Reuters Africa Business Archives - Page 761 of 921

UK-listed Contango plans thermal coal exports from Zimbabwe in 2023

30 Nov 2022 30 Nov 2022

(Reuters) – London-listed Contango Holdings plans to start exporting thermal coal early next year from its Zimbabwe mine following requests from customers in Europe and Asia, the company said on Wednesday. Zimbabwe’s neighbour South Africa saw an eight-fold increase in coal exports to Europe during the first half of 2022, after the European Union banned …

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Phase Eight owner TFG open to participate in UK retail consolidation

30 Nov 2022 30 Nov 2022

By Nqobile Dludla JOHANNESBURG (Reuters) – South African fashion and homeware retailer TFG is open to buying retail companies coming up for sale in Britain, its chief executive said on Wednesday, at a time when clothing retailer Joules Group has gone into administration. CEO Anthony Thunström declined to comment on reports that the owner of …

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Egypt expects almost 5% GDP growth by end of FY 2022/23 – statement

30 Nov 2022 30 Nov 2022

CAIRO (Reuters) – Egypt expects its economy to grow almost 5% by the end of the fiscal year 2022/23, its planning ministry said in a statement. (Reporting by Momen Saeed Atallah, writing by Nafisa Eltahir)

South Africa posts trade deficit of 4.31 billion rand in October

30 Nov 2022 30 Nov 2022

JOHANNESBURG (Reuters) – South Africa recorded a trade deficit of 4.31 billion rand ($254.40 million) in October, down from a revised surplus of 26.16 billion rand in September, data from the revenue service showed on Wednesday. Exports fell 17.0% month on month to 159.61 billion rand in October, while imports were down 1.3% at 163.92 …

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Namibia raises lending rate by 50 basis points, seeks to support economy

30 Nov 2022 30 Nov 2022

By Nyasha Nyaungwa WINDHOEK (Reuters) -Namibia’s central bank raised its main lending rate by 50 basis points on Wednesday to 6.75%, tightening policy to help fight inflation but holding off from a larger hike to support economic growth. “The decision was taken to contain inflationary pressure and its second-round effect, and anchor inflation expectations while …

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Petra Diamonds delays production restart at Tanzania mine to mid-2023

30 Nov 2022 30 Nov 2022

(Reuters) – Petra Diamonds expects production at its Williamson mine in Tanzania to resume mid next year, longer than initially expected, following a breach in the wall of a tailings dam earlier this month, the company said on Wednesday. The Nov.7 failure of the mineral waste storage facility at Tanzania’s biggest diamond mine caused flooding …

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Zimbabwe says China’s Tsingshan to set up lithium operations

30 Nov 2022 30 Nov 2022

HARARE (Reuters) – Zimbabwe has signed an agreement with Tsingshan Holdings Group, which plans to set up lithium mining and processing operations in the southern African country, President Emmerson Mnangagwa said on Tuesday. Tsingshan, one of the world’s top nickel producers, is currently building a $1 billion stainless steel plant in Zimbabwe. The company also …

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Kenyan utility KenGen’s full year pretax profit falls due to higher operating costs

30 Nov 2022 30 Nov 2022

NAIROBI (Reuters) – Kenya Electricity Generating Co Ltd (KenGen) said on Wednesday its pretax profit for the financial year ended June fell 48%, hurt by increased operating costs, depreciation and amortisation. KenGen, which is 70% owned by the government, said in a statement its pretax profit dropped to 7.94 billion shillings ($64.90 million) from 15.3 …

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Nigeria aims to end imports of petroleum products next year

30 Nov 2022 30 Nov 2022

By Felix Onuah ABUJA (Reuters) – Nigeria expects to stop importing petroleum products from before or around the third quarter of 2023, its oil minister Timipre Sylva said on Tuesday. Sylva said a refurbished refinery in the city of Port Harcourt in the oil-producing Niger Delta would be delivering 60,000 barrels per day of refined …

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Kenya has no space for new borrowing, minister tells media

30 Nov 2022 30 Nov 2022

NAIROBI (Reuters) – Kenya has little ability to take on new public debt, Finance Minister Njuguna Ndung’u was quoted as saying in the privately-owned Daily Nation newspaper on Wednesday. In early November, Ndung’u said the government was reducing its pace of borrowing, while pushing to lower its budget deficit target in the 2023/24( July-June) fiscal …

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