JOHANNESBURG (Reuters) -South Africa’s rand weakened on Thursday after President Cyril Ramaphosa defended his decision to appoint a minister of electricity to try to end crippling power cuts. At 1609 GMT, the rand traded at 18.1500 against the dollar, 0.68% weaker than its previous close. Some lawmakers said the appointment would add a layer of …
South African rand weakens against dollar; stocks rise Read More »
JOHANNESBURG (Reuters) – Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks’ capital, ratings agency Moody’s said in a note on Thursday. Banks have been providing trade finance to companies to cover the foreign exchange (FX) costs of imports, …
Moody’s: Nigeria FX shortage may threaten bank liquidity Read More »
KIGALI (Reuters) -Rwanda’s central bank on Thursday raised its key interest rate to 7.0%, up from 6.5%. The National Bank of Rwanda said pressures from inflation, which hit 20.7% in January, were expected to remain in the short term before inflation falls to below 8% by the end of the year. The war in Ukraine …
Rwanda raises key rate as inflation pressures seen remaining Read More »
(Reuters) -Anglo American Platinum’s (Amplats) shares fell more than 5% on Wednesday after the South African miner said its CEO would step down next year to become operations chief at U.S.-based gold miner Newmont Corporation. Natascha Viljoen, who has been at the helm of the world’s biggest platinum group metals miner since April 2020, will …
Anglo American Platinum slides on surprise CEO exit plan Read More »
DAKAR (Reuters) – The Democratic Republic of Congo’s GDP growth has been revised upwards to 8.5 percent in 2022 on the back of stronger production in the mining sector, the International Monetary Fund (IMF) said on Wednesday. The Fund, which had forecast GDP growth at 6.6 percent in 2022 in a December report, said in …
IMF revises Congo’s 2022 growth up to 8.5%, rebel conflict a concern Read More »
JOHANNESBURG (Reuters) -The South African rand weakened against a stronger dollar on Wednesday after domestic inflation figures came in line with expectations. At 1532 GMT, the rand traded at 18.0625 against the dollar, 0.82% weaker than its previous close. The dollar was up about 0.7% against a basket of global currencies. The country’s headline consumer …
South African rand slips as local inflation shows no surprises Read More »
By Chijioke Ohuocha ABUJA (Reuters) – Inflation in Nigeria picked up again in January, hitting 21.82% in annual terms, driven by higher food inflation, its statistics agency said on Wednesday. Inflation had risen in Africa’s biggest economy for 10 straight months, prompting a string of interest rate hikes from the central bank, before a dip …
Nigeria inflation picks up again in January, driven by food Read More »
JOHANNESBURG (Reuters) – MTN Group will invest $1 billion in Ghana over the next five years, the mobile operator said on Wednesday, after the government exempted its Ghanaian unit from tax claims worth about $773 million. The investment comes on the heels of the Ghana Revenue Authority exempting the company’s bill for back taxes earlier …
MTN commits to $1 billion Ghana investment after government scraps tax claim Read More »
By Cooper Inveen and Christian Akorlie ACCRA (Reuters) -Ghana’s consumer inflation slowed slightly to 53.6% year-on-year in January from a more than two-decade high of 54.1% in the previous month, data showed on Wednesday, marking the first month that inflation has slowed since May 2021. The country is reckoning with its worst economic crisis in …
Ghana inflation dips in January, first fall since May 2021 Read More »
(Reuters) – South Africa’s Gold Fields on Wednesday said it expects its full-year profit to rise as much as 22% helped by a $202 million break fee it received after its deal to buy Canada’s Yamana Gold collapsed last year. In a trading update, Gold Fields said it expects headline earnings per share (HEPS) – …
Gold Fields expects profit boost from Yamana deal break fee Read More »
