Reuters Africa Business Archives - Page 589 of 921

Wall Street, yields tread water as investors await Fed at Jackson Hole

18 Aug 2023 18 Aug 2023

By Pete Schroeder WASHINGTON (Reuters) -Wall Street ended mixed Friday and U.S. Treasury yields stabilized after a recent surge and as investors awaited further interest rate insight from the Federal Reserve next week. Global shares were stuck around two-month lows and Wall Street indexes closed nearly flat and narrowly mixed. The Dow Jones Industrial Average …

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Oil up 1% on signs of slow US output, posts first weekly loss in 8 weeks

18 Aug 2023 18 Aug 2023

By Shariq Khan BENGALURU (Reuters) -Oil prices rose about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and …

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Dollar set for fifth straight week of gains as China stays top of mind

18 Aug 2023 18 Aug 2023

By Hannah Lang WASHINGTON (Reuters) – The dollar was flat on Friday but set for a fifth consecutive week of gains in its longest winning streak for 15 months, buoyed by demand for safer assets on worries over China’s economy and bets that U.S. interest rates will stay high. The People’s Bank of China (PBOC) …

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Anglogold Ashanti shareholders approve South Africa exit

18 Aug 2023 18 Aug 2023

(Reuters) – Anglogold Ashanti shareholders on Friday voted in favour of the miner’s plans to switch its primary listing from Johannesburg to New York, the company announced, clearing the way for its exit from South Africa. More than 98% of Anglogold shareholders approved the switch, exceeding the required majority of at least 75% at a …

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South African rand gains ahead of CPI, BRICS summit next week

18 Aug 2023 18 Aug 2023

JOHANNESBURG (Reuters) -The South African rand strengthened on Friday, ahead of monthly inflation data and a BRICS summit of emerging economies in Johannesburg next week. At 1516 GMT, the rand traded at 18.9350 against the dollar, about 0.8% stronger than its Thursday close. However, the rand is down roughly 6% this month, with Rand Merchant …

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Kenya aims to speed up economic growth to help small businesses, create jobs

18 Aug 2023 18 Aug 2023

By Duncan Miriri NAIROBI (Reuters) -Kenya is aiming to boost its economic growth rate in the next four years, the finance ministry said on Friday, with plans to invest in the farming sector and small businesses to help create jobs and cut poverty. The authorities in the East African country are trying to boost growth …

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Ethiopian Airlines to manufacture parts in venture with Boeing

18 Aug 2023 18 Aug 2023

NAIROBI (Reuters) – Ethiopian Airlines will start manufacturing aircraft parts in a venture with Boeing at an initial cost of $15 million, the government’s investment agency said on Friday. The state-owned carrier, which is the biggest in Africa, has already signed the deal that also involves the local state Industrial Parks Development Corporation, the Ethiopian …

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Zimbabwe to take 30% of carbon credit revenue

18 Aug 2023 18 Aug 2023

By Nyasha Chingono HARARE (Reuters) – Zimbabwe will allow developers of carbon credits to keep as much as 70% of the proceeds for the first decade of the project, with 30% paid as an environmental levy, the government said in regulations published on Friday. Environment minister Mangaliso Ndlovu moved against what he called “climate washing” …

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Chad fines Airtel subsidiary $8 million for deteriorating network

18 Aug 2023 18 Aug 2023

N’DJAMENA (Reuters) – Chad has fined a local subsidiary of Airtel 5 billion CFA francs ($8.3 million) for breaking investment commitments, saying an audit showed its network quality was deteriorating, the African country’s telecoms regulator said on Friday. Airtel Africa is based in the United Kingdom and operates in around a dozen countries in Africa. …

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Sibanye braced for profit hit from lower prices, US output

18 Aug 2023 18 Aug 2023

(Reuters) – South Africa’s Sibanye Stillwater on Friday said it expects its half-year profit to fall by as much as 53% due to weaker platinum group metal (PGM) prices and lower output from its U.S. operations. In a trading update, Sibanye said it expected to post headline earnings per share (HEPS) of between 1.98 rand …

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