Reuters Africa Business Archives - Page 713 of 921

Congo demands $17 billion more in infrastructure investments from China deal

17 Feb 2023 17 Feb 2023

(Reuters) -Congo’s state auditor has demanded an additional $17 billion of investments from a 2008 infrastructure-for-minerals deal with Chinese investors that is currently being renegotiated, a report seen by Reuters showed. China’s embassy in Congo said on Friday it was shocked by the state auditor’s report, calling it “full of prejudice” and not corresponding to …

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Ghana mining fund in talks over Atlantic Lithium investment

17 Feb 2023 17 Feb 2023

JOHANNESBURG (Reuters) – Ghana’s state-owned Minerals Income Investment Fund (MIIF) is in talks with Atlantic Lithium to invest up to $30 million in the company developing a lithium mine in the West African country. Lithium, a key component in batteries used in electric vehicles, is in high demand and prices have soared, driving interest in …

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Nigeria oil output rises to 1.6 million barrels a day: NNPC’s Kyari

17 Feb 2023 17 Feb 2023

ABUJA (Reuters) – Nigeria’s oil output is increasing and as of Thursday stood at 1.6 million barrels per day (bpd), up from less than 1 million bpd in July last year, the group chief executive of Nigerian oil company NNPC said on Friday. “We are growing production. In July 2022 we were at less than …

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S.African lender Absa sees annual profit up likely 15%

17 Feb 2023 17 Feb 2023

JOHANNESBURG (Reuters) – Absa Group Ltd, South Africa’s third-biggest lender by assets, said on Friday its full-year profit was likely to rise 10% to 15%, driven by strong growth on the back of high interest rates. The bank expects normalised headline earnings per share, which strips out exceptional and non-recurring items, of between 24.17 rand …

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Morgan Stanley lifts Ghana Eurobond ‘recovery’ value to $46 from $41

17 Feb 2023 17 Feb 2023

JOHANNESBURG (Reuters) -Investment bank Morgan Stanley has lifted the average “recovery value” for Ghana’s defaulted dollar-denominated government bonds to $46 from a previous forecast of $41 following the country’s deal to restructure its local currency debt. The government, which is battling a once-in-a-generation economic crisis, said this week it had finished a domestic debt exchange …

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Security and food crises expected to dominate African Union summit

17 Feb 2023 17 Feb 2023

By Giulia Paravicini NAIROBI (Reuters) – Deepening security and food crises are likely to dominate the agenda when heads of state convene in Ethiopia’s capital Addis Ababa this weekend, Feb. 17-19, for the annual African Union (AU) summit. Armed conflict from West Africa’s Sahel to the Horn of Africa in the east and the impacts …

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South Africa’s Dis-Chem forecasts higher revenue on beauty products demand

17 Feb 2023 17 Feb 2023

JOHANNESBURG (Reuters) – South Africa’s Dis-Chem Pharmacies Ltd said on Friday its 5-month group revenue is likely to have risen by 4.7%, as healthcare becomes a greater share of overall consumer spend and beauty product sales recovered following the COVID-19 outbreak. Dis-Chem, which runs the second-largest chain of pharmacies in South Africa by store count, …

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Galp planning to sell 10% stake in Mozambique gas project – report

17 Feb 2023 17 Feb 2023

LISBON (Reuters) – Portugal’s Galp Energia has mandated Bank of America to prepare a sale of its 10% stake in a multibillion-dollar natural gas project in Mozambique’s Rovuma basin, the Negocios newspaper said on Thursday, citing an unidentified source linked to the energy sector. There would be no lack of interest in Galp’s stake as …

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De Beers confident talks will deliver a Botswana diamond deal

17 Feb 2023 17 Feb 2023

GABORONE (Reuters) – De Beers is confident of maintaining its long-standing partnership with Botswana, a company official told Reuters on Thursday, but said some of the negotiations to agree new terms were complex. Botswana President Mokgweetsi Masisi on Sunday threatened to walk away from talks on the extension of De Beers’ mining rights in the country …

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African online retailer Jumia’s Q4 losses narrow on cost savings

16 Feb 2023 16 Feb 2023

JOHANNESBURG (Reuters) -African e-commerce firm Jumia Technologies said on Thursday that cost savings had helped it reduce fourth quarter losses by 30% from a year earlier, with a further sharp drop expected this year. Jumia is on an aggressive cost cutting journey that involves head count reductions, scaling back offerings such as groceries and reducing …

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