Reuters Africa Business

By Nqobile Dludla JOHANNESBURG (Reuters) -South African fashion retailer Truworths International reported on Thursday a 49.9% rise in annual profit as consumers coming out of COVID-19 lockdowns splashed out on items to rejuvenate their wardrobes and homes. The global apparel industry has been recovering from a punishing 2020, when shops were forced to close to …

South Africa’s Truworths annual profit jumps on eased COVID measures Read More »

By Camillus Eboh ABUJA (Reuters) – Nigeria expects to produce 23 million metric tonnes of maize this year, a 12% rise from last year, thanks to cheaper credit from the central bank, which has helped blunt the high costs of fertiliser and diesel, the maize growers association said. Maize, along with rice and wheat are …

Nigeria maize output to climb 12% despite higher costs, insecurity Read More »

By Bate Felix DAKAR (Reuters) -The second phase of Senegal’s Greater Tortue Ahmeyim (GTA) gas project will need investments worth around $5 billion and could start in 2024 or 2025, Senegal’s President Macky Sall said on Thursday. BP and U.S.-listed Kosmos Energy are leading the development of GTA and Yakaar-Teranga, Senegal’s first natural gas projects. …

Phase 2 of Senegal LNG project needs $5 billion – president Read More »

By Chris Mfula LUSAKA (Reuters) -Zambia’s debt restructuring will be a mixture of haircuts to loans’ original value and maturity extensions, a senior Zambian finance ministry official said Thursday, after the Fund approved a $1.3 billion program for the southern African country. Negotiations with creditors to restructure debt that reached $17 billion at the end …

Zambia debt relief to mix haircuts, maturity extensions – Finance Minister official Read More »

By Francesco Guarascio JOHANNESBURG (Reuters) – About 80% of the billions of dollars pledged by rich nations for South Africa’s shift away from coal will be loans, not grants, and some may be hard to unlock due to national rules protecting domestic jobs, an official familiar with the matter said. Last year the United States, …

Rich nations to fund 80% of S.Africa’s climate plan with loans, some hard to unlock Read More »

CAPE TOWN (Reuters) – South Africa’s Telkom said on Thursday it was hoping for a final offer to buy the company from bigger rival MTN within two months, as the telecom firms continue talks on a potential deal. Serame Taukobong, CEO of Telkom said the telecom firm had not received an offer from rival rain …

South Africa’s Telkom hoping for final offer from MTN in two months Read More »