CAIRO (Reuters) – Egypt’s prime minister Mostafa Madbouly said on Tuesday that a policy requiring importers to issue letters of credit to access foreign currency implemented in March came after the country saw an exodus of around $25 billion in outflows in under one month. Speaking during an economic conference in Cairo, Madbouly added that …
RABAT (Reuters) – Maroc Telecom, Morocco’s largest telecoms operator, on Tuesday reported an adjusted profit of 4.52 billion dirhams ($415 million) in the first nine months of this year, up 5.1%. Revenue inched up 0.1% to 26.8 billion dirhams over the same period, as Maroc Telecom’s customer base increased 3.9% to 76 million. Besides Morocco, …
Maroc Telecom reports $415 million profit up to end of September Read More »
By Kopano Gumbi JOHANNESBURG (Reuters) – South Africa’s finance minister is expected to announce a plan to take on part of power utility Eskom’s mammoth debt in a mid-term budget on Wednesday, although analysts say the legally complex transfer will take time to execute. State-owned Eskom has been mired in financial crisis for years and …
Eskom debt plan in focus at South Africa’s mid-term budget Read More »
CAIRO (Reuters) – Egyptian property developer SODIC has offered to buy Orascom Real Estate for $125 million, the residential compound builder’s parent company Orascom Development Egypt said on Tuesday. Abu Dhabi’s Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would …
Egypt’s SODIC offers to buy Orascom Real Estate for $125 million Read More »
JOHANNESBURG (Reuters) -South Africa’s rand fell on Monday, following other emerging market currencies, as the U.S. dollar held firm amid global economic uncertainty. At 1538 GMT, the rand traded at 18.4275 against the dollar, 1.75% weaker than its previous close. The U.S. dollar made gains against other major currencies, with the dollar index up about …
S.African rand weakens as dollar firms amid economic uncertainty Read More »
(Reuters) – Precious stone miner Gemfields Group has resumed operations at its mine in Mozambique’s Cabo Delgado province, it said on Monday, after halting production last week when an attack was reported at a nearby facility. An Islamic State-linked insurgency in the northern Cabo Delgado province has claimed thousands of lives since 2017, disrupting multibillion-dollar …
Gemfields resumes Mozambique operations after nearby attack Read More »
(Reuters) – Kenya will expand trade ties with the United Arab Emirates, the State House Kenya tweeted early Saturday. “The two nations have agreed to fast-track trade agreements and set up a joint panel to explore investment partnerships in oil and gas, technology transfer, agriculture, healthcare as well as development of Special Economic Zones”, the …
Kenya to expand trade ties with United Arab Emirates Read More »
CAIRO (Reuters) – Egypt’s fuel pricing committee in a quarterly review on Saturday kept domestic fuel prices unchanged, the petroleum ministry said in a statement. Prices of 80-octane, 92-octane and 95-octane petrol remained at 8 Egyptian pounds ($0.4098), 9.25 EGP and 10.75 EGP a litre, respectively, while the diesel price remained at 7.25 EGP. ($1 …
Egypt keeps domestic fuel prices unchanged in a quarterly review -statement Read More »
(Reuters) – Kenya will expand trade ties with the United Arab Emirates, the State House Kenya tweeted early Saturday. “The two nations have agreed to fast-track trade agreements and set up a joint panel to explore investment partnerships in oil and gas, technology transfer, agriculture, healthcare as well as development of Special Economic Zones”, the …
Kenya to expand trade ties with United Arab Emirates Read More »
(Reuters) – South Africa’s Tharisa Plc plans to spend $391 million on developing a 194,000 ounce per year platinum group metal (PGM) mine in Zimbabwe, chief executive Phoevos Pouroulis said on Wednesday. Tharisa, a co-producer of chrome concentrates and PGMs in South Africa, owns 70% of Karo Mining Holdings, developer of the Karo PGM project …
Tharisa begins $391 million Zimbabwe platinum mine build Read More »
