CAPE TOWN (Reuters) – South Africa’s freight logistics group Transnet has suspended operations on its main iron ore railway line due to cable theft, it said in a statement on Wednesday. “A power failure was reported on the line at 23h50 on Tuesday night and upon inspection the team confirmed that 11 spans of catenary …
South Africa’s Transnet suspends iron ore railway due to cable theft Read More »
By Libby George LONDON (Reuters) – The Nigeria Sovereign Investment Authority (NSIA) expects to receive $100 million to $200 million this year from the government and the removal of fuel subsidies would boost the amount of cash available, its chief investment officer told a panel in London on Wednesday. Newly inaugurated President Bola Tinubu pledged …
Nigeria’s fuel subsidy removal will boost sovereign wealth fund cash -CIO Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria spent more than 11.35 trillion naira ($25 billion) on fixing the country’s three moribund refineries in the past 10 years, the outgoing parliament said in a report, calling for a forensic audit of the matter. Despite the huge amounts spent to rehabilitate the refineries, they were producing at …
Nigeria spent $25 billion to fix refineries – outgoing parliament Read More »
JOHANNESBURG (Reuters) – South Africa’s rand retreated on Wednesday, hovering near a record low hit in the previous session, as weak manufacturing data for China hit commodity currencies and the dollar rose on weakening European inflation. The rand has in May lost more than 7% against the dollar, as investor sentiment soured over factors including …
South Africa’s rand hovers near record low, stocks slide Read More »
By Nelson Banya and Nyasha Chingono HARARE (Reuters) – Zimbabwe wants lithium miners operating in the country to work towards producing battery-grade lithium locally and could impose a tax on exports of lithium concentrate in future, Mines Minister Winston Chitando said on Wednesday. The southern African country holds significant reserves of lithium, a battery mineral …
Zimbabwe presses miners to produce battery-grade lithium locally Read More »
NAIROBI (Reuters) – Kenya’s inflation rose to 8% year-on-year in May, from 7.9% last month, data from the statistics office showed on Wednesday. On a monthly basis, May inflation was at 0.9% compared to 0.5% in April, the Kenya National Bureau of Statistics said in a statement. The government has a preferred inflation range of …
JOHANNESBURG (Reuters) – South African company profits this year will not turn negative even if the economies of the country’s biggest trading partners come under pressure, a top local asset manager said on Wednesday. Old Mutual Investment Group, the asset management arm of insurer Old Mutual, believes South Africa’s banks, insurance companies and globally diversified …
S.African company earnings will be positive this year, asset manager says Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria has revised its tax-to-GDP ratio for 2021 to 10.86% from 6% following an adjustment to include revenues collected by other government agencies, the tax office chief said on Wednesday. Tax collection rates have hovered between 5%-6% of gross domestic product over the past 12 years, Federal Inland Revenue …
Nigeria revises 2021 tax-to-GDP ratio to 10.9% -tax chief Read More »
By MacDonald Dzirutwe and Camillus Eboh ABUJA (Reuters) -Nigeria’s state oil firm NNPC Ltd on Wednesday hiked petrol prices to as high as 557 naira ($1.21) per litre from 189 naira, days after new President Bola Tinubu said fuel subsidies would be scrapped. The increase signals an end to the fuel subsidy regime that the …
Nigeria triples petrol prices after president says to scrap subsidy Read More »
By Seun Sanni and Richa Naidu ALAYIDE, Nigeria (Reuters) – Busari Kasali once lived with the fear that his cassava – a staple crop in his native Nigeria – would spoil before it got to market. Today, the 76-year-old says his main concern is keeping up with growing demand from consumer goods giant Unilever. “Things …
Unilever pivots to African suppliers as forex pressure mounts Read More »
