Reuters Africa Business Archives - Page 687 of 921

Premier African Minerals completes Zimbabwe lithium plant, production imminent

29 Mar 2023 29 Mar 2023

HARARE (Reuters) – Premier African Minerals said on Wednesday it had finished building a lithium processing plant at its Zulu mine in Zimbabwe and expected to start production of spodumene concentrate later this week. Spodumene is a lithium ore with high concentration of lithium, a key component in the production of batteries for electric vehicles. …

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IMF and Seychelles reach over $100 million staff-level agreement – statement

29 Mar 2023 29 Mar 2023

JOHANNESBURG (Reuters) – The International Monetary Fund said on Wednesday it had reached a staff-level agreement with the Seychelles on programmes that amount to over $100 million. Under the agreement, which is subject to IMF board approval, the Seychelles will have access to about $56.96 million under an Extended Fund Facility (EFF) arrangement and about …

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Default-stricken Zambia’s debts creep higher

29 Mar 2023 29 Mar 2023

LONDON (Reuters) -Default-stricken Zambia published figures on Wednesday showing that its total public debt stock climbed to $32.8 billion, including interest arrears at the end of last year, of which $18.6 billion was external. At the end of June 2022 its total debt including interest arrears was $32.5 billion, with $17.5 billion external. Zambia has …

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Stanbic Bank Uganda’s 2022 pretax profit up 37%

29 Mar 2023 29 Mar 2023

KAMPALA (Reuters) – Stanbic Bank Uganda reported a 37.5% jump in pretax profit for last year, boosted by a surge in customer deposits and credit, results published on Wednesday showed. The bank, a unit of South African’s Standard Bank Group and Uganda’s largest bank by assets, earned 483 billion shillings ($127.78 million) in profits before …

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Ghana raises main lending rate to 29.5%

29 Mar 2023 29 Mar 2023

By Cooper Inveen ACCRA (Reuters) – Ghana’s central bank on Monday raised its main interest rate to 29.5%, in a sign the monetary committee does not yet see the country’s economic situation stabilising despite two consecutive months of slowing inflation. The cocoa, gold, and oil-producing nation, one of West Africa’s largest economies, is facing its …

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S.African minister Gordhan heads to China over locomotives dispute

29 Mar 2023 29 Mar 2023

JOHANNESBURG (Reuters) -South Africa’s Public Enterprises Minister Pravin Gordhan will lead a delegation to China next month in a bid to break an impasse over the delivery of locomotives and spare parts by Chinese rail equipment maker CRRC E-Loco, state-owned logistics company Transnet said on Tuesday. The two have engaged in legal battles after Transnet …

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Central Bank of Kenya to hike rate 25 bps to 9.00%- Reuters poll

29 Mar 2023 29 Mar 2023

By Vuyani Ndaba JOHANNESBURG (Reuters) – The Central Bank of Kenya (CBK) will raise its key policy interest rate by 25 basis points to 9.00% later on Wednesday in its latest move to brake still-rising inflation, a Reuters poll predicted. A slight majority, six of 11 analysts surveyed March 21-28, predicted a 25-basis-point lift. Three …

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Wall Street falls while bond yields rise with gold

28 Mar 2023 28 Mar 2023

(Refiling to fix WRAPUP number to 7 instead of 5) By Sinéad Carew NEW YORK (Reuters) -Wall Street’s major indexes closed lower on Tuesday while Treasury yields and gold advanced as investors worried that the U.S. Federal Reserve would keep interest rates higher for longer as fears of further banking sector failures faded. Energy stocks …

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Dollar retreats as banking sector fears fade

28 Mar 2023 28 Mar 2023

By Saqib Iqbal Ahmed NEW YORK (Reuters) – The U.S. dollar fell against a basket of currencies for a second straight day on Tuesday as easing worries about a banking crisis revived investors’ appetite for riskier currencies. Investors took solace from First Citizens BancShares’ agreement to buy all of failed lender Silicon Valley Bank’s deposits …

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South African mining sector lifts local stocks, rand firms

28 Mar 2023 28 Mar 2023

JOHANNESBURG (Reuters) -South African mining stocks rose on Tuesday on the back of a weaker dollar and bigger risk appetite from investors, while local currency rand strengthened. Even though a buyout of the beleaguered Silicon Valley Bank helped calm investors’ nerves, safe haven gold continued to lure investors, while positive demand outlook from China boosted …

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