Reuters Africa Business

Billionaire-owned Vedanta seals Zambian copper assets deal

6 Nov 2023

LUSAKA (Reuters) -Vedanta Resources and the Zambian government on Monday sealed an agreement that restores the Indian company’s ownership of Konkola Copper Mines (KCM), ending a protracted ownership battle that stifled investment. Zambia’s Mines Minister Paul Kabuswe witnessed the signing of the agreement between state firm ZCCM-IH with Chris Griffith, Vedanta’s head of base metals, …

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Botswana conducts due diligence on HB Antwerp stake, president says

6 Nov 2023

By Brian Benza GABORONE (Reuters) – Botswana is conducting due diligence on HB Antwerp, as the world’s top diamond producing country by value seeks to finalise a deal to acquire a 24% shareholding in the Belgian gem trader, President Mokgweetsi Masisi said on Monday. At the height of talks for a new sales contract with …

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South Africa’s Redefine reports distributable income hit by high interest rates

6 Nov 2023

JOHANNESBURG (Reuters) -South African commercial property group Redefine on Monday said its full-year distributable income fell 4.1%, mainly due to elevated interest rates that increased net funding costs. The group reported distributable income – a primary measure of financial performance among listed property firms – of 3.5 billion rand ($192 million) in the year ended …

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South Africa powers ahead with 3GW of gas projects, minister says

5 Nov 2023

(Reuters) – South Africa is accelerating plans for 3 gigawatts (GW) of gas-fired power generation to help to plug an energy deficit that is hurting the economy, electricity minister Kgosientsho Ramakgopa said on Sunday. Africa’s most developed economy is facing daily power cuts because of regular breakdowns at state power utility Eskom’s ageing coal-fired plants, …

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Egypt’s non-oil activity shrinks in October as inflation, supply shortages bite -PMI

5 Nov 2023

CAIRO (Reuters) – Egypt’s non-oil private sector shrank for a 35th consecutive month in October as inflation, supply chain problems and a lack of access to foreign currency continued to bite into business activity, a survey showed on Sunday. The S&P Global Purchasing Managers’ Index (PMI) fell to 47.9 from 48.7 in September, sliding further …

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U.S.-Africa trade programme must be more than ‘symbolic’ -U.S. trade chief

4 Nov 2023

By Joe Bavier JOHANNESBURG (Reuters) -The United States is looking for a “more useful and effective” trade programme with Africa, U.S. Trade Representative Katherine Tai said on Saturday, as talks are underway to update a two decade-old duty free initiative. The African Growth and Opportunity Act (AGOA), which grants exports from qualifying countries duty-free access …

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Fitch downgrades Egypt one notch deeper into junk territory

4 Nov 2023

(Reuters) -Ratings agency Fitch downgraded Egypt’s long-term foreign-currency issuer default rating (IDR) to ‘B-‘ from ‘B’, citing increased financial risks and higher government debt. The downgrade reflects increased risks to Egypt’s external financing, macroeconomic stability and the trajectory of already-high government debt, the rating agency said. Recovery in Egypt’s key tourism industry, which had been …

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Stocks jump, dollar and yields drop after US jobs market softens

3 Nov 2023

By Caroline Valetkevitch NEW YORK (Reuters) – Global stock indexes rose sharply, the U.S. dollar dropped to a six-week low and benchmark 10-year U.S. Treasury yields fell to five-week lows on Friday after data showed U.S. job growth slowed more than expected in October. The job growth slowdown underscored views that the Federal Reserve may …

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Oil settles down, posts weekly loss as geopolitical risk premium ebbs

3 Nov 2023

By Laura Sanicola (Reuters) – Oil prices settled more than 2% lower on Friday as supply concerns driven by Middle East tensions eased, while jobs data raised expectations the U.S. Federal Reserve could be done hiking interest rates in the biggest oil consuming economy. Brent crude futures were down $1.92, or 2.3%, to $84.89 a …

Oil settles down, posts weekly loss as geopolitical risk premium ebbs Read More »

US dollar tumbles to six-week low after soft jobs data

3 Nov 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar fell to a six-week low on Friday after data showed the world’s largest economy created fewer jobs than expected last month, reinforcing expectations the Federal Reserve is likely to hold interest rates steady again at its December meeting. The dollar index, a gauge of the greenback’s …

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