Reuters Africa Business Archives - Page 512 of 921

S.African asset manager STANLIB sets $1 billion goal for energy transition projects

30 Nov 2023 30 Nov 2023

By Tannur Anders JOHANNESBURG (Reuters) – South African asset manager STANLIB on Thursday launched an energy fund which aims to attract $1 billion by the end of 2028 to finance greener energy projects across the African continent. The launch of the Khanyisa Energy Transition Fund comes amid a global move towards more environmentally-friendly energy options. …

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Ghana minister confident of official creditor debt deal by end of next week

30 Nov 2023 30 Nov 2023

By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) -Ghana’s Finance Minister Ken Ofori-Atta said on Thursday that he was confident the country would reach a restructuring deal with its official creditors by the end of next week. The “cut-off date” – the date after which new loans will not be restructured – and the …

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South Africa’s SPAR withholds dividend to preserve cash after IT hit

30 Nov 2023 30 Nov 2023

By Nqobile Dludla JOHANNESBURG (Reuters) -South African grocery retailer and wholesaler SPAR said on Thursday it would withhold a final dividend to save cash after a costly IT system failure, impairments, inflationary cost rises, lower-than-expected turnover growth and losses in Poland. SPAR blamed its failure to successfully implement a resource planning system at its KwaZulu-Natal …

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Impala Platinum restarts South African mines after deadly accident

30 Nov 2023 30 Nov 2023

JOHANNESBURG (Reuters) -Impala Platinum said Thursday it is restarting mines that had been halted for two days after an accident at one of its shafts resulted in the deaths of 12 workers. Mining operations at platinum mines in Rustenburg – in South Africa’s North West province – would be gradually ramped up to full production …

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Treasury yields fall on data, rate cut expectations; dollar gains

30 Nov 2023 30 Nov 2023

By Sinéad Carew and Tom Wilson NEW YORK/LONDON (Reuters) -Treasury yields fell on Wednesday while the dollar gained and MSCI’s global stock index barely rose as U.S. Federal Reserve officials provided mixed messages on monetary policy while third-quarter data provided encouraging signs for the economy. In U.S. equities, the S&P 500 edged lower and Nasdaq …

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Dollar rises from 3-1/2-month low; rate cut bets intact

29 Nov 2023 29 Nov 2023

By Gertrude Chavez-Dreyfuss and Herbert Lash NEW YORK (Reuters) – The dollar climbed from more than three-month lows on Wednesday after data showing the U.S. economy grew faster in the third quarter than initially reported helped investors consolidate positions following four days of losses. The greenback rose against the euro and an index of six …

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Oil prices gain near 2% on expectations of deeper OPEC+ cuts

29 Nov 2023 29 Nov 2023

By Shariq Khan BENGALURU (Reuters) – Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on expectations of fresh supply cuts from OPEC+ and looked past a jump in U.S. crude, gasoline and distillate stockpiles. Brent crude futures advanced by $1.42, or 1.7%, to settle at $83.10 a barrel, …

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South Africa smartphone shipments grow 73% as Chinese manufacturers push products

29 Nov 2023 29 Nov 2023

JOHANNESBURG (Reuters) – Smartphone shipments in South Africa grew 73% year-on-year in the third quarter and were up 44% from the previous three months as major Chinese manufacturers pushed their presence in the continent’s most advanced economy, Counterpoint Research said. Although Chinese manufactures are eyeing Middle East and Africa (MEA) markets more broadly, Counterpoint said …

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Africa’s economic growth to slow in 2023, AfDB says as it slashes forecasts

29 Nov 2023 29 Nov 2023

By Rachel Savage JOHANNESBURG (Reuters) – Africa’s economic growth will slow this year and only partially recover in 2024, the African Development Bank (AfDB) said on Wednesday as it slashed its GDP forecasts for the continent amid political instability, weak global growth and high interest rates. Real GDP growth is set to fall to 3.4% …

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South African rand lifted by talk of Fed rate cuts

29 Nov 2023 29 Nov 2023

JOHANNESBURG (Reuters) -The South African rand gained on Wednesday after a U.S. Federal Reserve official flagged a possible interest rate cut in the coming months, while the local central bank said systemic risks to financial stability remained elevated. The rand traded at 18.5700 against the dollar at 1530 GMT, about 0.2% stronger than its previous …

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