Reuters Africa Business Archives - Page 521 of 921

Zambia dealt major setback as official creditors object to bond deal

20 Nov 2023 20 Nov 2023

By Rachel Savage and Karin Strohecker JOHANNESBURG/LONDON (Reuters) -Zambia suffered a major setback in its debt restructuring efforts after the government on Monday said a revised deal to rework $3 billion of Eurobonds could not be implemented at this time due to objections from official creditors, including China. Zambia and the country’s official creditor committee …

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Eni suspends World Bank arbitration in Nigeria oilfield dispute

20 Nov 2023 20 Nov 2023

By Emilio Parodi and Francesca Landini MILAN (Reuters) -Italian oil company Eni has temporary halted arbitration regarding an oilfield dispute with the Nigerian government, buying time to discuss the conversion of a licence from prospecting to one for production, sources with direct knowledge of the matter told Reuters. Eni confirmed the suspension of the arbitration …

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IMF staff agree second review of Zambia facility, unlocking $184 million

20 Nov 2023 20 Nov 2023

JOHANNESBURG (Reuters) – The International Monetary Fund has reached a staff-level agreement with Zambia on the second review of its Extended Credit Facility, unlocking another $184 million upon IMF board approval, the Fund said on Monday. The IMF’s mission chief for Zambia added in a statement that the Fund welcomed Zambia’s memorandum of understanding with …

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South African rand weakens as CPI data, rate decision awaited

20 Nov 2023 20 Nov 2023

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Monday, with investors looking ahead to inflation data and the central bank’s interest rate decision due later in the week. At 1518 GMT, the rand traded at 18.3900 against the dollar, about 0.3% weaker than its previous close. Local focus will be on inflation figures due on Wednesday …

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World Bank sees $12 billion support to Kenya over next 3 years

20 Nov 2023 20 Nov 2023

NAIROBI (Reuters) – The World Bank said on Monday that it foresaw $12 billion of support to Kenya over the next three years, potentially a major boost to the East African country’s strained finances. The bank said in a statement that the total amount was subject to the approval of its executive directors and other …

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S.Africa’s Transnet curbs coal trucks at Richards Bay terminal due to congestion

20 Nov 2023 20 Nov 2023

By Nelson Banya (Reuters) – South African state-owned logistics company Transnet said on Monday it was suspending processing trucks carrying coal to its Richards Bay terminal in order to restore order after unprecedented traffic coming into the port. The company is struggling to provide sufficient freight rail and port capacity to transport bulk minerals coal, …

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Liberia’s President-elect Boakai to review mining concessions

20 Nov 2023 20 Nov 2023

By Alphonso Toweh MONROVIA (Reuters) – Liberian President-elect Joseph Boakai, who defeated President George Weah in the Nov. 14 presidential runoff, says his administration will take a close look at mining concessions to ensure they benefit the country. Boakai, 78, a former vice president who lost to Weah in the 2017 runoff and campaigned on …

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S.Africa’s Omnia half-year profit dips as fertiliser prices decline

20 Nov 2023 20 Nov 2023

(Reuters) – South Africa-based crop nutrients manufacturer Omnia Holdings on Monday said lower fertiliser prices contributed to a 4% decline in half-year profit, but reported a surge in volumes as farmers purchased more of the commodity. Omnia, which manufactures fertilisers, industrial chemicals and mining explosives, reported headline earnings per share (HEPS) – the main profit …

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S.Africa’s Astral Foods swings to loss on $109 million electricity, bird flu hit

20 Nov 2023 20 Nov 2023

(Reuters) – South Africa’s biggest poultry producer Astral Foods swung to a full-year loss on Monday, as an ongoing electricity crisis and the country’s worst bird flu outbreak cost the company 2 billion rand ($108.9 million). Astral reported a 621 million rand operating loss in the full-year ended Sept. 30, compared to a 1.4 billion …

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Rio Tinto to pay $28 million fine to settle US SEC fraud case

18 Nov 2023 18 Nov 2023

By Jonathan Stempel NEW YORK (Reuters) -Rio Tinto, one of the world’s largest mining companies, agreed to pay a $28 million fine to settle a U.S. Securities and Exchange Commission lawsuit that accused it of fraud in handling a failed investment in a Mozambique coal project. The settlement disclosed on Friday in Manhattan federal court …

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