Reuters Africa Business Archives - Page 582 of 921

South African retailer Woolworths to spend over $500 million in capex to 2026

30 Aug 2023 30 Aug 2023

By Tannur Anders JOHANNESBURG (Reuters) -South African retailer Woolworths said on Wednesday it planned to spend 10 billion rand ($538 million) in capital expenditure over the next three years as it seeks to strengthen margins. The capex will be aimed at capacity enhancement and improved customer experience, the food and fashion retailer’s Head of Finance …

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Ships drop anchor around Gabon as country shuts down after coup

30 Aug 2023 30 Aug 2023

By Jonathan Saul LONDON (Reuters) – At least 30 commercial ships dropped anchor on Wednesday around Gabon’s waters after military officers said they had seized power in the Central African country, according to data and maritime sources. Military officers in the oil-producing country said they had put President Ali Bongo under house arrest, after the …

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Gabon’s Assala Energy says oil production unaffected by coup

30 Aug 2023 30 Aug 2023

By Ron Bousso LONDON (Reuters) – Assala Energy, which is wholly owned by Carlyle Group, said its oil production in Gabon has been unaffected by the military coup in the country. “We can confirm that all our personnel are safe, our operations continue as usual and our production is not affected,” a company spokesperson said. …

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Tanzania names new energy minister to oversee LNG development

30 Aug 2023 30 Aug 2023

DAR ES SALAAM (Reuters) – Tanzania President Samia Suluhu Hassan named a new energy minister on Wednesday as part of a cabinet reshuffle, ahead of expected cabinet approval for a $42 billion liquefied natural gas (LNG) project. Doto Biteko, previously mines minister, will replace January Makamba as energy minister and will also become deputy prime …

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South Africa’s Harmony advances plans to extend world’s deepest gold mine

30 Aug 2023 30 Aug 2023

NAIROBI (Reuters) -Harmony Gold Mining, South Africa’s biggest gold producer by volume, said it will seek board approvals on deepening its flagship Mponeng mine, which buoyed a rebound to profit in the year through June. The Johannesburg-based firm aims to extend the life of the world’s deepest gold mine and will seek board approvals when …

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Wall St rallies, Treasury yields retreat as data hints at potential Fed pause

29 Aug 2023 29 Aug 2023

By Stephen Culp NEW YORK (Reuters) – Wall Street surged on Tuesday and Treasury yields dropped amid light, pre-holiday trading as a smattering of weak data had investors rejiggering their expectations regarding U.S. monetary policy. All three major U.S. stock indexes ended the session sharply higher, as investors looked ahead to crucial economic data due …

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Oil rises 1% on softer dollar, US braces for hurricane hit

29 Aug 2023 29 Aug 2023

By Shariq Khan BENGALURU (Reuters) -Oil prices rallied more than a dollar a barrel on Tuesday as the greenback slid, while investors debated the potential impact to energy supply and demand from Hurricane Idalia set to hit Florida this week. Brent crude futures rose by $1.07, or 1.3%, to settle at $85.49 a barrel, while …

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Dollar drops on jobs data, yen rises from 10-month low

29 Aug 2023 29 Aug 2023

By Karen Brettell NEW YORK (Reuters) – The U.S. dollar fell on Tuesday after data showed that U.S. job openings fell in July, as investors await more comprehensive labor market numbers in this week’s jobs report for August. The Japanese yen also gained, after earlier falling to a 10-month low. Job openings, a measure of …

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Sibanye brings in Chinese partner for Mopani Copper Mines bid

29 Aug 2023 29 Aug 2023

By Felix Njini NAIROBI (Reuters) -South Africa’s Sibanye Stillwater plans to bring in a Chinese investor to form a partnership if it wins its bid to buy Zambia’s Mopani Copper Mines, its Chief Executive Neal Froneman told Reuters. The Johannesburg-based precious metals producer is on the shortlist of potential buyers for the copper mines owned …

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South African rand gains before data-heavy end to the week

29 Aug 2023 29 Aug 2023

JOHANNESBURG (Reuters) -The South African rand gained on Tuesday ahead of a raft of domestic and international data releases due later this week. At 1522 GMT, the rand traded at 18.4825 against the dollar, nearly 0.6% stronger than its previous close. Analysts struggled to pick out a local driver, saying one factor helping the risk-sensitive …

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