Reuters Africa Business

South Africa’s net foreign reserves fall to $54.980 billion in Sept

6 Oct 2023

JOHANNESBURG (Reuters) – South Africa’s net foreign reserves fell to $54.980 billion by the end of September from $55.444 billion in August, central bank data showed on Friday. Gross reserves decreased to $61.131 billion in September from $61.998 billion in August. The forward position, which represents the central bank’s unsettled or swap transactions, fell to …

South Africa’s net foreign reserves fall to $54.980 billion in Sept Read More »

Dollar slips, stocks gain amid still tight U.S. labor market

5 Oct 2023

By Herbert Lash and Elizabeth Howcroft NEW YORK/LONDON (Reuters) – The dollar eased while a gauge of global equities edged higher on Thursday as investors considered a still-tight U.S. labor market and Federal Reserve signals that interest rates will stay higher for longer. European stocks rebounded from three down days, while stocks on Wall Street …

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Senegal seeks regulation deal with TikTok after ban

5 Oct 2023

DAKAR (Reuters) – Senegalese authorities on Thursday refused to lift a ban on social media app TikTok as they demanded that the company sign an agreement that would allow the creation of a mechanism to remove accounts. “For the time being, the restriction is being maintained pending the conclusion of a comprehensive written agreement,” communications …

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S.African retailer SPAR exploring egg imports as bird flu hits supplies

5 Oct 2023

JOHANNESBURG (Reuters) – Grocery retailer SPAR Group is exploring potentially importing eggs from several southern African countries as South Africa’s worst outbreak of avian flu hits egg supplies and threatens the supply of chicken meat. South Africa is currently grappling with an outbreak of a high-pathogenic avian influenza (HPAI), a bird flu which spreads rapidly …

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Amplats sees no immediate rebound in low platinum metals price

5 Oct 2023

By Felix Njini JOHANNESBURG (Reuters) -Anglo American Platinum’s CEO said he expected the low metal prices companies in South Africa are currently grappling with to persist, and he was aligning the business for the possibility that they would not rise for some time. Prices for platinum-group metals, which have declined rapidly over recent months, could …

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South African rand falls to 4-month low ahead of US employment data

5 Oct 2023

By Tannur Anders JOHANNESBURG (Reuters) -The South African rand fell to a four-month low on Thursday as analysts rued the weakness of the local currency and markets wait for direction from U.S. employment data on Friday. At 1505 GMT, the rand traded at 19.5700 against the dollar, nearly 1.2% weaker than its previous close. It …

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Mozambique drops part of ‘tuna bonds’ claim against shipbuilder Privinvest

5 Oct 2023

By Sam Tobin LONDON (Reuters) -Mozambique has dropped a significant part of its claim against Emirati-Lebanese shipbuilder Privinvest over the decade-old “tuna bond” scandal, just days after settling its case against Credit Suisse, London’s High Court heard on Thursday. Mozambique’s lawyer Jonathan Adkin said the African country was no longer suing Privinvest and its owner …

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Marrakech prepares for IMF and World Bank meeting a month after deadly quake

5 Oct 2023

By Ahmed Eljechtimi MARRAKECH, Morocco (Reuters) – Moroccans living just an hour from where the global financial elite will gather for IMF and World Bank meetings next week are homeless and destitute after last month’s deadly earthquake, camping amid the rubble of their devastated villages. Near the conference venue in the city of Marrakech, where …

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Anglo CEO says miners must make “tough decisions” to remain profitable

5 Oct 2023

(Reuters) – Anglo American CEO Duncan Wanblad said on Thursday mining companies have to confront tough decisions such as cutting costs as weak metal prices hit earnings, a day after the group announced plans to shed an undisclosed number of jobs. The industry, including South Africa, where Anglo owns iron ore, platinum and diamond mines, …

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