By Duncan Miriri NAIROBI (Reuters) -Safaricom, Kenya’s biggest telecoms operator, reported a drop in its first-half net income on Friday, citing higher cost of living, rapid inflation and an expensive network rollout in Ethiopia. Core earnings at the company, part-owned by South Africa’s Vodacom and Britain’s Vodafone, fell 11.5% in the six months to the …
Safaricom’s first-half income hit by rising cost of living Read More »
JOHANNESBURG (Reuters) – South African cinema group Ster-Kinekor has exited a local form of bankruptcy protection called “business rescue” after nearly two years, its administrator said on Friday. Ster-Kinekor was placed under administration in January 2021, citing losses and financial distress due to COVID-19 and related restrictions forcing closures and prohibiting large gatherings in public …
South African cinema group Ster-Kinekor exits ‘business rescue’ process Read More »
NAIROBI (Reuters) – Kenya is in talks with the World Bank for a budget support loan, sources said on Friday, as the new government of President William Ruto moves to secure cheaper sources of finance. Finance Minister Njuguna Ndung’u disclosed news of the discussions to reporters late on Thursday, private broadcaster Citizen TV said on …
JOHANNESBURG (Reuters) – South Africa on Thursday released the terms of two climate loans for a combined 600 million euros ($596.7 million) from French and German development banks, saying they were substantially cheaper than market borrowing. The 300 million euro loan from France’s AFD is for 20 years and has a five-year grace period. The …
South Africa releases terms of 600 million euro climate loans from France, Germany Read More »
By Andrea Shalal WASHINGTON (Reuters) – Switzerland-based Glencore, China and Chad’s other creditors have reached an agreement in principle on restructuring the African country’s nearly $3 billion in external debt, a source close to the negotiations said on Thursday. The deal, which should be finalized in coming days, will be the first completed under a …
DAKAR (Reuters) – The European Investment Bank will invest $10 million in a fibre-optic network in remote regions of eastern Democratic Republic of Congo, it said in a statement on Thursday. The project will be rolled out by pan-African provider Bandwidth and Cloud Services (BCS Group) and will provide connectivity to more than 2.5 million …
European Investment Bank to invest $10 million in east Congo telecoms Read More »
By Duncan Miriri NAIROBI (Reuters) -Kenya’s government is reducing its rate of borrowing, officials said on Thursday, while unveiling a significantly narrower budget deficit target for the next financial year. President William Ruto’s administration, which took over in mid-September, is in the process of revising its budget for this fiscal year to reduce expenditure by …
Kenya to cut ‘appetite’ for borrowing, eyes narrower budget deficit Read More »
JOHANNESBURG (Reuters) -South African pay TV company Multichoice Group banks on the upcoming soccer World Cup that starts later in November to register a sharp jump in subscriber base, a senior official said, after the company posted a loss in the first half. Africa’s biggest subscription television company said it has benefited from people working …
S.African pay TV Multichoice banks on World Cup to grow subscribers Read More »
JOHANNESBURG (Reuters) -The South African rand rallied on Thursday afternoon, as the dollar dropped sharply on lower-than-expected U.S. inflation data that could allow the Federal Reserve to dial back its hefty interest rate hikes. At 1517 GMT, the rand traded at 17.4525 against the dollar, up about 1.8% on its previous close. The dollar index, …
South African rand rallies on lower-than-expected U.S. inflation Read More »
(Reuters) – Petra Diamonds has suspended operations at its Williamson mine in Tanzania for up to three months after a wall of the tailings dam at the site was breached earlier this week, the company said on Thursday. Petra Diamonds, which operates three mines in South Africa as well as Tanzania’s biggest diamond mine, said …
Petra Diamonds’ Tanzania mine ops suspended for three months Read More »
