By Bhargav Acharya and Anait Miridzhanian PRETORIA (Reuters) -South Africa’s economy contracted more than expected in the last quarter of 2022, as an escalation in rolling power cuts contributed to most sectors from agriculture to mining shrinking. The data means South Africa could be heading for recession and highlights the damage that the worst electricity …
South African economy slumps in Q4 as power crisis escalates Read More »
By Promit Mukherjee JOHANNESBURG (Reuters) -South African lender Nedbank on Tuesday warned that consumers in Africa’s most industrialised nation were coming under pressure as higher interest rates and inflation are intensified by local economic conditions. Mike Brown, CEO of Nedbank, among the top lenders in Africa, said the bank was seeing signs of strain in …
S.Africa’s Nedbank sees signs of consumer strain with impairments up Read More »
By Duncan Miriri NAIROBI (Reuters) -Kenya has issued its first oil import tender under a new system designed to cut pressure on the foreign exchange rate by switching to 180-day credit from settlement on delivery, the head of its energy regulator said on Tuesday. President William Ruto’s government opted for government-to-government oil supply contracts, after …
Kenya issues oil supply tender with longer credit to curb FX pressure Read More »
(Reuters) – South Africa’s Sibanye-Stillwater said on Tuesday it now controlled nearly 71% stake in New Century Resources, two weeks after launching an unsolicited takeover bid as it lost confidence in the Australian zinc miner’s board. The South African precious metals producer launched an A$1.10 cash per share offer through its local unit on Feb. …
S.Africa’s Sibanye-Stillwater gains 71% stake in Aussie zinc miner, eyes full control Read More »
JOHANNESBURG (Reuters) -South Africa’s rand weakened on Monday ahead of a cabinet reshuffle expected in which President Cyril Ramaphosa is likely to name a new deputy. At 1531 GMT, the rand traded at 18.2400 against the dollar, 0.55% weaker than its previous close. “The rand weakened somewhat over today on the expected reshuffle of the …
South African rand weakens as investors await cabinet reshuffle Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) – RCL Foods and AVI said demand was expected to remain muted as consumers grapple with high costs of living and they saw little relief in input cost pressures, which will force them to continue raising prices. Consumer goods producers globally have lifted prices to cope with surging costs for …
South African food producers expect muted demand from struggling shoppers Read More »
CAIRO (Reuters) – Egypt is offering to sell a 10% stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday. The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah al-Sisi in April ordered the government to draw up …
Egypt offers to sell 10% government stake in Telecom Egypt – sources Read More »
(Reuters) -Shares in African Rainbow Minerals (ARM) plunged on Monday as a 40% jump in half-year profit was overshadowed by its dividends and concern over production and sales prospects. Though higher commodities prices drove up half-year profit, the outlook remains clouded by South Africa’s frequent power cuts and state-owned Transnet’s struggles to haul minerals to …
South African miner ARM’s shares slide on dividend payout Read More »
KAMPALA (Reuters) – MTN Uganda, the country’s largest telecom company, posted a 20% rise in pretax profit for the full year 2022, boosted by financial technology and data services, it said on Monday. MTN Uganda’s biggest financial technology products are mobile money services that allow clients to transfer and receive cash, pay for products and …
MTN Uganda says fintech boosts pretax profit 20% in 2022 Read More »
WINDHOEK (Reuters) – Namibia’s state-owned oil company NAMCOR has made a third oil discovery with partners Shell and QatarEnergy in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia, it said on Monday. New discoveries could make Namibia, the southern neighbour of OPEC member Angola, another oil producer along the African Atlantic …
Namibia makes third oil discovery in the Orange Basin Read More »
