Reuters Africa Business

UAE company to take over 60% of Telkom Kenya from Helios, Treasury says

4 Oct 2023

By Duncan Miriri NAIROBI (Reuters) -United Arab Emirates-based Infrastructure Corporation of Africa LLC (ICA) will take over 60% of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya’s finance ministry said on Wednesday. The Kenyan cabinet on Tuesday rescinded a deal between a previous administration and Helios for the …

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MTN South Africa’s network availability improves due to battery, generator deployment

4 Oct 2023

JOHANNESBURG (Reuters) – MTN Group’s South African arm said on Wednesday its network availability had improved by 15% as a result of ongoing investment to ensure its mobile network operates effectively during the worst power cuts on record. As the national power grid crumbles, leaving Africa’s most advanced economy in the dark for up to …

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Kenya private sector activity contracts in September – PMI

4 Oct 2023

NAIROBI (Reuters) – Private sector activity in Kenya contracted in September as rising fuel prices hurt business right across the manufacturing, services, wholesale, retail and construction sectors, a survey showed on Wednesday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) fell to 47.8 in September from 50.6 a month earlier. Readings above 50.0 signal growth …

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South Africa business activity little changed in September – PMI

4 Oct 2023

JOHANNESBURG (Reuters) – South African private sector activity held steady in September as firms scaled back output somewhat due to rolling power cuts and cost pressures but took on more staff, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 49.9 in September from 51.0 in August, slipping …

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Oil rebounds from 3-week low, settles up despite stronger dollar

3 Oct 2023

By Stephanie Kelly NEW YORK (Reuters) -Oil prices recovered to settle slightly higher on Tuesday after sinking to three-week lows, pressured by a stronger U.S. dollar and darkening global economic signals but supported by tightening crude supply. Brent crude oil futures settled 21 cents higher at $90.92 a barrel, after falling to a session low …

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Niger bans exports of liquefied petroleum gas -government statement

3 Oct 2023

NIAMEY (Reuters) – Niger has banned all exports of liquefied petroleum gas (LPG) until further notice, the government said in a statement on Tuesday. National production should be used to supply the domestic market, and in case of surplus a special authorization can be requested to export it, the statement said. Niger normally exports its …

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Stocks slip, yields rise after US jobs data suggest higher rates

3 Oct 2023

By Herbert Lash and Amanda Cooper NEW YORK/LONDON (Reuters) -Global shares fell on Tuesday, crushed by a fresh surge in Treasury yields after U.S. job openings rose more than expected in August, in another sign of a resilient economy that points to the Federal Reserve keeping interest rates higher for longer. The dollar initially rose …

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Kenya orders 10% budget cuts, rescinds Telkom Kenya deal with Helios

3 Oct 2023

NAIROBI (Reuters) – Kenya’s cabinet on Tuesday ordered all ministries and state departments to cut 10% of their operational budgets for the 2023/24 (July-June) fiscal year, the presidency said. The East African nation is facing deepening economic challenges due to growing debt repayments, rising interest rates and high taxes that have curbed consumer demand. “As …

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