Reuters Africa Business Archives - Page 631 of 692

Zambia’s public sector debt rises to almost $32 billion in 2021 – finance ministry

23 Mar 2022 23 Mar 2022

JOHANNESBURG (Reuters) – Zambia’s public sector debt rose 18% to $31.74 billion by the end of 2021 from end-June, a finance ministry document published on Wednesday showed, at a time when the country is negotiating to restructure its crippling debt. Foreign currency debt accounts for 54% of Zambia’s borrowing, rising 2% in the second half …

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South Africa’s rand firms as global risk sentiment improves

23 Mar 2022 23 Mar 2022

JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Wednesday as hawkish comments from the U.S. Federal Reserve fed global risk appetite and investors digested steady domestic inflation data. At 1501 GMT, the rand was up 0.66% at 14.7473 to the dollar, extending five-month highs scaled in the previous session thanks to gains in gold and expectations …

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Nigeria’s Senate confirms central bank nominees to protect economy

23 Mar 2022 23 Mar 2022

ABUJA (Reuters) – Nigeria’s Senate on Wednesday confirmed seven nominations to the central bank’s monetary policy committee (MPC) to avoid a leadership limbo that could damage an already fragile economy as some members were due to retire. A standoff in 2018 between Nigeria’s presidency and parliament over the confirmation of new members of the central …

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Another accident disrupts Zambia’s Mopani Copper Mines

23 Mar 2022 23 Mar 2022

LUSAKA (Reuters) – Zambia’s Mopani Copper Mines on Wednesday reported a second fatal accident in three days at the mine, saying a 35-year-old contractor worker died on Tuesday after falling through the roof of a copper concentrate storage shed. Operations at the smelter concentrate shed where the accident occurred have been suspended until further notice, …

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Algeria, China sign $7 billion Tebessa fertiliser production deal – Sonatrach

23 Mar 2022 23 Mar 2022

ALGIERS (Reuters) – Algeria and China have signed a shareholder agreement to invest $7 billion to produce 5.4 million tonnes of fertiliser per year in the Algerian region of Tebessa, Algeria’s national oil company Sonatrach said on Tuesday. Algeria expects the phosphate project to create 12,000 jobs during the construction phase, the statement added. (Reporting …

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Morocco’s central bank holds benchmark interest rate at 1.5%

22 Mar 2022 22 Mar 2022

By Ahmed Eljechtimi RABAT (Reuters) -Morocco’s central bank kept its benchmark interest rate at an all-time low of 1.5% on Tuesday, saying its accommodative monetary policy was needed to shore up the economy amid inflationary pressures resulting from the war in Ukraine. Driven by imported goods, inflation is expected to surge to 4.7% this year …

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South Africa’s rand firms to five-month high on expected rate hikes

22 Mar 2022 22 Mar 2022

JOHANNESBURG (Reuters) -The South African rand strengthened to a five-month high on Tuesday, as expectations that the central bank will raise interest rates later this week and portfolio inflows helped it to recover from a dip earlier in the day. At 1508 GMT, the rand traded at 14.8294 against the dollar, 0.49% firmer than its …

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S.Africa’s central bank to IPO its stake in African Bank

22 Mar 2022 22 Mar 2022

(Reuters) – South Africa’s central bank said on Tuesday it would do an initial public offering of its 50% interest in small lender African Bank Holdings Ltd (ABHL) after scrapping plans to sell the stake to investors. None of the interested investors were “suitable” to buy the stake at this stage, the South African Reserve …

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Nigerian billionaire Dangote launches $2.5-billion fertilizer plant as prices soar

22 Mar 2022 22 Mar 2022

By Seun Sanni LAGOS (Reuters) – Nigerian billionaire Aliko Dangote opened a 3-million-tonne fertilizer plant at a cost of $2.5 billion on Tuesday to target African and foreign markets even as the war in Ukraine has driven up prices for natural gas, a key ingredient for making urea. Dangote said exports from the plant will …

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Morocco’s annual CPI up 3.6% in February

22 Mar 2022 22 Mar 2022

RABAT (Reuters) – Morocco’s consumer price index rose by 3.6% year-on-year in February, the high commission for planning said on Tuesday. Food prices rose by 5.5%, while non-food inflation increased by 2.5%. On a month-on-month basis, the index rose by 0.6%. Core CPI, which excludes prices of volatile goods, increased 3.5% year-on-year and was up …

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