By Kopano Gumbi PRETORIA (Reuters) -South Africa narrowly avoided a recession in the first quarter, data showed on Tuesday, but economists and analysts warned that the country faced major growth-crippling challenges for the remainder of the year. Africa’s most industrialised economy is in its worst power crisis on record with up to 10 hours a …
South Africa dodges first quarter recession, but outlook grim Read More »
By Tannur Anders JOHANNESBURG (Reuters) -South Africa’s Premier Group on Tuesday posted a jump in annual profits, saying it managed to pass on the costs of the country’s worst rolling blackouts, but a possible increase in power outages could leave it struggling to meet customer demand. For the year ended March 31, the maker of …
S.Africa’s Premier Group’s profits jump despite power cuts Read More »
NAIROBI (Reuters) – Kenya’s private sector activity fell in May, but at a slower pace than a month earlier, helped by improved performance in agriculture and construction but hurt by rising fuel prices and a weakening shilling, a survey showed on Tuesday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) was at 49.4 in May, …
Kenya private sector activity falls in May – PMI Read More »
By Patrick Werr CAIRO (Reuters) – Egypt faces an increasingly tough task raising cash for foreign debt repayments after external borrowing quadrupled over the past eight years to help fund a new capital, build infrastructure, buy weapons and support an overvalued currency. Few of its grand projects are generating additional hard currency inflows, while foreign …
Analysis-Egypt faces external debt reckoning after borrowing spree Read More »
(Reuters) – Dell Technologies Inc’s Australian unit has been found guilty by the country’s Federal Court to have misled customers about the prices or discounts on its add-on monitors on its website, Australia’s competition regulator said on Tuesday. When customers chose to buy a personal computer, Dell Australia gave them an option to bundle a …
Dell Australia found guilty of misleading customers on monitor prices, discounts Read More »
By Felix Onuah and Camillus Eboh ABUJA (Reuters) – Nigeria’s main labour union agreed after meeting with the government on Monday night to suspend a planned indefinite strike to protest the removal of a popular decades-old petrol subsidy, a signed resolution of the agreement showed. The government had obtained a court injunction stopping Nigeria Labour …
Nigeria’s main union to suspend strike over petrol subsidy Read More »
By Lawrence White and Koh Gui Qing NEW YORK/LONDON (Reuters) – World stocks and the dollar dipped on Monday as investors mulled whether the Federal Reserve will refrain from raising rates in June after data last week showed slowing U.S. wage growth, while oil prices steadied after Saudi Arabia vowed big output cuts. The benchmark …
Shares steady on hopes for rate-hike hiatus in June Read More »
By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose on Monday after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures settled up 58 cents at $76.71 a barrel, after touching a …
Oil rises on Saudi plan to deepen output cuts from July Read More »
By Karen Brettell NEW YORK (Reuters) – The dollar fell on Monday on news that the U.S. services sector barely grew in May as new orders slowed, ending an initial rally sparked by strong jobs growth. The Institute for Supply Management (ISM) said its non-manufacturing PMI fell to 50.3 last month from 51.9 in April. …
PARIS (Reuters) – Democratic Republic of Congo is nearing an agreement with neighbouring Angola over one of the offshore blocks between the countries that have been the subject of a 50-year dispute, Congo’s oil minister told Reuters. Under the terms of the production-sharing deal proposed by Angola and Chevron, each country would take a 30% …
Congo finalising agreement with Angola and Chevron over oil block – minister Read More »
