Reuters Africa Business Archives - Page 561 of 921

South Africa’s foreign direct investment inflows rise to $2.8 billion in Q2

28 Sep 2023 28 Sep 2023

JOHANNESBURG (Reuters) – South Africa recorded foreign direct investment inflows of 53.8 billion rand ($2.8 billion) in the second quarter of 2023, up from inflows of 0.5 billion rand in the first quarter, central bank data showed on Thursday. The South African Reserve Bank said in its Quarterly Bulletin that the acquisition of a domestic …

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S.African lender Capitec says worst over in bad loans, shares up 9%

28 Sep 2023 28 Sep 2023

JOHANNESBURG (Reuters) -South Africa’s Capitec Bank said on Thursday the lender had seen the worst of the impacts of high inflation and elevated interest rates that gnawed at its earnings for the six months ended Aug. 31, sending its shares up over 9% in early trade. Capitec Bank is among the fastest-growing South African lenders …

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South Africa’s Attacq posts 14.5% rise in distributable income

28 Sep 2023 28 Sep 2023

JOHANNESBURG (Reuters) -South African commercial property group Attacq said on Thursday its full-year distributable income rose by 14.5%, mainly due to higher operating income from the group’s home portfolio and lower finance costs. The owner of Mall of Africa said distributable income per share, one of the primary measures of underlying financial performance in the …

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Global stocks extend sell-off as bond yields surge

27 Sep 2023 27 Sep 2023

By Sinéad Carew NEW YORK (Reuters) – A global index of stocks closed Wednesday’s choppy session slightly lower to extend the previous day’s sharp sell-off, as oil prices rallied and U.S. Treasury yields climbed along with the dollar. U.S. crude oil futures briefly nudged above $94 per barrel, intensifying concerns about rising gasoline prices and …

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Dollar index climbs to 10-month high; yen, euro languish

27 Sep 2023 27 Sep 2023

By Karen Brettell and Samuel Indyk NEW YORK (Reuters) – The dollar hit a 10-month high against a basket of major currencies on Wednesday, pushing the euro to an almost nine-month low and keeping the yen in intervention territory, as investors bet the U.S. economy will outperform its competitors in an environment of high interest …

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Air Senegal, Royal Air Maroc sign codeshare agreement

27 Sep 2023 27 Sep 2023

DAKAR (Reuters) – Air Senegal and Morocco’s Royal Air Maroc on Wednesday signed a memorandum of understanding for code-sharing and other steps to deepen cooperation. Air Senegal said in statement the carriers would seek to increase connections and provide more options for passengers. Other areas of cooperation include aircraft maintenance, chartering and handling. “Royal Air …

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TotalEnergies to return more cash to shareholders as oil and gas output rise

27 Sep 2023 27 Sep 2023

By Forrest Crellin and Benjamin Mallet PARIS (Reuters) -French energy group TotalEnergies is to increase returns to shareholders and plans to raise its oil and gas production by 2 to 3% per year over the next five years. The group said at an investor day that it expects to distribute about 44% of its cashflow …

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South African utility Eskom expects lower power cuts in summer – CEO

27 Sep 2023 27 Sep 2023

JOHANNESBURG (Reuters) – South African utility Eskom has an optimistic outlook for power supply in the summer months, its CEO said on Wednesday, as one of its newest power plants is expected to progressively come online. In May, Eskom had projected an unprecedented level of power cuts during the winter months. Although its most dire …

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South African rand extends losses for the week

27 Sep 2023 27 Sep 2023

JOHANNESBURG (Reuters) -The South African rand extended losses on Wednesday, after tumbling the day before on the back of soaring U.S. Treasury yields. At 1501 GMT, the rand traded at 19.1275 against the dollar, about 0.24% weaker than its previous close. The dollar last traded around 0.35% stronger against a basket of global currencies. On …

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Higher interest rates a drag on South African insurer Old Mutual

27 Sep 2023 27 Sep 2023

By Tannur Anders JOHANNESBURG (Reuters) -South African insurer Old Mutual Ltd said on Wednesday that benefits from higher interest rates were somewhat offset by their impact on customers, and it expects persistent pressure from tightening monetary policy to only stabilise in 2024. The country’s largest life insurer was able to achieve a better return on …

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