Reuters Africa Business Archives - Page 632 of 692

South African coal miner Thungela rues ‘missed opportunity’ as European demand surges

22 Mar 2022 22 Mar 2022

By Nelson Banya HARARE (Reuters) -South Africa’s Thungela Resources Ltd said on Tuesday it had seen increased demand for thermal coal from Europe as the war in Ukraine dents supply, but rail logistics constraints in South Africa continue to limit its capacity to export. Higher coal prices and better cost management helped Thungela post its …

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Kenya’s Equity Group’s profit surges in 2021, sees loan book growth

22 Mar 2022 22 Mar 2022

By Duncan Miriri and George Obulutsa NAIROBI (Reuters) -Equity Group, Kenya’s biggest lender by assets, expects to boost its loan book this year as it shifts from government securities, its chief executive said on Tuesday. The lender, which also operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and Democratic Republic of Congo, more than doubled …

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Nigeria’s central bank keeps rates unchanged, signals tightening

22 Mar 2022 22 Mar 2022

By Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s central bank on Monday kept its benchmark interest rate unchanged at 11.5% to boost its fragile economy and counter potential headwinds from the Ukraine war, Governor Godwin Emefiele said. Three rate setters voted to raise rates by 25 basis points and one for a 50 basis point hike. …

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Zambia’s 2021 copper production falls by 4.5% – statistics agency

22 Mar 2022 22 Mar 2022

LUSAKA (Reuters) – Copper production in Zambia dropped to 800,696 tonnes last year from 837,996 tonnes the year before, data obtained from the nation’s statistics agency showed on Tuesday. Zambia’s cobalt production also dropped to 247 tonnes last year from 316 tonnes a year earlier, according to the Zambia Statistics Agency (ZAMSTATS). The Zambia Chamber …

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Ghana imposes record interest rate hike to slow inflation

21 Mar 2022 21 Mar 2022

By Christian Akorlie and Cooper Inveen ACCRA (Reuters) -Ghana’s central bank announced its biggest ever interest rate hike on Monday as it seeks to slow rampant inflation that threatens to create a debt crisis in one of West Africa’s largest economies. The Bank of Ghana raised its main lending rate by 250 basis points to …

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U.S. places sanctions on Sudan’s Central Reserve Police over protest crackdown

21 Mar 2022 21 Mar 2022

By Daphne Psaledakis and Khalid Abdelaziz WASHINGTON/KHARTOUM (Reuters) -The United States on Monday imposed sanctions on Sudan’s Central Reserve Police, accusing it of using excessive force against peaceful protesters demonstrating against last October’s military coup. The U.S. Treasury Department said in a statement the Central Reserve Police, a division of the wider police force, has …

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Rwanda’s economy seen expanding slower this year as inflation bites

21 Mar 2022 21 Mar 2022

KIGALI (Reuters) – Rwanda’s economy is projected to grow 7.2% this year as the war in Ukraine is likely to raise inflation by increasing the price of cereals like wheat, Finance Minister Uzziel Ndagijimana said on Monday. On Monday the country’s Statistics Bureau said the economy expanded by 10.9% in 2021. “It is not easy …

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Zambia’s Mopani halts copper mining at a shaft after accident

21 Mar 2022 21 Mar 2022

LUSAKA (Reuters) – Zambia’s Mopani Copper Mines (MCM) has suspended operations at one of its shafts following an accident in which one person was killed, the company said in a statement on Monday. “All operations at SOB (South Ore Body mine shaft) have been suspended until further notice,” the statement said, adding that the accident …

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Egypt’s central bank cancels scheduled meeting after rate hike

21 Mar 2022 21 Mar 2022

CAIRO (Reuters) – Egypt’s central bank has cancelled its monetary policy committee meeting scheduled for Thursday, it said, following an exceptional meeting where key rates were raised by 100 basis points on Monday. The country’s currency depreciated by about 14% after the unscheduled rate decision. (Reporting by Nayera Abdallah, writing by Nafisa Eltahir; Editing by …

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Egypt sovereign wealth fund attracts more than $2 billion – govt

21 Mar 2022 21 Mar 2022

(Reuters) – Egypt’s sovereign wealth fund has attracted more than $2 billion in investments, the government said in a statement on Monday. The fund was set up in 2019 with the aim of bringing in private investors to develop promising state assets. (Reporting Momen Atallah, writing by Maher Chmaytelli; Editing by Toby Chopra)