JOHANNESBURG (Reuters) – South African food producer RCL Foods said on Thursday it expects its half year profit to fall as much as 26.8% due to high commodity and energy costs in its chicken and baking businesses, sending its shares down more than 6%. Food and consumer goods companies worldwide have been grappling with soaring …
RCL Foods shares slide 6% as rising costs signal profit fall Read More »
By Felix Onuah and Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s finance minister said on Thursday she disagreed with what she called a “surprise” downgrade of the country’s credit rating by Moody’s, insisting the government was already addressing the agency’s concerns. Moody’s downgraded the West African oil producer last week to Caa1 from B3, saying the government’s …
Nigeria disagrees with ‘surprise’ Moody’s downgrade – finance minister Read More »
(Reuters) -South African miner Seriti Resources, a top thermal coal supplier to struggling state power utility Eskom, is investing in wind power in the latest move by industry to wean itself off a national grid plagued by power cuts. Seriti on Thursday said it would build a 155 megawatt (MW) wind farm over the next …
S.Africa’s Seriti to build wind farm to power its coal mines Read More »
(Reuters) – Kumba Iron Ore warned on Thursday that 2022 profit could have slumped by as much as 44% due to weaker iron ore prices and rail logistics problems in South Africa. Kumba said it expects headline earnings per share (HEPS) – the main profit measure used in South Africa – between 58.29-64.49 rand ($3.41-$3.77) …
Kumba delivers profit warning after rail problems hit exports Read More »
FREETOWN (Reuters) – The World Bank has signed an agreement with four West and Central African nations worth $311 million to fund renewable energy projects. The funds will finance around 106 megawatts (MW) of solar power generation capacity with battery energy and storage systems, and 41 MW expansion of hydroelectric capacity. The countries are Sierra …
Four West African nations get $311 million from World Bank for renewables Read More »
CONAKRY (Reuters) -Work on Guinea’s massive Simandou iron ore mine and infrastructure project is set to restart in March, Guinea’s military junta said in a Jan. 30 statement seen by Reuters on Wednesday. Guinean authorities ordered work on Simandou to stop in July last year in a bid to force the shareholders – which include …
Simandou iron ore project to restart in March, Guinea says Read More »
HARARE (Reuters) – Anglo American Platinum reported on Thursday a fall of 25% in refined platinum group metal (PGM) output in 2022, due to the delayed Polokwane smelter rebuild, power outages, as well as lower mine production and grades. The Johannesburg-listed Amplats said refined PGM production from its operations was 3.831,1 million ounces in 2022, …
Amplats says 2022 refined PGM output fell 25%, 2023 outlook unchanged Read More »
JOHANNESBURG (Reuters) -South Africa’s rand strengthened against a weakened dollar on Wednesday as investors awaited the U.S. Federal Reserve’s interest rate decision, which could signal the end of its tightening cycle. At 1559 GMT, the rand traded at 17.1775 against the U.S. dollar, 1.22% stronger than its previous close. The dollar index, which measures the …
South African rand firms ahead of Fed rate decision Read More »
JOHANNESBURG (Reuters) – Shopping malls in South Africa’s rural areas and townships saw a rise in visitors over the Black Friday weekend and in the run up to Christmas, despite widespread power cuts, the retail-focused Vukile Property Fund said on Wednesday. That continues their recent outperformance as retailers race to increase their market share in …
South African township malls thrive over holiday season- Vukile Read More »
CAIRO (Reuters) -Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday. An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new …
Egypt poised to announce detailed plan for state stake sales Read More »
