Reuters Africa Business

AFRICA-FX-Kenyan and Zambian currencies seen falling, Ghana’s steady

14 Dec 2023

NAIROBI (Reuters) – Kenya’s shilling and Zambia’s kwacha are expected to fall in the next week to Thursday, while the Ugandan shilling could strengthen, Ghana’s cedi will probably be steady and Nigeria’s naira may be mixed, traders said. KENYA Kenya’s shilling is seen slipping on increased foreign-currency demand from the manufacturing sector and as Kenyans …

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South Africa’s FDI inflows slow in third quarter – central bank

14 Dec 2023

JOHANNESBURG (Reuters) – South Africa recorded reduced foreign direct investment inflows of 26 billion rand ($1.40 billion) in the third quarter of 2023, from 53.8 billion rand in the second quarter, central bank data showed on Thursday. The South African Reserve Bank said in its Quarterly Bulletin that the inflows were due to non-resident parent …

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S.Africa’s Tharisa full-year profit down 31% on weak PGM prices

14 Dec 2023

(Reuters) – South African miner Tharisa on Thursday posted a 31% decline in annual profit, mainly due to a drop in platinum group metal (PGM) output and prices. The PGM and chrome concentrates co-producer’s headline earnings per share (HEPS) – the main profit measure in South Africa – was $0.283 in the year ended Sept. …

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Sembcorp’s renewables unit gets 300 MW solar project from India’s NHPC

14 Dec 2023

(Reuters) – Singapore’s Sembcorp Industries on Thursday said its renewables unit was awarded a 300 mega-watt (MW) solar power project by Indian government-run hydropower producer NHPC Ltd. NHPC in its letter of award confirmed Sembcorp’s unit, Green Infra Wind Energy Ltd’s (GIWEL) final offer, and committed to buying power output from the project for 25 …

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African online retailer Jumia to cease food delivery business

13 Dec 2023

By Nqobile Dludla JOHANNESBURG (Reuters) – African e-commerce firm Jumia Technologies will close its food delivery business in all seven countries in which the unit operates by the end of the year to focus on growing its core online retail business, it said on Wednesday. Jumia is aggressively cutting costs in order to turn profitable, …

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Oil prices up 1% on big U.S. storage withdrawal, tanker attack in Red Sea

13 Dec 2023

By Scott DiSavino NEW YORK (Reuters) -Oil prices edged up about 1% on Wednesday from a five-month low in the prior session on a bigger-than-expected weekly withdrawal from U.S. crude storage and on worries about the security of Middle East oil supplies after a tanker attack in the Red Sea. Traders also noted crude prices …

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South Africa’s Eskom makes H1 profit but sees full-year loss

13 Dec 2023

(Reuters) – South Africa’s struggling state power company Eskom said on Wednesday it made a 1.6 billion rand ($84 million) profit after tax in the first six months of its financial year to the end of September. The debt-laden utility has this year implemented the worst power cuts on record in Africa’s most industrialised economy. …

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Mozambique lawmakers back creation of sovereign wealth fund

13 Dec 2023

MAPUTO (Reuters) – Mozambique lawmakers on Wednesday backed the creation of a sovereign wealth fund, which the government of the gas-rich country wants to use to harness receipts from liquefied natural gas (LNG) exports. The southern African country started exporting LNG in November last year, with projects by international energy companies such as Eni and …

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