By Camillus Eboh ABUJA (Reuters) – West Africa’s regional bloc said it has launched a 330 kilowatt interconnection line to supply electricity from Nigeria to Niger, Burkina Faso, Benin and Togo at a cost of $568 million. Once the newly-launched project is completed, all 14 member countries of the Economic Community of West African States …
West Africa to jump start power market with $568 million power line Read More »
JOHANNESBURG (Reuters) -South Africa’s energy regulator Nersa said on Thursday that it had granted struggling state power utility Eskom an overall average tariff increase for the 2022/23 financial year of 9.61%, versus the 20.50% increase Eskom had applied for. Nersa rarely allows Eskom the full amount it applies for, with disputes between the two often …
South Africa’s Eskom granted 9.61% tariff rise, less than half sought Read More »
GABORONE (Reuters) – Botswana’s central bank left its main lending rate unchanged at 3.75% in a decision announced on Thursday, saying it believed high inflation was transitory. The bank said it saw inflation, which was running at 10.6% in annual terms in January, starting to decline in the second quarter and falling back within a …
Botswana holds main rate, says high inflation transitory Read More »
CAIRO (Reuters) – Remittances from Egyptians abroad declined 3.9% year on year in November 2021 to reach $2.5 billion, falling from $2.6 billion the year before, the central bank said in a statement on Thursday. Remittances from Egyptian workers abroad amounted to $28.9 billion in the period January 2021 to November 2021, the statement added. …
CAPE TOWN (Reuters) – Operator TotalEnergies has made a significant discovery of light oil and associated gas off the coast of Namibia, the company said on Thursday. Two sources earlier told Reuters about the large discovery in the Venus-X1 well, the second recent offshore discovery for the southern African country that has ambitions to become …
TotalEnergies makes large oil discovery off Namibia Read More »
WASHINGTON (Reuters) – The International Monetary Fund said on Wednesday its Executive Board has approved a $116 million disbursement for Cameroon after completing an initial review of the country’s loan programs. The payment will bring total disbursements to about $293 million under Cameroon’s Extended Credit Facility and Extended Fund Facility arrangements. The programs were valued …
IMF says board approves $116 million disbursement to Cameroon Read More »
JOHANNESBURG (Reuters) – Distell, set to be acquired by Dutch beverage company Heineken, said its half-year profit rose 17.5% on Thursday due to foreign currency gains even as the South African drinks maker continues to face the impact of the pandemic. Distell, which makes wines, spirits and ciders, grew headline earnings per share (HEPS) – …
S.Africa’s Distell reports 17.5% rise in interim profit Read More »
JOHANNESBURG (Reuters) – South African insurer Discovery Ltd held off on restoring its dividend on Thursday, even as it reported a 26% jump in normalised half-year profits and said big bets on growth initiatives were showing signs of paying off. Discovery has not paid a dividend since before the pandemic, and held back even as …
Insurer Discovery half-year profit jumps; holds dividend on COVID worries Read More »
By Rachel Savage and Promit Mukherjee LONDON/JOHANNESBURG (Reuters) -South Africa’s rand steadied on Wednesday, after the finance ministry said in the national budget that debt would peak lower than previously expected and spending would grow only modestly. Finance Minister Enoch Godongwana announced in his maiden budget that higher prices for South Africa’s key commodities exports …
S.Africa’s rand steady amid better debt outlook in budget Read More »
By Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s Treasury will trim its budget deficit forecasts for coming years later on Wednesday as bumper commodity prices boost corporate tax receipts, a Reuters poll of economists found. The deficit will narrow to 5.9% of gross domestic product (GDP) for the year that begins March 1 from this …
South Africa expected to announce trimmed deficits for coming years Read More »
