WINDHOEK (Reuters) -Namibia now expects economic growth of 3.3% this year, down from the 4.5% estimate given when the main budget was presented in March because of a projected contraction in its manufacturing sector, its finance minister said on Tuesday. In a mid-year budget review, Ericah Shafudah said so far this year manufacturing activity had …
Namibia cuts 2025 growth forecast due to manufacturing slump Read More »
By Colleen Goko JOHANNESBURG (Reuters) -South Africa’s state-owned freight and logistics company Transnet plans to invest 127 billion rand ($7.3 billion) over five years in modernizing rail lines and upgrading ports, its Chief Executive Michelle Phillips said on Tuesday. Transnet allocated 24 billion rand to infrastructure in the previous financial year and has budgeted 25 …
South Africa’s Transnet plans $7 billion of infrastructure upgrades Read More »
LAGOS (Reuters) -Nigerian fintech firm Moniepoint Inc. said on Tuesday it had raised more than $200 million in a funding round led by Development Partners International, as it seeks to expand its digital financial services across Africa and beyond. The Series C financing, which also included LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the …
Nigerian fintech gaint Moniepoint raises $200 million to expand digital services Read More »
By Yamini Kalia (Reuters) -Swiss-based bottler Coca-Cola HBC on Tuesday said it has agreed to buy a 75% stake in its African counterpart for $2.6 billion, creating the world’s second-largest Coca-Cola bottling partner by beverage volume. Coca-Cola HBC will acquire U.S.-based Coca-Cola’s roughly 42% stake in Coca-Cola Beverages Africa (CCBA) and the Gutsche Family Investments’ entire …
JOHANNESBURG (Reuters) -South Africa’s rand fell on Tuesday as a stronger dollar and retreating commodity prices weighed on risk assets. At 1448 GMT, the rand traded at 17.4450 against the dollar, down 1.3% on Monday’s close. “Our stock exchange on resources is also not doing well. It’s more of a correction than anything else,” said …
By Nafisa Eltahir (Reuters) -The Sudanese pound has shed nearly two-fifths of its value after a de facto embargo on flights from the army’s wartime capital Port Sudan into the United Arab Emirates disrupted the vital gold trade, traders and Sudanese officials said. The army relies on the UAE for hard currency from gold exports …
Sudan pound suffers as de facto UAE flight ban hits gold exports Read More »
PARIS (Reuters) -BNP Paribas said on Tuesday it was disputing a U.S. court ruling in a Sudan-related litigation, adding it believed it will be overturned on appeal. “Furthermore, BNP Paribas confirms its shareholder return policy of 60% and its capital trajectory with a CET1 of 12.5% by 2027,” the statement said. BNP shares tumbled nearly 10% on Monday, …
BNP Paribas disputes U.S court ruling in Sudan-related litigation Read More »
By Maxwell Akalaare Adombila DAKAR (Reuters) -Rebels occupying Twangiza Mining’s gold concession in eastern Democratic Republic of Congo (DRC) have looted at least 500 kilograms of bullion since May, the company told Reuters, accusing some of its own employees of aiding the theft. At current prices, the looted gold is worth around $70 million. The …
M23 rebels loot $70 million worth of gold from Congo mine since May, company says Read More »
By Colleen Goko JOHANNESBURG (Reuters) -Fitch Ratings expects South Africa to announce a revised 3% inflation target during November’s medium-term budget policy statement (MTBPS), a senior analyst said on Tuesday. Central bank Governor Lesetja Kganyago said earlier in October that the central bank and National Treasury agreed the inflation target should be lowered but they …
Fitch expects South Africa to set 3% inflation target in November Read More »
PARIS (Reuters) -BNP Paribas Chief Financial Officer Lars Machenil will host a call with analysts on Tuesday at 1300 GMT (1500 CET) to discuss Sudan litigation case, according to an email from the bank’s investor relations department seen by Reuters. BNP shares tumbled nearly 10% on Monday, with traders and analysts attributing the drop to …
BNP Paribas CFO to host call at 1500 CET to discuss Sudan litigation case Read More »
