Reuters Africa Business

South Africa’s net foreign reserves rise to $55.536 billion in February

7 Mar 2022

JOHANNESBURG (Reuters) – South Africa’s net foreign reserves rose to $55.536 billion in February from $55.005 billion in January, the Reserve Bank said on Monday. Gross reserves also edged higher, to $57.693 billion in February from $57.199 billion in January. The forward position, which represents the central bank’s unsettled or swap transactions, fell to $3.356 …

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South Africa’s TFG to buy Coricraft owner for $152 million

7 Mar 2022

By Nqobile Dludla JOHANNESBURG (Reuters) – South Africa’s TFG will buy the owner of Coricraft, Volpes and Dial-a-bed chains for 2.35 billion rand ($152.78 million) as it looks to expand further into the furniture and bedding market, the retailer said on Monday. The acquisition will help TFG reduce its reliance on Asia and other import …

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Global wheat price rise to cost Egypt additional 12 to 15 billion EGP – minister

6 Mar 2022

DUBAI (Reuters) – Global rise in wheat prices will cost Egypt between 12 to 15 billion EGP ($763-$954 million) more in its current fiscal budget than previously planned, finance minister Mohamed Maiit told Asharq news on Sunday. Egypt is often the world’s top importer of wheat. Russia’s invasion of Ukraine has left Egypt’s wheat import …

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South Africa’s rand, stocks weaken as Ukraine crisis saps risk appetite

5 Mar 2022

JOHANNESBURG (Reuters) – South Africa’s rand weakened on Friday, while stocks posted their biggest daily drop since Jan. 24, after Russian invasion forces seized Europe’s biggest nuclear power plant in Ukraine in what Washington called a reckless assault that risked catastrophe. The risk-off appetite battered markets across the globe while bonds, commodities and crude rallied …

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South Africa’s rand, stocks weaken as Ukraine crisis saps risk appetite

4 Mar 2022

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Friday, while stocks posted their biggest daily drop since Jan. 24, after Russian invasion forces seized Europe’s biggest nuclear power plant in Ukraine in what Washington called a reckless assault that risked catastrophe. The risk-off appetite battered markets across the globe while bonds, commodities and crude rallied as …

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S.Africa’s Eskom defers steam generator replacement at nuclear plant

4 Mar 2022

CAPE TOWN (Reuters) -Eskom will defer replacement of steam generators at unit 2 of its Koeberg nuclear power station owing to concerns the work would exacerbate the country’s energy crunch, senior officials at the state-owned power utility said on Friday. Unit 2 was taken offline in mid-January during scheduled refuelling and maintenance, when the three …

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