By Promit Mukherjee JOHANNESBURG (Reuters) -South African lender Absa Group said the combined impact of the worst power cuts in living memory and soaring interest rates, with another rise expected next month, has left small and medium firms as well as consumers at risk of default. Absa is the fourth bank to raise concern power …
S.Africa’s Absa adds voice to warnings power cuts add to financial strain Read More »
JOHANNESBURG (Reuters) – South African fashion retailer TFG said on Monday the country’s rolling power outages are likely to have reduced the annual retail turnover of its African business by about 1 billion rand ($55 million). State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark for up …
South Africa energy crisis likely to hit TFG Africa sales by $55 million Read More »
JOHANNESBURG (Reuters) – Mobile network operator MTN Group revised the medium-term profit margin target range for its South African business downward due to crippling power outages that have inflated operational costs. State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark for up to 10 hours a day. …
MTN downgrades medium-term margin target for South Africa on power outages Read More »
NAIROBI (Reuters) – Kenya’s President William Ruto has appointed Susan Koech, a career banker who has also worked in top government posts, to be the second deputy governor of the central bank, his spokesperson said. The post had been unoccupied for more than five years after Ruto’s predecessor failed to fill it when its previous …
Kenya’s Ruto appoints second central bank deputy governor Read More »
By Brian Benza GABORONE (Reuters) – Botswana will not drop its demand to sell a bigger share of the diamonds produced by its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, raising the stakes in talks to renew a sales deal that expires in June. Botswana and De Beers mine diamonds under an equally-owned joint …
Botswana intent on selling more diamonds without De Beers Read More »
JOHANNESBURG (Reuters) -Shares on the Johannesburg Stock Exchange fell on Friday as a sell-off in banking stocks globally drove investors away from riskier assets and following mixed U.S. jobs data. A rout on Thursday in shares of U.S.-listed SVB Financial Group, after the company’s attempt to raise capital failed, spread uncertainty through global financial stocks, …
South African stocks fall as bank jitters hit global markets Read More »
JOHANNESBURG (Reuters) -Shares on the Johannesburg Stock Exchange fell on Friday as a sell-off in banking stocks globally drove investors away from riskier assets and following mixed U.S. jobs data. A rout on Thursday in shares of U.S.-listed SVB Financial Group, after the company’s attempt to raise capital failed, spread uncertainty through global financial stocks, …
South African stocks fall as bank jitters hit global markets Read More »
JOHANNESBURG (Reuters) – Three of South Africa’s top four lenders have warned that hours of daily power cuts could hurt small and medium-sized enterprises (SMEs), which are considered the backbone of the nation’s economy. SMEs in Africa’s most industrialised nation represent more than 98% of its businesses and employ more than half of its workforce, …
S.African lenders say power cuts detrimental for small, medium industry Read More »
(Corrects source in final paragraph to Mines Minister Traore (not finance minister) BAMAKO (Reuters) -Mali’s gold exports rose 8.4% in 2022, reflecting a rise in industrial gold production over the same period, data from the country’s statistics agency showed on Friday. The West African country, exported 69.3 tonnes of gold last year, compared to 63.9 …
DAKAR (Reuters) – Ivory Coast has signed an agreement with UAE renewable energy company Masdar to explore the development of a 50-70 megawatt (MW) solar power plant, Masdar said on Friday, the latest in a series of agreements in Africa. The West African cocoa-producing nation has committed to reducing its greenhouse gas emissions by 32% …
Ivory Coast signs deal for 50-70 MW solar plant with UAE’s Masdar Read More »
