Reuters Africa Business

JOHANNESBURG (Reuters) – The South African rand gained more than 1% against the dollar on Monday, despite an economic survey that showed business activity was at an almost two-year low. At 1600 GMT, the rand traded at 19.2900 against the dollar, up about 1.15% from its closing level on Friday. The dollar was last trading …

South African rand strengthens despite lacklustre PMI Read More »

MILAN (Reuters) – Europe must help Africa achieve economic growth using technologies which are much less polluting than the ones that helped developed economies flourish, Italian Energy and Environment Minister Gilberto Pichetto Fratin said on Monday. Speaking about the strong relationship that Italy has with some north African countries from where Rome imports a significant …

Europe must help Africa grow with low-carbon tech, Italian minister says Read More »

JOHANNESBURG (Reuters) – South African private sector economic activity contracted for a third consecutive month in May as rolling power cuts and inflationary pressures continued to weigh on business, a survey showed on Monday. The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 47.9 in May, the lowest level since July 2021, from …

South African business activity falls to almost two-year low – PMI Read More »

CAIRO (Reuters) – Non-oil private sector activity in Egypt contracted for the 30th straight month in May, weighed down by continued high inflation and weak demand, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened to 47.8 in May from 47.3 in April, but remained well below the 50.0 threshold …

Egypt non-oil activity contracts for 30th month as prices rise-PMI Read More »

By MacDonald Dzirutwe and Camillus Eboh ABUJA (Reuters) – Nigeria’s state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. The move is part of new Nigerian …

Nigeria’s NNPC winding down crude oil swap contracts -CEO Read More »

TUNIS (Reuters) – Tunisian President Kais Saied on Saturday suggested raising taxes on richer people could be an alternative to socially painful reforms as a means to secure an international financial rescue package. Tunisia’s government negotiated a preliminary agreement in October with the International Monetary Fund (IMF) for a $1.9 billion loan in return for …

Tunisian president suggests taxing rich as solution to fiscal problem Read More »

By David Lawder WASHINGTON (Reuters) – The World Bank’s new president Ajay Banga on Friday asked the lender’s 16,000 staff to “double down” on development and climate efforts as he seeks to accelerate the bank’s evolution to tackle the most pressing global problems. On his first day in the job, the former Mastercard CEO told …

World Bank’s new chief asks staff to ‘double down’ on development, climate efforts Read More »