Reuters Africa Business

South Africa’s Massmart flags wider annual loss due to looting

21 Dec 2021

JOHANNESBURG (Reuters) -South African retailer Massmart Holdings flagged on Tuesday a wider annual loss, due to store damages and lost trading income suffered due to looting in July during protests over former President Jacob Zuma’s imprisonment. The retailer, majority-owned by Walmart Inc, said its headline loss per share, the main profit measure in South Africa, …

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Morocco’s central bank keeps benchmark interest rate at 1.5%

21 Dec 2021

RABAT (Reuters) -Morocco’s central bank held its benchmark interest rate at an all-time low of 1.5% on Tuesday, saying its monetary policy was accommodative and consistent with the economic outlook. The inflation forecast was revised upwards to 1.4% in 2021 and 2.1 next year, the bank said in a statement following its quarterly meeting, citing …

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French tycoon Bollore gets $6.4 billion offer for African logistics assets

21 Dec 2021

By Mathieu Rosemain and Gwénaëlle Barzic PARIS (Reuters) – French billionaire Vincent Bollore has received a 5.7 billion-euro ($6.43 billion) offer from Mediterranean Shipping Company (MSC) for his African logistics assets, a deal that would transform his family group just two months before his self-declared retirement. His company, French conglomerate Bollore SE, announced the bid …

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IMF, Mozambique to discuss first credit facility since $2-billion graft scandal

21 Dec 2021

JOHANNESBURG (Reuters) – The International Monetary Fund will start discussions next month on an extended credit facility with Mozambique, the fund said on Tuesday, its first potential programme with the country since suspending support in 2016. That year Mozambique unveiled hefty state-backed borrowing it had previously failed to disclose, in a $2-billion corruption scandal that …

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Ivory Coast dockers suspend strike that threatened cocoa bean exports

20 Dec 2021

By Ange Aboa ABIDJAN (Reuters) – Dockers in Ivory Coast’s two main ports of Abidjan and San Pedro have suspended a week-long strike while negotiations are held with the government, a union spokesperson said on Monday. Workers demanding better working conditions and pay blocked access to the ports on Friday, a move that threatened to …

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South African stocks fall as global markets hit by Omicron worries

20 Dec 2021

JOHANNESBURG (Reuters) -South African stocks weakened on Monday amid a broader fall in emerging and developed equity markets, dragged down by renewed concerns over the fast-spreading Omicron variant, while the rand reversed earlier losses as the dollar steadied. The overall mood was bearish across global markets, with investors selling equities, riskier currencies and commodities as …

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