Reuters Africa Business

Mozambique switches focus to Privinvest in ‘tuna bond’ case

2 Oct 2023

By Manuel, Mucari, Sam Tobin and Kirstin Ridley MAPUTO/LONDON (Reuters) -Mozambique will turn its attention to pursuing compensation from shipbuilder Privinvest in London, officials said on Monday, after the republic struck an 11th-hour settlement with Credit Suisse over the $1.5 billion-plus “tuna bond” scandal. Mozambique Finance Minister Max Tonela confirmed at a Maputo news conference …

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South Africa gives go-ahead for TotalEnergies to drill offshore

2 Oct 2023

By Wendell Roelf CAPE TOWN (Reuters) -South Africa’s environment ministry has given the go-ahead for TotalEnergies to drill offshore for gas and oil, after rejecting an appeal from more than a dozen individuals and lobby groups who intend challenging the decision. The appeal to stop TotalEnergies from drilling in Block 5/6/7 off the Cape coast …

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Thungela says coal terminal workers’ strike not impacting exports

2 Oct 2023

(Reuters) -Thungela Resources, South Africa’s largest shipper of thermal coal burned in power stations, said its shipments of the fuel have not been impacted by a workers’ strike at the country’s key coal export hub. Workers at Richards Bay Coal Terminal (RBCT), which is owned by coal exporters including Thungela, Exxaro Resources, Glencore and Seriti, …

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South African grocery retailer Pick n Pay CEO steps down

2 Oct 2023

JOHANNESBURG (Reuters) – South African grocery retailer Pick n Pay’s chief executive has stepped down with immediate effect, the company said in a statement on Monday. Pieter Boone will be replaced by former CEO Sean Summers, the company added. (Reporting by Tannur Anders; Editing by Alexander Winning)

Credit Suisse, Mozambique secure out-of-court ‘tuna bond’ settlement

1 Oct 2023

By Noele Illien and Kirstin Ridley ZURICH (Reuters) -Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the decade-old $1.5 billion-plus “tuna bond” scandal, the Swiss bank’s new owner UBS said on Sunday, drawing a line under a damaging dispute it inherited. “The parties have mutually released each other from any liabilities and …

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Uganda’s Tilenga, Kingfisher oil projects and pipeline on track for 2025

1 Oct 2023

By Yousef Saba ABU DHABI (Reuters) – Uganda’s Tilenga and Kingfisher petroleum projects, as well as a pipeline to carry their oil to Tanzania for export, are on track for first production by 2025, Uganda National Oil Co’s chief executive said in an interview. “Tilenga is still on track,” UNOC CEO Proscovia Nabbanja told Reuters …

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Explainer-Why has Mozambique sued Credit Suisse over the ‘tuna bonds’?

29 Sep 2023

By Manuel Mucari, Kirstin Ridley and Sam Tobin MAPUTO/LONDON (Reuters) – Mozambique’s lawsuit against Credit Suisse and shipbuilder Privinvest over the decade-old “tuna bond” scandal in London could pitch one of the world’s poorest nations against corporate heavyweights in a $1.5 billion-plus battle next week. Credit Suisse’s parent UBS and the African republic were on …

Explainer-Why has Mozambique sued Credit Suisse over the ‘tuna bonds’? Read More »

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