Reuters Africa Business

U.S.-Africa duty-free programme needs changes -U.S. trade official

26 Oct 2023

By Joe Bavier JOHANNESBURG (Reuters) – The United States should make changes to its flagship trade initiative with Africa that would increase its impact as part of a potential reauthorisation by Congress, a senior U.S. trade official said on Thursday. Launched in 2000, the African Growth and Opportunity Act (AGOA) grants exports from qualifying countries …

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AFRICA-FX-Ugandan, Kenyan and Zambian currencies seen sliding

26 Oct 2023

NAIROBI (Reuters) – The Ugandan and Kenyan shillings and Zambia’s kwacha are expected to slip in the next week to Thursday, while Nigeria’s naira is forecast to be range-bound on the official market and Ghana’s cedi and Tanzania’s shilling broadly stable, traders said. KENYA Kenya’s shilling is forecast to weaken because of increased demand for …

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Zambia announces debt restructuring agreement with bondholders

26 Oct 2023

JOHANNESBURG (Reuters) – Zambia’s finance ministry said on Thursday it had reached an agreement in principle on debt restructuring terms with a creditor group holding its international bonds, a milestone in its drawn-out debt rework process. The agreement will see the three existing bonds restructured into two new amortising bonds maturing in 2035 and 2053 …

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South Africa’s Clicks posts 11.5% rise in full year earnings

26 Oct 2023

JOHANNESBURG (Reuters) – South African pharmacy chain Clicks Group reported a rise of 11.5% in full-year earnings on Thursday, boosted by improving margins and strong cash flow generation. Clicks said its adjusted diluted headline earnings per share (HEPS) for the year ended Aug. 31 totalled 1,044.5 cents, up from 936.6 cents a year earlier. The …

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Tunisia brush-off augurs badly for EU push for African migration deals

26 Oct 2023

By Gabriela Baczynska and Tarek Amara BRUSSELS/TUNIS (Reuters) -When Tunisian President Kais Saied this month rejected 60 million euros ($63 million) in EU aid, the bloc got a taste of the risks and challenges it will face as it seeks new pacts with African states to reduce irregular Mediterranean immigration. Spurred by Italy and Spain, …

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Stocks struggle as soft earnings compound interest rate headache

25 Oct 2023

By Lawrence Delevingne (Reuters) -Stocks slipped on Wednesday after the latest round of earnings prompted concern among investors over the economic outlook, adding to the angst over painfully high interest rates, while benchmark U.S. Treasury yields and the dollar ticked up. Shares of Alphabet Inc plunged nearly 10% after the Google parent reported disappointing cloud …

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Dollar up as risk sentiment sours, Treasury yields rise

25 Oct 2023

By Saqib Iqbal Ahmed NEW YORK (Reuters) -The U.S. dollar rose to a near 1-week high against a basket of currencies on Wednesday, as investors’ appetite for riskier currencies faded following lacklustre corporate results that raised worries over the economic outlook, and as Treasury yields rose. Risk sentiment took a hit as tech giant Alphabet …

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