Reuters Africa Business Archives - Page 511 of 921

Zambia selects UAE’s IHC unit as new partner in Mopani Copper Mines

1 Dec 2023 1 Dec 2023

By Chris Mfula LUSAKA (Reuters) -Zambia has selected United Arab Emirates’ International Resources Holdings (IRH) as the new strategic equity partner in Mopani Copper Mines, the miner’s owner ZCCM-IH said late on Thursday. IRH, which is linked to Abu Dhabi’s most valuable listed company, International Holdings Company (IHC), will invest funds into Mopani to help …

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S.Africa’s Quantum Foods swings to loss on bird flu, power cuts

1 Dec 2023 1 Dec 2023

(Reuters) – South African poultry producer Quantum Foods on Friday reported a 35 million rand ($1.86 million) loss in the year to end-September, after the country’s worst bird flu outbreak decimated its chicken flock and power cuts intensified. The prior year the company posted a 37 million rand profit. South Africa has battled an outbreak …

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Exclusive-Congo’s Gecamines to push for copper, cobalt trading share

1 Dec 2023 1 Dec 2023

By Felix Njini JOHANNESBURG (Reuters) – Congo’s state mining group Gecamines said it will push to secure the rights to buy copper and cobalt at mines it has holdings in, as it attempts to build its own stocks and trade the metals. To do so, Gecamines needs to amend some terms of its joint venture …

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Stocks edge lower as dollar, Treasury yields rise with rates in focus

30 Nov 2023 30 Nov 2023

By Sinéad Carew and Marc Jones NEW YORK/LONDON (Reuters) -MSCI’S global stock index was barely higher on Thursday while the Dow rallied to its highest level since February 2022 and bond yields and the dollar rose after Federal Reserve officials took cautious tones about interest rate cuts. The Commerce Department said consumer spending, which is …

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Kenyan inflation dips to 6.8% year-on-year in November

30 Nov 2023 30 Nov 2023

NAIROBI (Reuters) – Kenya’s inflation eased slightly to 6.8% year-on-year in November from 6.9% a month earlier, the statistics office said on Thursday. On a month-on-month basis inflation was 0.2%, compared to 1.0% in October, the Kenya National Bureau of Statistics (KNBS) said in a statement. Transport, housing and utilities, and food were major contributors …

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US dollar gains; shrugging off inflation, jobless claims as euro slips

30 Nov 2023 30 Nov 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The dollar gained on Thursday as investors took profits on bets it would weaken further and it shrugged off data showing signs of a slowing U.S. economy that suggested the Federal Reserve may be done raising interest rates. Euro weakness after a soft euro zone inflation report also partly …

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OPEC+ tweaks Nigeria, Angola oil output levels for 2024

30 Nov 2023 30 Nov 2023

By Natalie Grover (Reuters) -OPEC+ handed Nigeria a 2024 oil output target lower than Africa’s largest oil producer had hoped for while lowering Angola’s target, according to a statement from the group of oil-producing countries. The move follows a meeting in June where OPEC+ agreed a complex deal that revised production targets for several members. …

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Zimbabwe orders lithium miners to submit refinery plans by March 2024

30 Nov 2023 30 Nov 2023

By Nelson Banya and Nyasha Chingono HARARE (Reuters) – Zimbabwe has given lithium miners up to March 2024 to submit plans for the local production of battery-grade lithium in a bid to benefit from growing demand for the clean energy mineral, Finance Minister Mthuli Ncube said on Thursday. Africa’s top lithium producer last year banned …

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South African rand weakens after trade and budget data

30 Nov 2023 30 Nov 2023

JOHANNESBURG (Reuters) -The South African rand weakened against a broadly stronger U.S. dollar on Thursday after local data showed a rise in producer inflation, a widening budget deficit and a trade deficit. At 1510 GMT, the rand traded at 18.8850 against the dollar, about 0.7% weaker than its previous close. The dollar last traded around …

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Zimbabwe sees economic growth falling in 2024 due to drought

30 Nov 2023 30 Nov 2023

By Nyasha Chingono HARARE (Reuters) -Zimbabwe’s economic growth is expected to fall to 3.5% in 2024 from 5.5% this year, mainly due to an anticipated drought caused by El Nino, Finance Minister Mthuli Ncube said on Thursday. El Nino, a natural climate phenomenon in which surface waters of the central and eastern Pacific become unusually …

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