By Olivia Kumwenda-Mtambo, Wendell Roelf and Kopano Gumbi CAPE TOWN (Reuters) -South Africa’s government plans to take on more than half of struggling state power company Eskom’s debt over the next three years to help strengthen its balance sheet and operations and enable it to restructure, National Treasury said on Wednesday. Treasury said the government …
South Africa govt to take on half of struggling Eskom’s debt Read More »
MOSCOW (Reuters) – Russian fertiliser producer Uralchem-Uralkali plans to send a second humanitarian supply of fertiliser from a European Union port to Africa in March, the company said on Wednesday, this time to Kenya, after a previous shipment to Malawi in November. Uralchem-Uralkali Group said it would donate over 34,000 tonnes of its fertilisers currently …
Uralchem to send second batch of free fertiliser from EU to Africa Read More »
WINDHOEK (Reuters) -Namibia expects economic growth of 3.2% in 2023, down from an earlier forecast of 3.4% reflecting lower mining output estimates this year, Finance Minister Ipumbu Shiimi said on Wednesday. Shiimi said during a budget speech that the budget deficit in the southern African country was seen declining to 4.2% of gross domestic product …
Namibia trims 2023 growth forecast, sees smaller deficit next year Read More »
By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s economic growth slowed to 3.52% in the fourth quarter from 3.98% a year earlier, as widespread flooding destroyed farms, oil production declined and industry was squeezed by rising costs, the statistics office said. Double-digit inflation and a weaker naira currency have held back Africa’s biggest economy as it has …
Nigeria economic growth slows as industry and oil sectors shrink Read More »
By Sarah El Safty and Mariam Rizk CAIRO (Reuters) – Ahmed Ramadan, a 44-year-old father of three, started using instalment payment services eight months ago after feeling the sting of high prices that have squeezed Egyptians’ pockets over the last year. He used the services to buy a television, a mobile phone for his daughter, …
Egyptians lean on instalment payments to cope with inflation Read More »
JOHANNESBURG (Reuters) -South Africa-based Bid Corporation Ltd (Bidcorp) told Reuters on Wednesday it was keeping its Greater China business, after Beijing eased some of the world’s toughest COVID curbs. The food services company’s Chief Executive Bernard Berson said in an interview that Bidcorp had received unsolicited offers for its Chinese business during lockdown and had …
South African food service firm Bidcorp to keep China business Read More »
KAMPALA (Reuters) – The Ugandan government will not engage in any external borrowing in the financial year that starts in July to ease debt-servicing pressures, the finance ministry said. The East African country has been borrowing large amounts to finance energy, transportation and other infrastructure projects, banking on expected oil revenue to clear the debt. …
Uganda to hold off from external borrowing next financial year Read More »
(Corrects earnings figure in paragraph 1) NAIROBI (Reuters) – Kenya’s earnings from tourism surged 83% in 2022 to 268 billion shillings ($2.13 billion) as the sector continued to recover from the COVID-19 pandemic slump, a senior tourism official said on Wednesday. Earnings are projected to rise to 425 billion shillings this year, David Gitonga, the …
Kenya’s tourism earnings surge 83% in 2022, official says Read More »
By Yousef Saba DUBAI (Reuters) – Egypt was set to raise $1.5 billion on Tuesday from its debut sale of Islamic bonds known as sukuk at a yield of 11%, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625% and tightened after books closed with demand over $5.35 billion, …
Egypt to raise $1.5 billion with debut sukuk at 11% yield Read More »
JOHANNESBURG (Reuters) -The South African rand on Tuesday slipped to its lowest level this year, with investors awaiting the finance minister’s budget speech due on Wednesday that is likely to provide cues on the government’s policy trajectory. At 1524 GMT, the rand traded at 18.2875 per dollar, about 1.04% weaker than its previous close, after …
South African rand slips as investors await budget speech Read More »
