Reuters Africa Business Archives - Page 606 of 921

Amplats names finance director Miller as new CEO as it seeks to revive earnings

27 Jul 2023 27 Jul 2023

By Nelson Banya (Reuters) – Anglo American Platinum named finance director Craig Miller as its new CEO on Thursday, as the world’s biggest platinum miner by value positions to navigate challenges posed by lower metal prices and power outages in South Africa. The unit of Anglo American Plc said on Thursday that Miller will replace …

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Dollar falls after Fed rate hike

27 Jul 2023 27 Jul 2023

By Laura Matthews NEW YORK (Reuters) – The dollar fell against a basket of its peers on Wednesday after the Federal Reserve raised interest rates by a quarter of a percentage point, citing still-elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The increase brings …

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Global shares flat, US yields fall after Fed delivers rate hike

26 Jul 2023 26 Jul 2023

By Chibuike Oguh NEW YORK (Reuters) – Global shares were mostly flat while U.S. yields fell on Wednesday after the Federal Reserve delivered its 11th consecutive hike in interest rates aimed at reining in rising consumer prices. The rate hike, which was in line market expectations, took the benchmark overnight interest rate to between 5.25% …

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Oil falls 1% after Fed rate hike, smaller-than-expected US crude stockdraw

26 Jul 2023 26 Jul 2023

By Arathy Somasekhar HOUSTON (Reuters) – Oil prices fell about 1% on Wednesday, after data showed U.S. crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point. Brent crude futures closed down 72 cents, or 0.9%, at $82.92 a barrel, while U.S. West Texas Intermediate …

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Rand weakens as Fed outcome seen posing a big risk

26 Jul 2023 26 Jul 2023

JOHANNESBURG (Reuters) -The South African rand slumped on Wednesday, as analysts said the outcome of a U.S. Federal Reserve policy meeting later in the day could leave it open to losses after strong gains this month. At 1735 GMT, the rand traded at 17.6750 against the dollar, around 0.7% weaker than its previous close, after …

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Maroc Telecom first-half profit up 2.3% boosted by African markets

26 Jul 2023 26 Jul 2023

(Reuters) – Maroc Telecom, Morocco’s largest telecoms operator, reported on Wednesday a 2.3% rise in first-half profit to a higher than targeted 2.9 billion dirhams ($300 million), citing efficient cost containment. Consolidated revenue rose 4.7% to 18.39 billion dirhams thanks to its African subsidiaries, where mobile data and mobile money services are growing faster than …

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Airlines face doubling in war insurance premiums after Sudan losses-sources

26 Jul 2023 26 Jul 2023

By Carolyn Cohn LONDON (Reuters) – Airlines could end up paying twice as much for insurance they need to protect themselves against losses triggered by war after a bruising year wiped out aviation war insurers’ revenue for 2023, industry sources say. Aircraft were destroyed at Khartoum airport in a conflict between military factions in Sudan …

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Orange’s Q2 profit in line with estimates as Africa offsets tepid France

26 Jul 2023 26 Jul 2023

STOCKHOLM (Reuters) – Orange, France’s biggest telecoms operator, on Wednesday posted second-quarter core operating earnings in line with expectations, driven by higher prices and upbeat growth in Africa and the Middle East markets. The company’s earnings before interest, tax, depreciation and amortisation after leases (EBITDAaL) rose 1% on a comparable basis to 3.31 billion euros …

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Global equities, US yields gain ahead of Fed, corporate results

25 Jul 2023 25 Jul 2023

By Chibuike Oguh NEW YORK (Reuters) -Global equity markets and U.S. Treasury yields rose on Tuesday ahead of the Federal Reserve’s expected interest rate hike and as markets awaited a stream of quarterly results from corporate heavyweights. Fed officials are gathering for their July monetary policy meeting, starting on Tuesday, where the central bank’s rate-tightening …

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Oil prices hit 3-month highs on tightening supplies

25 Jul 2023 25 Jul 2023

By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose to three-month highs on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment. Brent futures settled up 90 cents at $83.64 a barrel, after hitting $83.87 earlier, the highest since April 19. U.S. West Texas …

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