Reuters Africa Business

Shares fall after little Fed surprise, China data and trade in focus

5 Jul 2023

By Sinéad Carew and Tom Wilson NEW YORK/LONDON (Reuters) – MSCI’s global equities index lost ground on Wednesday after weaker-than-expected overseas data and as investors monitored a heating up of American-Chinese trade tensions while they awaited upcoming U.S. economic data and second-quarter earnings. Investors shrugged off U.S. Federal Reserve meeting minutes released on Wednesday that …

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Dollar gains after Fed minutes reinforce rate hike expectations

5 Jul 2023

(Refiles to adds FOREX to headline and changes update number to 4 not 1) By Herbert Lash NEW YORK (Reuters) -The U.S. dollar edged higher against other major currencies on Wednesday after minutes from the Federal Reserve’s June policy meeting reinforced market expectations of another interest rate hike at the end of July. Almost all …

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China’s Huayou commissions $300 million Zimbabwe lithium plant

5 Jul 2023

By Nyasha Chingono GOROMONZI, Zimbabwe (Reuters) – Zhejiang Huayou Cobalt on Wednesday commissioned a lithium concentrator in Zimbabwe as it seeks to consolidate its position as one of the world’s top battery materials producers. Huayou acquired the Arcadia hard rock deposit, 40 kilometres outside Harare, from Australia-listed Prospect Resources for $422 million in April 2022. …

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South African rand weaker ahead of US Fed’s June meeting minutes

5 Jul 2023

JOHANNESBURG (Reuters) -South Africa’s rand weakened against a stronger dollar on Wednesday as traders awaited minutes from the U.S. Federal Reserve’s June policy meeting for clues on the interest rates outlook. At 1624 GMT, the rand traded at 18.7650 against the dollar, 0.4% weaker than its previous close. The dollar index, which measures the greenback …

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International miners set to benefit as China curbs germanium exports

5 Jul 2023

By Felix Njini and Clara Denina NAIROBI/LONDON (Reuters) -Big miners, including Congo’s state-backed Gecamines, Russia’s Rostec and Dutch company Nyrstar, could secure significant business from China’s curbs on exports of gallium and germanium, and some are readying to boost production. Citing national security interests, China on Monday announced export restrictions, alarming international companies in the …

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Zambia says deal with India’s Vedanta over disputed copper assets imminent

5 Jul 2023

By Felix Njini and Chris Mfula NAIROBI/LUSAKA (Reuters) – Zambia is close to resolving a dispute with Vedanta Resources over its Konkola Copper Mines, with a deal over the future of the partly state-owned unit “imminent”, its mines minister said. KCM has battled to attract investment since relations between Zambia and Vedanta broke down several …

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South African food producers warn of higher prices as infrastructure crumbles

5 Jul 2023

By Tannur Anders and Anait Miridzhanian JOHANNESBURG (Reuters) – South African food producers, among the biggest on the continent, are spending hundreds of millions of rand mitigating prolonged rolling power blackouts, water supply issues and crumbling infrastructure. This investment, sometimes at the cost of essential capital expenditure, will eventually be passed onto consumers, making food …

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South Africa business activity contracts in June for fourth consecutive month – PMI

5 Jul 2023

JOHANNESBURG (Reuters) – Activity in South Africa’s private sector contracted for the fourth consecutive month in June as higher prices continued to weigh on business demand, a survey showed on Wednesday. The S&P Global South Africa Purchasing Managers’ Index (PMI) came in at 48.7 in June compared with 47.9 in May, below a reading of …

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Decline in Egypt’s non-oil private sector eases in June- PMI

5 Jul 2023

CAIRO (Reuters) – Activity in Egypt’s non-oil private sector continued to decline in June although at a slower pace as inflationary pressures eased slightly, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 49.1 in June from 47.8 in May, but was still below the 50.0 threshold that separates …

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