Reuters Africa Business Archives - Page 474 of 921

Court tells Maroc Telecom to pay $636 million to Inwi in antitrust case

29 Jan 2024 29 Jan 2024

RABAT (Reuters) – A Moroccan commercial court on Monday ordered market leader Maroc Telecom to pay compensation of 6.36 billion dirhams ($636 million) to its competitor Wana Corporate, better known by its brand name Inwi, for unfair competition practices. Shares of Maroc Telecom, the second-largest company on the Casablanca stock exchange by market capitalisation, fell …

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ArcelorMittal South Africa in talks to avert factory closure

29 Jan 2024 29 Jan 2024

By Nelson Banya (Reuters) – Arcelormittal South Africa is talking to the government and unions to try to avert the planned closure of its long steel operations, but said on Monday it saw “substantial risks” in reversing the move without changes in the business environment. The South African unit of the world’s No.2 steelmaker ArcelorMittal …

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South African rand steady, focus on Fed meeting

29 Jan 2024 29 Jan 2024

JOHANNESBURG (Reuters) -South Africa’s rand was steady on Monday amid subdued risk appetite, as investors turned their focus towards the Federal Reserve’s policy meeting this week for fresh clues on its interest rate trajectory. At 1510 GMT, the rand traded at 18.8050 against the dollar, not far from its previous close of 18.7975. The dollar …

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Ghana central bank cuts policy rate as inflation eases

29 Jan 2024 29 Jan 2024

By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) -Ghana’s central bank lowered its main interest rate by 100 basis points to 29% on Monday, its first rate cut since 2021, after inflation fell for the fifth consecutive month in December. The West African cocoa, gold and oil producer has been restructuring its debts as …

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South African fashion retailer Truworths warns on half-year profit

29 Jan 2024 29 Jan 2024

JOHANNESBURG (Reuters) -South African fashion retailer Truworths on Monday warned that half-year profit growth had slowed after financially constrained shoppers held back from discretionary spending. Truworths said retail sales in South Africa – its biggest market – were hit by poor economic conditions and high interest rates that squeezed disposable income and knocked consumer confidence. …

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Chinese companies to invest up to $7 billion in Congo mining infrastructure

27 Jan 2024 27 Jan 2024

KINSHASA (Reuters) -Chinese construction companies will invest up to $7 billion in infrastructure projects as part of an agreement over their Sicomines copper and cobalt joint venture in the Democratic Republic of Congo, they said on Saturday. Both parties agreed to maintain the current structure of the shareholding, while the Chinese partners, Sinohydro Corp (SINOH.UL) …

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Global stock index edges up, dollar dips after US inflation reading

27 Jan 2024 27 Jan 2024

By Sinéad Carew and Marc Jones NEW YORK/LONDON (Reuters) -MSCI’s global stock index barely rose on Friday while the U.S. dollar edged down after the U.S. Federal Reserve’s favored inflation reading showed moderating prices and investors waited anxiously for clues on interest rate policy days ahead of the central bank’s closely monitored meeting. Treasury yields …

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Oil settles at highest in nearly 8 weeks on strong economic growth

26 Jan 2024 26 Jan 2024

By Georgina McCartney and Arathy Somasekhar HOUSTON (Reuters) -Oil prices rose for a second week in a row and settled at their highest in nearly two months on Friday as positive U.S. economic growth and signs of Chinese stimulus boosted demand expectations, while Middle East supply concerns added support. Brent crude futures rose $1.12, or …

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South African rand strengthens after U.S. inflation data

26 Jan 2024 26 Jan 2024

JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Friday after data showed U.S. inflation rose modestly in December but was trending lower, fuelling hopes that the Federal Reserve would cut interest rates by the middle of the year. At 1631 GMT, the rand traded at 18.7750 against the U.S. dollar, about 0.5% stronger than its previous …

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Diageo’s Kenyan unit calls Tusker beer sale report ‘market speculation’

26 Jan 2024 26 Jan 2024

NAIROBI (Reuters) – East African Breweries (EABL), the Kenyan unit of Diageo Plc, on Friday dismissed a media report that its parent company wants to sell the Tusker beer brand as part of broader cuts. U.S. news outlet Axios reported last month that Diageo was looking to sell Tusker along with other beer brands including …

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