OSLO (Reuters) -Equinor said on Wednesday it had agreed to sell its Nigerian business, including the company’s share in the Agbami oil field, to Nigerian-owned Chappal Energies. Equinor did not reveal the price of the transaction. “Our business in Nigeria has been very profitable and we expect to book a gain when the deal closes,” …
Equinor sells Nigeria business to Chappal Energies Read More »
By Tannur Anders JOHANNESBURG (Reuters) -South African commercial property group Vukile Property Fund said on Wednesday it had not opted for new investments in the country amid a high cost of debt. South Africa is currently facing its highest interest rates since 2009, with the central bank keeping its main lending rate unchanged at 8.25% …
S.Africa’s Vukile says high debt costs deterring local investment Read More »
By Natalie Grover and Alex Lawler LONDON (Reuters) – OPEC+ member Nigeria is unlikely to reach its own production target in 2024 after years of declining output, according to figures from two of three consultancies the group has tasked with verifying the country’s output ahead of policy decisions. The Organization of the Petroleum Exporting Countries …
Nigeria’s oil production targets could be a stretch, analysts say Read More »
JOHANNESBURG (Reuters) – South Africa’s central bank has warned that systemic risk to the country’s financial stability has remained elevated, notably due to the government’s increasing debt levels and debt-servicing costs, as well as the impact of being put on a “grey list”. The South African Reserve Bank (SARB) said in its biannual health check …
S.Africa’s cenbank says systemic risk to country’s financial stability remains elevated Read More »
By Felix Onuah and Elisha Bala-Gbogbo ABUJA (Reuters) -Nigeria plans to narrow its budget deficit to roughly 3.9% of gross domestic product (GDP) next year from about 6.1% this year, President Bola Tinubu said on Wednesday, as he projected lower borrowing costs and higher revenues. Tinubu has embarked on Nigeria’s boldest reforms in decades, removing …
Nigeria plans to trim budget deficit to 3.9% of GDP next year Read More »
NAIROBI (Reuters) -Kenya’s High Court on Tuesday declared unconstitutional a 1.5% levy intended to fund affordable housing that was imposed as part of a finance law adopted in June, but later stayed the ruling until Jan 10 to allow for the government to appeal. The law, which also doubled the fuel tax and increased the …
Kenyan court strikes down housing levy, stays ruling until Jan 10 Read More »
(Reuters) – Diversified miner Sibanye Stillwater said on Wednesday it would cut 287 jobs at its U.S platinum group metals (PGM) operations to reduce costs as metal prices decline, adding the move would not significantly affect production. The price of PGMs, mostly used by automakers to curb emissions, have declined significantly over the past year …
Sibanye to cut nearly 300 jobs at US ops after palladium price fall Read More »
By Nqobile Dludla and Toby Sterling JOHANNESBURG/AMSTERDAM (Reuters) -South Africa’s Naspers reported on Wednesday a jump of 112% in half-year profit, boosted by improved performance of its e-commerce businesses and China’s Tencent, adding that its e-commerce portfolio was now close to breakeven. “After years of investment and growth, our businesses are now at scale and …
S.Africa’s Naspers says profit doubles, e-commerce portfolio nears breakeven Read More »
(Reuters) -French oil and gas company TotalEnergies said on Wednesday it had bought a minority stake in the Xlinks Morocco-UK Power Project, a move it said would help the company achieve its targets in the coming year. TotalEnergies said it had acquired a 20 million pound ($25 million) stake. Other investors include Britain’s Octopus Energy …
TotalEnergies buys 20 million stg stake in Morocco-UK energy project Read More »
(Reuters) – South Africa’s Exxaro Resources said on Wednesday it planned to sell its ferroalloys unit to a Black-owned business by the end of June 2024. The Johannesburg-based coal miner, which has diversified into renewable energy and is looking for battery metal assets, has said the ferroalloys unit does not fit into its long-term strategy. …
S.Africa’s Exxaro to sell ferroalloys unit by end-June 2024 Read More »
