Reuters Africa Business

S.African realtor Liberty Two Degrees posts 7.4% rise in interim profit

31 Jul 2023

JOHANNESBURG (Reuters) -South African commercial property group Liberty Two Degrees said on Monday its half-year distribution, or part of the profit that will be distributed as dividends, rose 7.4%. Its distribution per share – the primary measure of profits in real estate investment trusts (REITs) – rose to 18.77 South African cents in the six …

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Nigeria’s Tinubu appoints investigator to probe central bank – letter

30 Jul 2023

ABUJA (Reuters) – Nigeria’s President Bola Tinubu has appointed a financial watchdog to investigate the central bank, weeks after he suspended its governor, a copy of a letter from the president showed on Sunday. Tinubu on June 9 suspended Godwin Emefiele, who was then detained by state security agents for allegedly misappropriating funds and a …

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World shares rise, U.S. yields weaken after inflation data, BOJ rate tweak

28 Jul 2023

By Chibuike Oguh NEW YORK (Reuters) -World shares rose while U.S. Treasury yields fell on Friday as markets digested the Bank of Japan’s decision to tweak its ultra-loose monetary policy as well as data showing a continuing moderation in annual U.S. inflation. The Bank of Japan on Friday adjusted its yield curve control scheme, offering …

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BOJ tweak stirs yen volatility; dollar stays down after US data

28 Jul 2023

By Laura Matthews NEW YORK (Reuters) – The yen had its most volatile trading session in months on Friday after the Bank of Japan tweaked its yield curve control policy, leaving investors wondering if an eventual shift in its massive stimulus program is approaching. Whipsawing as traders digested the decision, the Japanese yen weakened 1.13% …

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Rusal considers restart of aluminium smelter in Nigeria

28 Jul 2023

LONDON (Reuters) – Russian aluminium producer Rusal and the Nigerian government are discussing possible restart of the smelter Alscon in Nigeria which was suspended as loss-making 10 years ago, Rusal said on Friday. Alscon produced 22,000 tonnes of aluminium in 2012, 11% of its annual production capacity, before Rusal suspended it in early 2013 due …

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Ocean shippers playing catch up to electric vehicle fire risk

28 Jul 2023

By Lisa Baertlein and Anthony Deutsch LOS ANGELES/AMSTERDAM (Reuters) – Electric vehicles are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance and emergency response officials said. That risk has been put under …

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Risk-sensitive rand gains as global interest rates seen peaking

28 Jul 2023

JOHANNESBURG (Reuters) -The South African rand posted strong gains on Friday afternoon, on buoyant risk appetite whetted by the prospect that global interest rates could be nearing their peak. At 1510 GMT the rand was trading at 17.6250 against the dollar, about 1.2% stronger than its previous close after earlier trading up as much as …

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Kenya appeals court unfreezes finance law that sparked unrest

28 Jul 2023

NAIROBI (Reuters) -A Kenyan appeals court on Friday lifted a suspension placed on a disputed government finance law that will double the value-added tax on fuel and introduce a new housing levy – legislation that sparked deadly opposition protests this month. Under the new law, whose implementation was frozen within days of its enactment late …

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