Reuters Africa Business Archives - Page 672 of 921

Zambia says it’s close to MoU with official creditors on debt relief

21 Apr 2023 21 Apr 2023

By Chris Mfula LUSAKA (Reuters) – Zambia’s official creditors are close to signing a memorandum of understanding on debt relief, Finance Minister Situmbeko Musokotwane said on Friday. Zambia became the first African country to default on its sovereign debt during the COVID-19 pandemic in 2020, but it has struggled to finalise restructuring talks on external …

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Chad recalls envoy to Cameroon as dispute over Exxon’s asset sale escalates

21 Apr 2023 21 Apr 2023

N’DJANEMA (Reuters) – Chad has recalled its ambassador to neighbouring Cameroon in the latest escalation of a dispute over the sale by Exxon Mobil of its oil assets in both countries to Savannah Energy. Chad said in a statement late on Thursday that the president of the landlocked Central African state decided to recall its …

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Sasol says market volatility to persist amid S.African power, rail woes

21 Apr 2023 21 Apr 2023

(Reuters) – Integrated energy and chemicals firm Sasol Ltd said on Friday it expects market volatility to persist into its fourth quarter due to slower global economic growth and infrastructure challenges in South Africa. In its third quarter production update, Sasol, the world’s biggest producer of fuels and chemicals from coal and gas, reported a …

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South Africa’s Standard Bank reports 38% jump in Q1 earnings

21 Apr 2023 21 Apr 2023

JOHANNESBURG (Reuters) – South Africa’s Standard Bank Group said its first quarter attributable earnings rose by 37.8%, helped by higher interest rates and growth in transactional volumes. Standard Bank, Africa’s largest lender by assets, said higher average interest rates and a larger balance sheet supported the group’s net interest margin and net interest income growth …

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Stocks stumble as Tesla drops, US yields retreat after data

20 Apr 2023 20 Apr 2023

By Chuck Mikolajczak NEW YORK (Reuters) – A gauge of global stocks was poised for its biggest daily percentage drop in two weeks on Thursday as a sharp decline in Tesla shares weighed while softening U.S. economic data and growing worries about the debt ceiling pushed Treasury yields lower. On Wall Street, U.S. stocks closed …

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Dollar weakens as soft data backs US recession outlook

20 Apr 2023 20 Apr 2023

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar fell on Thursday as weak data reinforced expectations the world’s largest economy is likely headed toward recession, further supporting the view that the Federal Reserve could pause in June after another expected rate hike next month. The greenback hit session lows against the yen and …

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Oil falls 2% on recession fears, swelling US fuel stocks

20 Apr 2023 20 Apr 2023

By Laila Kearney NEW YORK (Reuters) -Oil prices slid by about $2 a barrel to their lowest level since late March on Thursday, dragged lower by fears a possible recession could dent fuel demand and after a rise in U.S. gasoline inventories. Brent crude futures settled at $81.10 a barrel, shedding $2.02, or 2.4%. West …

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South African rand gains as dollar slips on U.S. jobless claims

20 Apr 2023 20 Apr 2023

JOHANNESBURG (Reuters) -The South African rand gained on Thursday as the dollar slipped after U.S. weekly jobless claims data fuelled hopes the U.S. Federal Reserve could slow interest rate hikes. At 1509 GMT, the rand traded at 18.0100 against the U.S. currency, nearly 1% stronger than Wednesday’s close. The dollar was last tracking 0.19% weaker …

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Court rules Meta can be sued in Kenya over alleged unlawful redundancies

20 Apr 2023 20 Apr 2023

NAIROBI (Reuters) – A Kenyan judge ruled on Thursday that Facebook’s parent company Meta could be sued in Kenya, after 43 moderators at its Nairobi hub last month filed a lawsuit against the group and its local partner Sama for unfair termination. In response, Judge Matthews Nduma issued an interim injunction against Meta and Sama …

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South Africa’s Clicks posts small rise in half-year earnings

20 Apr 2023 20 Apr 2023

JOHANNESBURG (Reuters) -South African pharmacy chain Clicks Group reported a 1.1% rise in half-year earnings on Thursday and forecast an up to 3% increase for the full year. Clicks said diluted headline earnings per share (HEPS), the main profit measure in South Africa, for the six months ended Feb. 28 totalled 472.2 cents, up from …

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