Reuters Africa Business

JOHANNESBURG (Reuters) – South African bank Absa expects annual profit to more than double in the year to Dec. 31, it said on Friday, citing cost controls and lower bad debts. In 2020 the bank reported headline earnings per share, the main profit measure in South Africa, of 730.9 cents. It said it will give …

S.African bank Absa expects annual profit to more than double Read More »

JOHANNESBURG (Reuters) – South Africa’s private sector business activity recovered in November after staff in its biggest metal-workers union returned to work after striking in October, a survey showed on Friday. IHS Markit’s Purchasing Manager’s Index (PMI) jumped to a six-month high of 51.7 in November from 48.6 a month before, skipping back into expansionary …

S.African business activity rose in Nov after metal strike ended -PMI Read More »

(Reuters) – The South African rand steadied in early trade on Friday, struggling for momentum as some uncertainty over the Omicron coronavirus variant lingered. At 0625 GMT, the rand traded at 15.9250 against the dollar, not far off its previous close of 15.9400. The continued spread of the Omicron variant globally has in recent days …

South Africa’s rand steadies, Omicron uncertainty lingers Read More »

JOHANNESBURG (Reuters) – South Africa’s TFG is buying on-demand online shopping platform and last mile delivery provider Quench, as part of a push to grow its e-commerce business, the fashion and homeware retailer said on Thursday. After years spent lagging much of the world in terms of e-commerce, South African retailers and delivery startups have …

South Africa’s TFG buys online shopping and delivery provider Quench Read More »

ABUJA (Reuters) – Nigeria’s telecoms regulator has picked MTN Nigeria, Airtel Africa and Mafab Communications to bid for 5G licences at an auction set for Dec. 13, it said on Thursday. The Nigeria Communications Commission had said in July that it expected to start auctioning spectrum for the next-generation 5G network in the fourth quarter …

MTN and Airtel Africa among bidders for Nigerian 5G licences Read More »

By Aidan Lewis CAIRO (Reuters) – Innovative financing tools provide a route to ensuring that commitments made at the COP26 climate summit are converted to action as Egypt plans for the follow-up event next year, the country’s international cooperation minister said. Scaling up climate mitigation and adaptation projects would be a challenge given the lower …

Innovative financing can help unlock promises at Egypt’s COP27 – minister Read More »

LUSAKA (Reuters) – Zambia’s copper production is expected to reduce to 800,000 tonnes by end of this year from 868,671 tonnes last year, Mines Minister Paul Kabuswe said in a statement on Wednesday. Copper output in Africa’s No.2 producer of the metal dropped to 593,500 tonnes between January and September 2021 from 623,816 tonnes in …

Zambia sees copper production down at 800,000 tonnes in 2021 Read More »

DAKAR (Reuters) – Senegal’s economy will grow 5% in 2021 thanks in part to solid industrial output, the International Monetary Fund said on Wednesday, revising up a previous forecast of 3.5% growth for this year. The Fund said it had reached a staff-level agreement with the West African nation that could pave the way for …

Senegal’s economy to rebound to 5% growth in 2021, says IMF Read More »