Reuters Africa Business

Exclusive-Zambia, bondholders advance $3 billion debt restructuring talks -sources

12 Jul 2023

By Jorgelina do Rosario and Rodrigo Campos LONDON/NEW YORK (Reuters) -Zambia’s overseas bondholders have entered into non-disclosure agreements (NDA) with the government as of Wednesday, according to three sources, a key step marking the beginning of formal talks to restructure over $3 billion of international bonds. The government is expected to share with some of …

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Shell finds hydrocarbons in Namibia exploration well

12 Jul 2023

By Ron Bousso LONDON (Reuters) -Shell said on Wednesday it had successfully completed drilling a fourth exploration well, Lesedi-1X, in Namibia that confirmed the presence of hydrocarbons. Shell and France’s TotalEnergies have made several oil and gas discoveries off the coast of the southern African country in recent years, leading to a sharp increase in …

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Uganda imposes levy on foreign digital companies’ income

12 Jul 2023

KAMPALA (Reuters) – Uganda’s parliament late on Tuesday passed a new tax law that imposes a 5% levy on income earned in the country by foreign providers of digital communications services such as Twitter and Meta’s Facebook. Authorities in the east African country have been exploring ways of tapping into the fast-expanding digital economy to …

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Smurfit Kappa eyes wider North Africa expansion after Morocco opening

12 Jul 2023

By Padraic Halpin DUBLIN (Reuters) -Europe’s largest paper and packaging producer Smurfit Kappa expects the opening of its first North African plant in Morocco to set the stage for further expansion in a fast growing region for consumer goods, its chief financial officer told Reuters. The Irish company, which operates in 22 European countries and …

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Dollar dives to two-month low, pound scales 15-month peaks on wage growth data

11 Jul 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar declined to a two-month low against a major currency index on Tuesday after Federal Reserve officials signaled that the U.S. central bank is near the end of its tightening cycle, while sterling hit a 15-month high after pay growth exceeded expectations. Against the yen, the dollar …

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Egypt has contracts to sell $1.9 billion worth of state assets – PM

11 Jul 2023

CAIRO (Reuters) – Egypt has signed contracts to sell stakes in state assets worth a total of $1.9 billion as part of a programme to boost the private sector and raise scarce hard currency, Prime Minister Mostafa Madbouly said on Tuesday. The contracts include a deal to sell minority stakes in three companies to Abu …

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Oil settles up 2% at 10-week high on weaker US dollar, rising demand forecasts

11 Jul 2023

By Scott DiSavino NEW YORK (Reuters) -Oil prices jumped on Tuesday, settling up about 2%, boosted by a falling U.S. dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.71, or 2.2%, to settle at $79.40 a barrel. U.S. West Texas Intermediate (WTI) …

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