in Africa, the head of the bank’s international business told Reuters. China’s involvement in Africa, for decades defined by large, government loan-backed projects, is undergoing a transformation, Absa International CEO Cheryl Buss said in an interview. …

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Bayer says to outsource some aspects of pharma business in Africa

31 Jan 2024

NAIROBI (Reuters) – Germany’s Bayer will contract a third party to distribute its pharmaceutical products in four African markets including Kenya, it said, adding that the impact on jobs will be minimal. The company, which has 200 employees in the region, said the move that targets Kenya, Ethiopia, Nigeria and Ghana, will not impact its …

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S.Africa’s top poultry producer Astral recovers after bird flu outbreak

31 Jan 2024

(Reuters) – South Africa’s largest poultry producer Astral Foods will bounce back to profitability in the half-year to March 31 as the impact of the country’s devastating bird flu outbreak and power cuts wanes, it said on Wednesday. In a trading statement, Astral said it expects headline earnings per share (HEPS) – South Africa’s main …

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Oil prices climb on geopolitical tensions, positive economic data

31 Jan 2024

By Nicole Jao NEW YORK (Reuters) -Oil prices rose on Tuesday as a higher global economic growth forecast and escalating tensions in the Middle East offset concerns around Chinese demand. March Brent crude futures, which expire on Wednesday, rose 47 cents to settle at $82.87 a barrel. The more active April contract settled up 67 …

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African Development Bank sells hybrid note in development finance first

30 Jan 2024

By Karin Strohecker and Rachel Savage LONDON/JOHANNESBURG (Reuters) – The African Development Bank (AfDB) has sold its long-awaited hybrid capital note, the first financing of its kind for multilateral development banks, which are under increasing pressure to find ways to boost their lending. The G20 group of major economies has urged multilateral lenders to explore …

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Chevron reroutes Kazakh oil to Asia around Africa – sources, LSEG data

30 Jan 2024

MOSCOW (Reuters) – Chevron is sending cargoes of Kazakhstan’s CPC Blend oil to Asia around Africa’s Cape of Good Hope rather than via the Red Sea to avoid the risk of attacks by Yemen’s Houthis, according to three industry sources and LSEG ship-tracking data. The Iranian-aligned Houthis have stepped up attacks on shipping despite U.S.-led …

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Nigeria to offer investors 75% stake in proposed solid minerals firm

30 Jan 2024

By Isaac Anyaogu LAGOS (Reuters) – Nigeria plans to offer investors at least a 75% stake in a proposed solid minerals corporation, a minister said on Tuesday, as lawmakers draft legislation to create the new state-backed firm to wean the West African country from its reliance on oil. Africa’s top energy producer has struggled to …

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Exclusive-Ghana pushes for simple debt rework in proposal to bondholders -sources

30 Jan 2024

By Jorgelina do Rosario, Karin Strohecker and Maxwell Akalaare Adombila LONDON (Reuters) -Ghana is aiming for a simple debt restructuring to exchange old bonds for new notes, according to five sources with direct knowledge, as the country seeks relief on some $13 billion owed to international private creditors. Finance ministry representatives and advisers met investors …

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