JOHANNESBURG (Reuters) -The South African rand strengthened on Friday, as the dollar traded lower despite bets on the U.S. Federal Reserve raising interest rates again in November. The rand was 0.71% stronger at 18.1775 against the dollar as of 1527 GMT, compared with its previous close. Investors will now focus on the South African government’s …
South African rand firms against dollar; stocks edge lower Read More »
By Ange Aboa ABIDJAN (Reuters) -Ivory Coast and Ghana’s cocoa regulators will boycott industry meetings in Brussels next week due to a dispute over pricing that they say has seen multinational chocolate companies resist measures to lift farmers’ incomes. The two countries, which together produce more than 60% of the world’s cocoa, impose two premiums …
Ivory Coast, Ghana cocoa regulators to boycott industry meetings over price dispute Read More »
HARARE (Reuters) – Zimbabwe sees next year’s budget deficit at 1.4% of gross domestic product (GDP) compared to 1.5% this year, Finance Minister Mthuli Ncube said on Friday during a presentation to lawmakers. Ncube said government revenue was projected at 3.1 trillion Zimbabwe dollars in 2023, with expenditure of 3.4 trillion. Around 24% of total …
Zimbabwe sees slightly smaller 2023 budget deficit of 1.4%/GDP Read More »
MOGADISHU (Reuters) – Somalia has signed a petroleum exploration agreement for seven offshore blocks with United States-based Coastline Exploration, the company said in a statement on Friday. Hydrocarbon discoveries in Uganda and Kenya and huge gas finds in Mozambique and Tanzania have stoked investor interest in other parts of East Africa’s hydrocarbons potential. Somali National …
Somalia signs oil exploration agreement for seven blocks Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) – In 2011, U.S. retail giant Walmart Inc made a bet on Africa, buying a majority stake in South African retailer Massmart in what many investors saw as a step toward dominating the continent’s vast untapped market. It didn’t go according to plan. More than a decade later, Massmart’s balance …
Walmart doubles down on Africa despite a decade of frustration Read More »
By Ahmed Eljechtimi RABAT (Reuters) – Morocco has drafted a budget for 2023 that plans higher taxes on banks and big firms as the government seeks additional revenue to cut its fiscal deficit and fund social protection programmes, Finance Minister Nadia Fettah Alaoui said on Thursday. The draft, which parliament must approve, aims to raise …
Moroccan banks, big firms to brace for higher taxes starting 2023 Read More »
By Camillus Eboh ABUJA (Reuters) – Nigeria’s central bank said on Friday that it had agreed the sale of 100% equity in Polaris Bank to Strategic Capital Investment and that the new investors had made a 50 billion naira ($114.65 million) upfront payment for the acquisition. The central bank revoked the licence of the former …
Nigeria central bank agrees to sell Polaris Bank to new investors Read More »
KINSHASA (Reuters) – Democratic Republic of Congo has made progress in implementing transparency in its extractive mining sector but needs to do more in publishing contracts and revenues from the sector, a global anti-corruption body said. The Extractive Industries Transparency Initiative (EITI), which sets a global standard for good governance in oil, gas and mineral …
Congo improves extractive sector transparency but more needed – anti-graft body Read More »
ACCRA (Reuters) – The International Monetary Fund said on Thursday it had met with a delegation from Ghana in Washington, D.C., to discuss a potential loan programme for the West African country. Ghana approached the IMF for financial support in July as foreign investors dumped its debt and as street protests broke out over rocketing …
IMF says held ‘fruitful’ talks with a delegation from Ghana Read More »
WINDHOEK (Reuters) – Namibia has provisionally agreed on a deal with the European Union to sell its rare earth minerals, critical to the renewable energy sectors, mines and energy minister Tom Alweendo said on Thursday. EU and Namibian officials told Reuters in July they were planning a deal on hydrogen and minerals as the bloc …
Namibia, EU reach provisional deal on rare earth minerals Read More »
