Reuters Africa Business

(Reuters) – South African petrochemical firm Sasol Ltd on Thursday confirmed it has agreed to pay $24 million to settle a class action lawsuit brought by U.S investors claiming it deliberately understated the cost of its Louisiana chemical plant project. The lawsuit was brought by holders of Sasol securities who claimed the company had misled …

S.Africa’s Sasol agrees $24 million settlement in U.S class action suit Read More »

(Reuters) – South African manufacturing activity expanded in August as business output rose while new sales orders declined at a slower pace than before, a survey showed on Thursday. The seasonally-adjusted Absa Purchasing Managers’ Index (PMI) was at 52.1 points in August from 47.6 points in July, rising above the 50-point mark that separates expansion …

South African factory activity expands in August – Absa PMI Read More »

JOHANNESBURG (Reuters) – U.S. retail giant Walmart Inc. has signed an agreement to begin buying the 47% stake in South African retailer Massmart it does not own, the companies said in a joint statement on Thursday. Massmart had said on Monday that its majority owner Walmart had offered it 6.4 billion rand ($373 million) to …

Walmart enters deal to buy remaining stake in S.Africa’s Massmart Read More »

DUBAI (Reuters) – Emirates will resume some flights to Nigeria this month after the Central Bank of Nigeria released a portion funds the Dubai airline had earned in the country but had not been able to repatriate. An airline spokesperson said flights to Lagos will resume from Sept. 11, though it is not possible to …

Dubai’s Emirates to resume Lagos flights after Nigeria releases funds Read More »

GABORONE (Reuters) – State-owned Botswana Power Corporation (BPC) has awarded Norwegian company Scatec ASA a contract to build a 50 MW solar plant, the companies announced on Wednesday, BPC’s first utility-scale renewable energy project as Botswana looks to boost power supplies and increase clean energy shares. Under the terms of a Power Purchase Agreement signed …

Botswana awards Norway’s Scatec first large-scale solar plant contract Read More »

By Jorgelina do Rosario and David Lawder (Reuters) – Zambia won International Monetary Fund approval for a $1.3 billion, 38-month loan program on Wednesday, a crucial step in the southern African country’s quest to restructure its debts and rebuild an economy ravaged by mismanagement and COVID-19. The IMF said in a statement that the new …

Zambia wins IMF board approval for $1.3 billion loan program Read More »

By Promit Mukherjee JOHANNESBURG (Reuters) -Aspen Pharmacare has signed a deal with the Serum Institute of India to manufacture and sell four Aspen-branded vaccines for Africa, as it seeks to utilise its near-idle COVID-19 vaccine production lines in South Africa. Shares in Aspen jumped 6% in afternoon trade on Wednesday on news of the deal …

S.Africa’s Aspen, India’s Serum Institute sign vaccines deal for Africa Read More »

NAIROBI (Reuters) -Kenya’s consumer inflation rose to 8.5% year-on-year in August from 8.3% a month earlier, driven by increases in the price of food, transport and energy, the Kenya National Bureau of Statistics said on Wednesday. The August figure was the highest rate of inflation seen in Kenya since June 2017, when it was at …

Kenya inflation at 8.5% y/y in August, highest in five years Read More »