Reuters Africa Business

By Promit Mukherjee and Joe Bavier JOHANNESBURG (Reuters) – Standard Bank will exceed its green financing target of 50 billion rand ($2.8 billion) this year, as South Africa’s scrapping of regulations on self-generated renewable energy projects has spurred a rush for financing, a top executive said. Africa’s most developed economy is facing rolling, hours-long blackouts …

S.Africa’s Standard Bank to exceed 2022 green financing target Read More »

By Duncan Miriri NAIROBI (Reuters) – Kenya plans to use cheaper loans from agencies such as the World Bank to allow it to retire expensive domestic loans and create funds for much-needed spending on items like food, the nominee to the post of finance minister said on Tuesday. President William Ruto, who was sworn into …

Kenya’s proposed finance minister says to re-profile debt load Read More »

LISBON (Reuters) – Portugal’s oil and gas company Galp Energia said on Monday it may face additional sourcing disruptions after Nigeria LNG declared force majeure due to a widespread flooding. Galp Energia said in a statement it had received a notice from Nigeria LNG (NLNG), its main natural gas supplier, about the force majeure but …

Portugal’s Galp says Nigeria LNG force majeur may cause sourcing disruptions Read More »

JOHANNESBURG (Reuters) -South Africa’s Pick N Pay Stores Ltd said on Tuesday inflation and power cuts in the second half of the year would add to the cost pressures the grocery retailer is already facing. Pick N Pay, South Africa’s second biggest retailer, had emerged strongly from the coronavirus crisis and civil unrest last year, …

S.Africa’s Pick N Pay sees pressure from inflation, power cuts Read More »

JOHANNESBURG (Reuters) – South African state utility Eskom said on Tuesday that it was increasing rolling blackouts to ‘Stage 4’, essentially implementing over six hours of daily power cuts until further notice. “Stage 4 loadshedding was implemented at 05:30 (am) due to breakdowns of five generators at five power stations overnight,” Eskom said in a …

S.Africa utility Eskom increases rolling blackouts to stage 4 Read More »

(Reuters) -South African state-owned logistics firm Transnet said on Monday it had agreed a three-year wage deal with the union representing the majority of its workers, ending a two-week strike that had hit commodities exports and piled up millions in losses. “Transnet and the company’s majority union United Transport and Allied Trade Union (UNTU) reached …

S.Africa’s Transnet agrees three-year wage deal with majority labour union Read More »

By Chijioke Ohuocha ABUJA (Reuters) -Inflation in Nigeria rose for the eighth straight month to 20.77% in September from 20.52% in August, the statistics bureau said on Monday, despite the central bank’s sharp rate hikes to try to tame price increases. Policy-makers in Nigeria maintain that persistent inflationary pressures are structural and largely imported. Analysts …

Nigeria inflation rises in September despite central bank rate hikes Read More »

LUSAKA (Reuters) – Zambia, Africa’s second-largest copper producer, said on Monday the number of mining licences that a company can hold at a time will be restricted to five. “Every miner will be restricted to five licences and those that need more will have to justify,” Zambia’s mines minister Paul Kabuswe said during a briefing …

Zambia restricts number of mining licenses per company to five Read More »