Reuters Africa Business

LONDON (Reuters) – Sovereign dollar-denominated bonds issued by South Africa dropped around 2 cents on Thursday after mounting pressure on President Cyril Ramaphosa. Longer-dated maturities suffered the biggest losses with the 2052 down 2.3 cents to trade at 85.917 cents in the dollar, Tradeweb data showed. South Africa’s presidency will make an imminent announcement, Ramaphosa’s …

South Africa dollar bonds drop on mounting pressure on President Ramaphosa Read More »

JOHANNESBURG (Reuters) – Swiss engineering firm ABB and South Africa’s National Prosecuting Authority (NPA) have reached an agreement that the company will pay reparations for its involvement in state corruption, the crime agency said on Thursday. ABB has agreed to pay 2.5 billion rand ($144.51 million) in punitive reparations to South Africa within 60 days …

ABB to pay $145 million to South Africa for role in state graft Read More »

By Bate Felix DAKAR (Reuters) – Africa’s transition to cleaner fuels and power generation presents investors with opportunities across the value chain, but more direct financing is needed on projects, the head of a South African independent power producer, said on Thursday. Brian Dames, chief executive officer of African Rainbow Energy & Power, said the …

More finance needed for Africa’s energy transition opportunities Read More »

JOHANNESBURG (Reuters) – South African manufacturing activity expanded in November as business activity and new orders improved for the second month in a row, a survey showed on Thursday. The seasonally adjusted Absa Purchasing Managers Index (PMI) rose to 52.6 points in November from 50.0 points in October. “This suggests that the manufacturing sector could …

South African factory activity expands in November – Absa PMI Read More »

TOKYO (Reuters) – Japan’s Sumitomo Corp said on Thursday it had signed a loan agreement to finance its onshore wind farm project in Egypt that would generate about 500 megawatts of electricity in Ras Ghareb, along the Gulf of Suez. Sumitomo will get financing from a group of banks including Japan Bank for International Cooperation …

Japan’s Sumitomo gets financing for 500MW wind farm in Egypt Read More »

ACCRA (Reuters) -An International Monetary Fund (IMF) staff team will visit Ghana again from Dec. 1 to 13 to continue discussions on the West African country’s request for a support programme to help reduce debt distress, the Fund said in a statement on Wednesday. Ghana turned to the IMF for help in July as its …

IMF team to visit Ghana in December for more talks on relief package Read More »

NAIROBI (Reuters) -Kenya’s inflation edged lower to 9.5% year-on-year in November from 9.6% a month earlier, the statistics office said on Wednesday, its first drop since February as fuel and food prices eased. The drop from October’s year-on-year inflation – the highest level since May 2017 – comes after rate hikes by the East African …

Kenya’s inflation eases in November as food, fuel prices dip Read More »