Reuters Africa Business

JOHANNESBURG (Reuters) – Activity in South Africa’s private sector expanded in December but at a slower pace than in November as high prices and power cuts continued to depress client demand, a survey showed on Thursday. S&P Global’s South Africa purchasing managers’ index (PMI) contracted to 50.2 in December from 50.6 in November, remaining just …

South African businesses expand at slower pace in December -PMI Read More »

LISBON (Reuters) – Angolan state oil company Sonangol will keep its stakes in Portugal’s Galp Energia and Millennium bcp lender as it considers them strategic assets, Sonangol CEO Sebastiao Gaspar Martins told Reuters on Wednesday. With a 19.49% stake, Sonangol is Millennium bcp’s second-largest shareholder after China’s Fosun, which controls 29.95% of the capital in …

Angolan oil firm Sonangol to keep stakes in Galp, Millennium bcp Read More »

By Camillus Eboh ABUJA (Reuters) – Nigeria will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion naira ($7.5 bln) to spend on it, Finance Minister Zainab Ahmed said on Wednesday. Africa’s biggest economy spent 2.91 trillion naira ($7 billion) towards a petrol subsidy between January and September 2022, …

Nigeria to spend $7.5 billion on petrol subsidy to mid-2023 Read More »

NAIROBI (Reuters) – The Kenyan central bank’s Monetary Policy Committee will hold its next rate-setting meeting on Jan. 30, the bank said on Wednesday. At its last meeting in November, the bank raised its benchmark lending rate by half a point to 8.75%. (Reporting by George Obulutsa)

By Tarek Amara TUNIS (Reuters) -Tunisia’s central bank governor warned on Wednesday inflation could spiral out of control if it did not raise interest rates, a day after government criticism of a 75-basis-point increase to 8% last week. Economy Minister Samir Saeed said on Tuesday the hike would have negative repercussions for small and medium …

Tunisia cenbank warns of consequences if inflation rockets Read More »

CAIRO (Reuters) -The Egyptian pound weakened to 26.49 to the dollar on Wednesday, its biggest one-day move since the central bank allowed it to fall by 14.5% on Oct. 27, according Refinitiv Data. It was about 24.70 to the dollar at the opening of the trading day. Currency flexibility has been a key demand by …

Egypt’s currency weakens to 26.49 to the dollar Read More »

NAIROBI (Reuters) – The Kenyan shilling was steady on Wednesday, traders said, with limited foreign-currency demand from oil importers matched by supply. At 0845 GMT, commercial banks quoted the shilling at 123.35/55 per U.S. dollar, the same level as Tuesday’s close. The shilling lost more than 8% against the dollar in 2022, hitting repeated record …

Kenyan shilling steady in quiet market Read More »