JOHANNESBURG (Reuters) – Global miners operating in Zimbabwe will have to pay some of their royalties in refined metal rather than cash, the country’s president wrote in a newspaper on Sunday, as the country struggles to benefit from demand for its resources. Zimbabwe has abundant reserves of minerals such as gold and platinum group metals …
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(Reuters) – Burundi’s central bank said on Friday it had lifted a ban it imposed in February 2020 on foreign exchange bureaus with the aim of weeding out operators flouting official exchange rates. The Central African country faced a shortage of hard currency in the wake of a 2015 political crisis that prompted donors to …
Burundi central bank lifts ban on foreign exchange bureaus Read More »
(Reuters) -South Africa’s rand weakened on Friday, as the dollar strengthened after a stronger-than-expected U.S. jobs report suggested the Federal Reserve will likely stick to its aggressive tightening policy for now. At 1523 GMT, the rand traded at 18.1000 against the dollar, 0.6% weaker than its previous close. Like most emerging market currencies, the rand …
South African rand weakens after strong U.S. jobs data; stocks slide Read More »
KIGALI (Reuters) – The International Monetary Fund said on Friday that it had reached a staff-level agreement with Rwanda for a $310 million facility to support the country’s economic reforms and help it build resilience against climate change. Rwanda’s gross domestic product is forecast to grow 6.8% in 2022, the IMF said in a statement. …
IMF, Rwanda reach staff-level agreement on $310 million facility Read More »
By Felix Onuah and MacDonald Dzirutwe ABUJA (Reuters) -Nigeria’s budget deficit will widen to 4.78% next year as the government cranks up spending, President Muhammadu Buhari said in a budget speech on Friday, adding Africa’s biggest economy could no longer continue its fuel subsidy policy. Buhari’s government had planned to remove the popular subsidy – …
Nigeria’s budget deficit will widen to 4.78%, fuel subsidy to end Read More »
NAIROBI (Reuters) – Shares of Safaricom surged more than 8% on the Nairobi bourse on Friday after it secured a mobile financial services licence in Ethiopia, market participants said. Ethiopia’s Finance Minister Ahmed Shide announced on Thursday his country had given Safaricom the licence in one of Africa’s largest telecoms markets as the company formally …
Safaricom surges more than 8% on Ethiopia mobile financial services licence Read More »
KAMPALA (Reuters) – Uganda’s finance ministry said on Friday it had lowered its economic growth forecast to 5.3%, down from 6.0%, for the 2022/23 financial year because of a slowing global economy, a spike in inflation and adverse weather. The east African country’s economy expanded by 4.7% in the year that ended in June. There …
(Reuters) – The strike at South Africa’s logistics utility Transnet could impact manganese exports from the world’s top producer, Australia-listed Jupiter Mines said on Friday. Transnet, which operates South Africa’s freight rail network and all of the country’s ports, declared force majeure at its ports on Thursday after some workers began a strike over wages. …
S.Africa’s Transnet strike may impact manganese exports -Jupiter Read More »
CAIRO (Reuters) – Algerian Sonatrach’s CEO, Tewfik Hakkar, said his company has reached a “very advanced” stage of negotiations on gas pricing review with five customers, the state news agency reported on Thursday. Sonatrach did not ask for free prices, but it wants to review prices to be in line with current markets prices, Hakkar …
By Camillus Eboh ABUJA (Reuters) -Officials in Nigeria discovered an illegal connection line from one of its major oil export terminals into the sea that had been operating undetected for nine years, the head of state oil company NNPC LTD said. The 4-kilometre (2.5-mile) connection from the Forcados export terminal, which typically exports around 250,000 …
Nigerian oil export terminal had theft line into sea for 9 years Read More »
