Reuters Africa Business

(Reuters) – South Africa’s Transnet announced on Friday a deadlock in wage negotiations, with two labour unions raising the prospect of a strike that could further cripple the state-owned logistics company and impact Africa’s most advanced economy. Transnet has been operating below capacity due to the shortage of locomotives, inadequate maintenance, vandalism and theft of …

S.Africa’s Transnet and unions declare wage deadlock, strike looms Read More »

(Reuters) -South Africa’s Northam Platinum on Friday reported a 2.9% dip in full-year profit despite record production, citing lower metal prices and surging costs. Northam’s headline earnings per share (HEPS) – the main profit measure in South Africa – was 26.11 rand ($1.56) in the year to June 30, down from 26.88 rand the previous …

S.Africa’s Northam Platinum posts profit dip as costs surge Read More »

TOKYO (Reuters) – Japan is set to promise some $30 billion in aid for African development at a conference to be held in Tunisia this weekend, the Sankei Shimbun daily reported on Friday. The aid, which will centre around developing human resources in order to promote economic growth, will be announced at the Tokyo International …

Japan to pledge around $30 billion in African aid at conference – Sankei Read More »

JOHANNESBURG (Reuters) -South Africa’s competition watchdog said on Thursday it had raided the country’s top insurers over suspicions of potential price collusion on their products. South Africa has the largest and the most advanced insurance market in Africa, and is home to companies that account for over two-thirds of total premiums collected across the continent …

South Africa’s competition watchdog raids top insurers Read More »

JOHANNESBURG (Reuters) – South Africa’s value fashion and homeware retailer Mr Price is testing standalone baby stores, in a push to gain a share of the growing and highly competitive baby care products market, starting with a store it launched on Wednesday, it said. It joins grocer Shoprite’s Checkers and drug store chain Clicks which …

South Africa’s Mr Price expands baby portfolio with standalone stores Read More »

CAIRO (Reuters) – Egypt’s central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely. Under a rule put in place in April 2020, the central bank restricted withdrawals to 50,000 Egyptian pounds ($2,600), but now will …

Egypt central bank increases cash withdrawal limits Read More »

NAIROBI (Reuters) – Absa Bank Kenya said on Thursday its first-half pretax profit rose 15% to 9.1 billion shillings ($75.96 million), as interest income jumped. Net interest income for the period rose to 14.4 billion shillings from 12 billion shillings, while loan-loss provisions rose to 3.0 billion shillings from 1.9 billion shillings in first half …

Absa Bank Kenya’s H1 pretax profit rises 15% Read More »