Reuters Africa Business Archives - Page 726 of 921

Discount retailer Pepkor first quarter sales up 6.5% on store expansion

30 Jan 2023 30 Jan 2023

JOHANNESBURG (Reuters) -Pepkor Holdings, owner of South African clothing brands PEP and Ackermans, reported a 6.5% rise in first quarter revenue on Monday, helped by 132 new stores that it opened in the period and the acquisition of Brazilian retailer Avenida. But its like-for-like sales were hit by power cuts. Retailers in South Africa have …

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Egypt’s CIB takes full ownership of Kenyan lender Mayfair

30 Jan 2023 30 Jan 2023

NAIROBI (Reuters) – Egypt’s Commercial International Bank (CIB) has taken full ownership of Kenya’s Mayfair CIB with the purchase of the 49% of shares it did not already own, it said on Monday. CIB bought a 51% stake in Mayfair Bank in 2020, offering funds, skills and infrastructure to speed the tiny Kenyan lender’s growth …

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Nigeria’s central bank extends deadline to turn in old naira notes

29 Jan 2023 29 Jan 2023

ABUJA (Reuters) – Nigeria’s central bank will extend by 10 days a deadline for swapping old naira currency notes, it said in a statement on Sunday. Nigerians will now have until Feb. 10 to turn in 1,000 ($2.17), 500 and 200 naira notes. The central bank (CBN) started releasing newly designed notes last month but …

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Egypt’s GASC sets vegoils for arrival Feb. 25 to March 3

28 Jan 2023 28 Jan 2023

CAIRO (Reuters) – Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), said on Saturday it was seeking vegetable oils in an international purchasing tender for arrival Feb. 25-March 3. GASC added that traders should submit bids for payment via 180-day letters of credit and at sight; and it will choose between them. …

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Egypt’s GASC sets vegoils for arrival Feb. 25 to March 3

28 Jan 2023 28 Jan 2023

CAIRO (Reuters) -Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), said on Saturday it was seeking vegetable oils in an international purchasing tender for arrival Feb. 25-March 3. GASC added that traders should submit bids for payment via 180-day letters of credit and at sight; and it will choose between them. The …

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Italy’s Eni signs $8 billion gas deal with Libya

28 Jan 2023 28 Jan 2023

(Corrects figure in headline to $8 billion) TRIPOLI (Reuters) – Italian energy company Eni and Libya’s National Oil Corporation (NOC) have signed an $8 billion gas production deal, Eni’s chief executive Claudio Descalzi said on Saturday. The deal, which was signed against the backdrop of a trip by Italian Prime Minister Giorgia Meloni to Tripoli, …

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South Africa calls on MTN, Ghana to resolve $773 million tax dispute

28 Jan 2023 28 Jan 2023

JOHANNESBURG (Reuters) – South Africa’s foreign minister Naledi Pandor on Friday called on mobile operator MTN Group and the Ghana Revenue Authority to find a solution to a $773 million tax dispute. Earlier this month MTN said the Ghana Revenue Authority issued the company’s subsidiary MTN Ghana with a bill for back taxes after auditing …

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Ghana govt and capital market operators agree on domestic debt exchange terms

28 Jan 2023 28 Jan 2023

ACCRA (Reuters) – Ghana’s government and the Ghana Securities Industry Association (GSIA) have reached an understanding on the terms of participation by capital market operators in the country’s domestic debt exchange (DDE) programme, they said on Friday. Crisis-hit Ghana has to restructure its mountain of debt in order to access a relief package from the …

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Ghana’s balance of payments deficit worsens to $3.64 billion

28 Jan 2023 28 Jan 2023

ACCRA (Reuters) – Ghana’s balance of payments further deteriorated to a deficit of $3.64 billion in December from a $3.4 billion deficit the previous quarter, central bank data showed on Saturday. The West African nation is facing an economic crisis that saw consumer inflation rise to 54.1% last month. The cedi currency has depreciated around …

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South African rand stabilises after loss on smaller rate increase

27 Jan 2023 27 Jan 2023

JOHANNESBURG (Reuters) -The South African rand stabilised on Friday, after losses a day earlier when the central bank raised interest rates less than expected. At 1440 GMT, the rand traded at 17.2050 against the dollar, not far from its previous close 17.2000. The South African Reserve Bank raised its repo rate by 25 basis points …

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