Reuters Africa Business

By Bhargav Acharya and Kopano Gumbi JOHANNESBURG (Reuters) -South Africa’s Eskom said on Friday that auditors have questioned the utility’s ability to survive as a going concern citing past financial irregularities. The country’s only power producer has struggled for years to meet electricity demand with outages at its ageing coal-fired power stations hitting record levels …

South Africa’s Eskom says auditors question its ability to survive Read More »

AMSTERDAM (Reuters) -Shell will pay 15 million euros ($15.9 million) to communities in Nigeria that were affected by multiple oil pipeline leaks in the Niger Delta, the oil company on Friday said in a joint statement with the Dutch division of Friends of the Earth. The compensation is the result of a Dutch court case …

Shell to pay 15 million euros in settlement over Nigerian oil spills Read More »

By Nyasha Chingono HARARE (Reuters) – As dusk descends on the dimly lit central business district of Zimbabwe’s capital Harare, a steady stream of home-bound workers flows into a sea of informal traders hawking a mixture of basic foods, clothes and electronic devices. The crowds of night-time street traders have expanded as the southern African …

Zimbabwe’s night markets cushion crisis-weary citizens from inflation Read More »

CAIRO (Reuters) – The World Bank’s executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection programme in the face of global economic pressures filtering through to the country’s economy, the international cooperation minister said on Friday. The funds will support the government’s Takaful and Karama …

World Bank approves $500 million to expand social security in Egypt – ministry Read More »

By Nyasha Chingono HARARE (Reuters) – As dusk descends on the dimly lit central business district of Zimbabwe’s capital Harare, a steady stream of home-bound workers flows into a sea of informal traders hawking a mixture of basic foods, clothes and electronic devices. The crowds of night-time street traders have expanded as the southern African …

Zimbabwe’s night markets cushion crisis-weary citizens from inflation Read More »

CAIRO (Reuters) – Egypt’s central bank hiked overnight interest rates by a greater-than-expected 300 basis points on Thursday, warning that inflationary pressures were building. The rate hike may signal the central bank may be preparing for a further weakening of the currency. The bank’s Monetary Policy Committee (MPC) raised the deposit rate to 16.25% and …

Egypt’s central bank raises key interest rates by 300 bps Read More »

(Reuters) – The International Monetary Fund (IMF) executive board on Thursday approved a $149.3 million disbursement to Chad under a three-year $571 million programme, after it reached a long-delayed debt deal last month with its creditors. “The debt treatment agreement reached with official and private creditors under the G20 Common Framework – the first in …

IMF board approves $149.3 million disbursement to Chad Read More »

CAIRO (Reuters) – Egypt’s central bank hiked overnight interest rates by a greater-than-expected 300 basis points on Thursday, warning that inflationary pressures were building. The rate hike may signal the central bank may be preparing for a further weakening of the currency. The bank’s Monetary Policy Committee (MPC) raised the deposit rate to 16.25% and …

Egypt’s central bank raises key interest rates by 300 bps Read More »