JOHANNESBURG (Reuters) -The South African rand recovered some ground on Wednesday after hitting its lowest level in almost three years after South African data showed a sharp economic contraction and on hawkish comments from U.S. Federal Reserve Chair Jerome Powell. At 1531 GMT, the rand traded at 18.5200 to the dollar, 0.42% stronger than its …
CAIRO (Reuters) – Egypt’s prime minister said on Wednesday his government was in favour of “strategic investors” buying stakes in big state-owned companies. Speaking after the cabinet’s weekly meeting, Mostafa Madbouly said the government was considering offering stakes in listed companies on top of the planned IPOs for 32 companies. (Reporting by Omar Abdel-Razk Writing …
Egypt may offer stakes in state-controlled firms to strategic investors Read More »
BERLIN (Reuters) -German project developer Conjuncta on Wednesday said it signed a memorandum of understanding with Mauritania, Egypt’s energy provider Infinity and the United Arab Emirates’ Masdar for a $34 billion green hydrogen project in the West African country. The project will have a production capacity of up to 8 million tonnes of green hydrogen …
Consortium signs $34 billion MoU for hydrogen project in Mauritania Read More »
GABORONE (Reuters) – Minergy has approached Botswana’s government for a financial bailout to settle debts owed to a mining contractor, which has brought mining operations at its Masama coal mine to a halt, the company’s chief executive officer said on Wednesday. On Tuesday, Minergy announced production had ceased at Masama after the mining contractor, Jarcon Open Cast …
Botswana’s Minergy seeks govt bailout after halting coal mining ops Read More »
(Reuters) – South Africa’s business confidence fell in the first quarter, dragged by long hours of power outages and deteriorating household income, a survey published on Wednesday showed. A survey by the Rand Merchant Bank (RMB) and compiled by the Bureau for Economic Research showed the business confidence index dropped to 36 points in the …
S. Africa’s business confidence index falls slightly in first quarter- survey Read More »
HARARE (Reuters) – Zimbabwe’s tobacco production is expected to rise 8.5% year-on-year to 230 million kg in 2023 following good rains and as more farmers planted the crop, the industry regulator said on Wednesday. “It looks like we are going to have a good crop. We are expecting 230 million kg,” Tobacco Industry Marketing Board …
Zimbabwe tobacco output expected to rise 8.5% in 2023 Read More »
By Nelson Banya HARARE (Reuters) -The extended battle between Impala Platinum and Northam Platinum to acquire Royal Bafokeng Platinum (RBPlat) is impacting the takeover target’s operations and staff retention, RBPlat said on Wednesday. Mid-tier platinum group metal (PGM) producer RBPlat has been subject to a takeover battle for more than a year by the two …
S.Africa’s RBPlat says takeover uncertainty impacting operations Read More »
JOHANNESBURG (Reuters) – South Africa’s rand extended its losses against the U.S. dollar on Tuesday after new data showed the economy contracted more than expected in the last quarter of 2022. At 1546 GMT, the rand traded at 18.5300 to the dollar, about 1.5% weaker than its previous close, and the lowest it has been …
South African rand extends losses after Q4 GDP slump Read More »
CAIRO (Reuters) – Egyptian urban consumer inflation will rise in February to its highest level in well over five years, a Reuters poll showed on Tuesday, following a series of devaluations in the Egyptian pound in January. The median forecast of 14 analysts showed annual inflation rising to 26.7% in February from 25.8% in January. …
Egypt February inflation seen rising to highest in more than 5 years Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South Africa’s biggest supermarket group Shoprite expects diesel costs to operate generators to remain elevated given rolling power cuts, pressuring its margins, but says new store openings will drive growth in 2023. Like its peers, Shoprite is grappling with severe rolling power cuts, forcing it to crank up diesel generators …
South Africa’s Shoprite expects diesel costs to remain high Read More »
