ABUJA (Reuters) – Nigeria has suspended plans to add a 5% excise duty on telecommunications services, saying the sector is already overburdened with taxes. The move comes despite the need for new revenue streams in a country facing rising debt servicing costs, crushing fuel subsidies and a plunge in oil exports due to underinvestment and …
Nigeria suspends plan for 5% tax on telecoms despite revenue crunch Read More »
By Promit Mukherjee PRETORIA (Reuters) -South Africa’s economy contracted back to pre-pandemic size in the second quarter, weakened by floods that disrupted operations at a key export hub and the country’s worst-ever power cuts, data from the statistics agency showed. The contraction will provide renewed concerns for South African President Cyril Ramaphosa, who has been …
South Africa’s economy dips back to pre-pandemic size in Q2 Read More »
(Reuters) – South African state utility Eskom said it would implement “Stage 2” rotational power cuts from Tuesday until Saturday due to a shortage of generation capacity. The cuts will be implemented on Tuesday between 1600 until 2200 local time (1400 and 2000 GMT) and from Wednesday to Saturday between 0500 and 2200 local time, …
S.Africa’s Eskom to implement power cuts until Saturday Read More »
NAIROBI (Reuters) – The Kenyan central bank’s Monetary Policy Committee will hold its next rate-setting meeting on Sept. 29, the bank said on Tuesday. At its last meeting in July, the bank held its benchmark lending rate at 7.5% to allow its May hike to transmit its way through the economy. (Reporting by George Obulutsa; …
Kenya’s central bank to hold next rate-setting meet on Sept 29 Read More »
(Reuters) -South Africa’s rand regained some strength through the day after falling to a two-year low early on Monday but stayed well below the 17 rand per dollar range as investors sought a safe haven amid concerns over global economic growth and energy prices. At 1628 GMT, the rand traded at 17.1350 against the dollar, …
South African rand regains strength as dollar slips Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -Two South African food producers said on Monday they were planning more price increases to protect against rising costs and ease pressure on margins even as they reported profit jumps in the full year. Food and consumer goods companies worldwide are grappling with soaring costs for raw materials, energy and …
South African food producers plan more price hikes to protect margins Read More »
JOHANNESBURG (Reuters) -South Africa will cut fuel prices across the country from Sept. 7, the government said on Monday, due to a raft of factors including fall in crude price and petroleum product prices. According to the Ministry of Mineral Resources and Energy, the price of petrol will be slashed by up to 204 cents …
South Africa to cut price of petrol, diesel from Sept. 7 Read More »
DAKAR (Reuters) -Australian mining company Sundance Resources said on Monday that Cameroon has breached an international court order by handing over its licence to the Mbalam iron ore deposit to a local company amid an ownership dispute. Sundance has been in dispute with authorities in Cameroon and neighbouring Congo Republic over the fate of the …
Sundance Resources says Cameroon breached court order over Mbalam iron ore licence Read More »
(Reuters) – South African private sector activity expanded at a slower rate in August amid signs of a slowdown in customer demand, a survey showed on Monday. The S&P Global South Africa Purchasing Managers’ Index (PMI) fell to 51.7 in August, its lowest in three months, from 52.7 in July. Readings above 50 indicate growth …
S.Africa business activity expansion slows as demand growth softens -PMI Read More »
JOHANNESBURG (Reuters) – South African mobile operator MTN Group has reduced its debt further through early settlement of $300 million in euro bonds with a 2024 maturity date, it said on Monday, as part of efforts to deleverage non-rand debt faster. “This brings MTN’s dollar-denominated debt down to 35% of total holding company debt on …
MTN cuts debt with early settlement of $300 million in euro bonds Read More »
