NAIROBI (Reuters) – Ethiopian state-owned Ethio Telecom expects its total revenue to rise 19% in its 2023/24 (July-June)financial year and forecasts a 29% rise in the number of customers on its network using its mobile money services, it said on Friday. The government plans to sell a stake of up to 45% in the telecoms …
Ethio Telecom forecasts 19% rise in revenue in 2023/24 Read More »
By Shadia Nasralla LONDON (Reuters) – One of Europe’s main markets for gasoline has shrunk, threatening to squeeze European refiners, after Nigeria removed fuel subsidies, which destroyed much of the country’s domestic demand and a regional market for smuggled fuel. North America and West Africa (WAF), with Nigeria at the helm, historically have been the …
Analysis-End of Nigerian fuel subsidy set to squeeze Europe’s refiners Read More »
By Chibuike Oguh NEW YORK (Reuters) -Global equity markets fell while the U.S. dollar gained on Thursday following news of stronger-than-expected U.S. economic growth despite consecutive interest rate hikes from the Federal Reserve and European Central Bank. U.S. gross domestic product (GDP) increased 2.4% in the second quarter, Commerce Department data on Thursday showed, beating …
Global equities fall, dollar rises after strong U.S. data, rate hikes Read More »
By Laura Matthews NEW YORK (Reuters) – The dollar strengthened against the euro on Thursday, after better-than-expected U.S. economic data continue to foil investors’ expectation for relatively dovish monetary policy from the Federal Reserve. A recent string of strong data show that, for now, the U.S. is staving off a recession, increasing the likelihood that …
US dollar rises as strong data push against dovish policy narrative Read More »
By Laura Sanicola (Reuters) -Oil settled higher Thursday, with Brent crude topping $84 a barrel for the first time since April, supported by supply tightness following OPEC+ production cuts and renewed bullishness on the outlook for Chinese demand and global growth. Crude has posted four consecutive weekly gains on an expected tightening of supply because …
JOHANNESBURG (Reuters) – Standard Bank, Africa’s largest lender by assets, will take full control of property company Liberty Two Degrees, its subsidiary said on Thursday, betting on a recovery in South Africa’s depressed property prices. The lender currently owns 58.52% of L2D and its insurance arm Liberty Group will acquire the remaining shares from minority …
S.Africa’s Standard Bank to acquire remainder of Liberty Two Degrees Read More »
By Andrew Osborn MOSCOW (Reuters) -Russian President Vladimir Putin on Thursday told African leaders he would gift them tens of thousands of tons of grain despite Western sanctions, which he said made it harder for Moscow to export its grain and fertilisers. Speaking at a Russia-Africa summit in St Petersburg, Putin said Russia was ready …
Putin promises African leaders free grain despite ‘hypocritical’ Western sanctions Read More »
JOHANNESBURG (Reuters) -The South African rand fell on Thursday, surrendering gains made earlier in the day after strong U.S. economic data sent the dollar up. At 1510 GMT, the rand traded at 17.6875 against the dollar, about 0.4% weaker than its previous close after earlier trading up as much as 1.1%. The dollar was up …
Rand turns to losses as dollar gains on strong U.S. data Read More »
By Camillus Eboh ABUJA (Reuters) – Nigerian labour unions plan to strike from Wednesday to demand a reversal in petrol price hikes and lower public school fees, the Nigerian Labour Congress (NLC) said. The NLC, which represents millions of workers across most sectors of Africa’s biggest economy, including parts of the oil industry, said it …
Nigeria unions to strike unless fuel price hike is reversed Read More »
(Reuters) – ArcelorMittal South Africa swung to a half-year loss on Thursday, blaming the country’s electricity crisis, high inflation and weak demand from key steel-consuming sectors. The South African unit of the world’s No.2 steelmaker ArcelorMittal said it made a headline loss per share of 0.40 rand ($0.0227) in the six months to June 30, …
ArcelorMittal S.Africa reports H1 loss amid power crisis Read More »
