Reuters Africa Business

South Africa’s Eskom reports profit jump but challenges remain

15 Dec 2021

By Alexander Winning JOHANNESBURG (Reuters) -South Africa’s Eskom posted a huge jump in first-half profit on Wednesday, suggesting progress in the utility’s turnaround efforts and prompting it to forecast a much smaller full-year loss. The 9.2 billion rand ($569.4 million) profit dwarfed a 200 million rand profit a year earlier though the company acknowledged big …

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Nigerian annual inflation at 15.40% in November -stats office

15 Dec 2021

ABUJA (Reuters) – Annual inflation in Nigeria stood at 15.40% in November, compared with 15.99% in October, the National Bureau of Statistics said on Wednesday. A separate food price index showed inflation at 17.21% in November, compared with 18.34% in October. (Reporting by Camillus Eboh and Chijioke Ohuocha; Editing by Alex Richardson)

Nigeria Senate approves Buhari’s $5.8 billion borrowing request

15 Dec 2021

By Camillus Eboh ABUJA (Reuters) -Nigeria’s upper chamber of parliament on Wednesday approved President Muhammadu Buhari’s request for $5.8 billion in borrowing from international lenders. The money from the World Bank, China Export and Import Bank, German Consortium and Islamic Development Bank among other lenders, is for power projects, water and sanitation, malaria eradication programmes …

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Ghana November CPI at 12.2% year-on-year, says stats office

15 Dec 2021

ACCRA (Reuters) – Ghana’s November consumer price inflation was at 12.2% year-on-year compared with 11% the previous month, the West African nation’s statistics service said on Wednesday. (Reporting by Christian Akorlie; Editing by Alessandra Prentice)

Nigeria’s debt rose to 38 trillion naira as of Sept -debt office

15 Dec 2021

By Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s total public debt rose to 38 trillion naira ($92.75 billion) as of September, up 18% from a year earlier, the Debt Management Office (DMO) said on Tuesday. Africa’s largest economy has been racking up debt to fund infrastructure projects and boost a fragile economy now recovering from recession …

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South Africa records FDI inflows of $35 billion in Q3

15 Dec 2021

JOHANNESBURG (Reuters) – South Africa recorded 557.9 billion rand ($35 billion) of foreign direct investment inflows in the third quarter of this year versus inflows of 17.4 billion rand in the second quarter, central bank data showed on Wednesday. The central bank said its December Quarterly Bulletin that the large inflows were due to technology …

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South African rand falls on Omicron worries; stocks mixed

14 Dec 2021

JOHANNESBURG (Reuters) -The South African rand fell on Tuesday, weighed down by worries over the efficacy of COVID-19 vaccines against the Omicron variant, ahead of a data-heavy Wednesday. At 1543 GMT, the rand traded at 16.1100 against the dollar, 0.6% weaker than its previous close. A real-world study published by South African insurer Discovery showed …

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S.Africa rejects Eskom pollution exemptions, utility says 16,000 MW at risk

14 Dec 2021

JOHANNESBURG (Reuters) – South Africa has rejected state power provider Eskom’s request to remain exempt from pollution standards on some coal-fired power stations, which the utility said on Tuesday would force it to immediately shut down 16,000 MW of capacity. That equals about a third of the generating capacity of Africa’s most industrialised country. South …

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Kenya economy seen expanding 5% this year vs previous 4.5% forecast -World Bank

14 Dec 2021

NAIROBI (Reuters) – Kenya’s economy is expected to expand 5% this year, a faster pace than previously forecast, and to grow around the same rate next year on the back of a rebound in some sectors, the World Bank said in a report on Tuesday. GDP growth in the east African economy typically relies on …

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S.Africa’s Telkom CEO Maseko to step down earlier than planned

14 Dec 2021

JOHANNESBURG (Reuters) – Telkom’s outgoing CEO Sipho Maseko will step down earlier than planned at the end of December after eight years at the helm of South Africa’s third-biggest telecoms provider. Maseko was due to step down at the end of June next year, with group CEO designate Serame Taukobong taking over from July. Maseko …

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