By Duncan Miriri NAIROBI (Reuters) -Kenya’s central bank expects scheduled hard currency inflows into its useable official reserves to kick in starting from next month, the governor of the bank said on Thursday. The foreign exchange reserves held by the central bank slipped to 3.94 months worth of import cover, the bank said on Wednesday, …
Kenya central banker says not ‘stressed’ about pressure on FX reserves Read More »
JOHANNESBURG (Reuters) – South African pharmacy chain Clicks Group Ltd said on Thursday it will acquire beauty salons owner Sorbet Holdings for 105 million rand ($6.20 million). “The transaction will result in Clicks holding 100% of the issued share capital of all Sorbet group entities. This includes Sorbet Brands in which the Clicks Group has …
South Africa’s Clicks to buy Sorbet beauty salons Read More »
By Tarek Amara TUNIS (Reuters) – Tunisia raised fuel prices for the fifth time this year, the energy ministry said on Wednesday as part of a plan to reduce energy subsidies, a policy change wanted by the country’s international lenders. The new decision raises the total hike in fuel prices this year to about 20%. …
Tunisia hikes fuel prices in fifth rise this year Read More »
ABUJA (Reuters) – Nigeria’s state-owned NNPC Ltd on Tuesday started drilling for oil and gas at a field in northern Nigeria that has reserves of 1 billion barrels, as the country seeks to produce crude outside the Niger Delta for the first time. NNPC Ltd first announced in 2019 the discovery of crude oil, gas …
State-owned company starts oil drilling at field in northern Nigeria Read More »
NAIROBI (Reuters) -Kenya’s central bank raised its benchmark lending rate by half a point to 8.75% on Wednesday, saying there was scope for more tightening due to sustained inflation and other risks. Like their counterparts around the world, African policymakers have had to raise lending rates this year to battle spiraling inflationary pressures. The Monetary …
Kenya’s central bank raises key lending rate to 8.75% Read More »
ABUJA (Reuters) – Nigerian President Muhammadu Buhari presented a set of new naira bank notes on Wednesday, saying the design would make them harder to counterfeit and replacing old notes would help control liquidity in an economy where most money is held outside banks. Under a plan announced last month, the Central Bank of Nigeria …
Nigeria unveils new bank notes in bid to control liquidity Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South African telecoms operator Telkom is to rein in spending to cope with rising costs after reporting a 17.9% fall in half-year core profit. The majority state-owned operator joins local rivals such as Vodacom in stepping up cost-cutting initiatives as rising costs for fuel, handsets and equipment and for servicing …
Telkom to look at cost cuts after fall in first-half profits Read More »
By Chris Mfula LUSAKA (Reuters) -Zambia’s central bank kept its monetary policy rate unchanged at 9.0% on Wednesday, noting a decline in inflation and progress on debt restructuring. Central bank governor Denny Kalyalya told a news conference that inflation was expected to maintain a downward trend and return to the range of 6%-8% in the …
Zambia’s central bank holds key rate as inflation eases Read More »
CAPE TOWN (Reuters) – South Africa’s Biovac Institute has signed a licensing and technology transfer deal with the International Vaccine Institute (IVI) to develop and make oral cholera vaccine for African and global markets, the companies said on Wednesday. The partnership with non-profit IVI, headquartered in South Korea, aims to boost output and reduce vaccine …
South Africa’s Biovac in new oral cholera vaccine deal Read More »
JOHANNESBURG (Reuters) -South Africa’s headline consumer inflation quickened to 7.6% year-on-year in October, from 7.5% in September, data from Statistics South Africa showed on Wednesday. The rise comes after South Africa’s headline consumer inflation slowed for the second consecutive month in September, leading many analysts and economists to believe that inflation had peaked. The surprise …
South Africa consumer inflation quickens to 7.6% y/y in October Read More »
