Reuters Africa Business

S.African rand dips as dollar hits three-week high after Fed minutes

18 Aug 2022

JOHANNESBURG (Reuters) -The South African rand fell on Thursday, extending the previous day’s losses, as the dollar bounced on investor uncertainty surrounding the pace of interest rate hikes by the U.S. Federal Reserve to tame inflation. Federal Reserve minutes on Wednesday pointed to U.S. interest rates staying higher for longer, boosting the dollar and hurting …

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South Africa’s telecoms regulator prepares to release more spectrum

18 Aug 2022

JOHANNESBURG (Reuters) – South Africa’s telecoms regulator intends to initiate the second phase of licensing radio frequency spectrum in the low and mid-bands to prospective licensees, it said on Thursday. Frequency bands below a gigahertz are crucial in providing better internet services in under-served and rural areas, as well as better indoor coverage. As part …

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AFRICA-FX- Kenya, Uganda, Nigeria currencies to ease against dollar

18 Aug 2022

NAIROBI (Reuters) – The Kenyan and Ugandan shillings, as well as the Nigerian naira, are likely to lose ground to the dollar in the next week, while the Tanzanian and Zambian currencies were seen stable, traders said. KENYA Kenya’s shilling will face pressure as dollar demand rises in the wake of the Aug. 9 general election, …

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S.Africa central bank to add 100 bps more this year, inflation risks skewed upwards

18 Aug 2022

By Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s Reserve Bank will deliver another two 50 basis points interest rate hikes this year, as risks to the country’s inflation outlook remain skewed to the upside, a Reuters poll found on Thursday. Inflation globally has been racing higher and locally it remains uncomfortably high as food and …

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S.African coal miner Exxaro says investment in green minerals ‘more urgent’

18 Aug 2022

By Nelson Banya (Reuters) -South African coal miner Exxaro Resources’ diversification into green energy minerals has become more urgent as geopolitical tensions, inflation and high borrowing costs slow investment in the critical metals, Chief Executive Nombasa Tsengwa said on Thursday. Exxaro has announced plans to acquire manganese, copper and bauxite assets – key minerals in …

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Ivory Coast 2021/22 cocoa arrivals seen at 2.043 million T by August 14

18 Aug 2022

(Corrects AUG 15 story to read 2.043 million tonnes (not 2.034 million), paragraph 1) ABIDJAN (Reuters) – Cocoa arrivals at ports in top grower Ivory Coast had reached 2.043 million tonnes by August 14 since the start of the season on Oct. 1, down 3.9% from the same period last season, exporters estimated on Monday. About …

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Confident Algeria rides gas high

18 Aug 2022

By Lamine Chikhi ALGIERS (Reuters) -Europe’s attempts to wean itself off Russian gas have given Algeria a shot in the arm. Flush with energy revenues after Russia’s invasion of Ukraine sent demand for its oil and gas soaring, authorities are spending more on social benefits and taking a more assertive stance abroad, pivoting from years …

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S.Africa’s Thungela agrees to amend rail contract with Transnet

18 Aug 2022

(Reuters) – South African coal exporter Thungela Resources on Thursday said it had agreed to amend a long-term haulage contract with Transnet after the state-owned rail operator declared force majeure in April. Transnet declared force majeure and sought to terminate long-term coal transportation agreements in April, saying large-scale theft of copper cables, insufficient maintenance and …

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Emirates to suspend Nigeria flights from September over trapped funds

18 Aug 2022

LAGOS (Reuters) – Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday. The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them. …

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Ghana delivers biggest rate hike ever at emergency meeting

18 Aug 2022

By Cooper Inveen and Christian Akorlie ACCRA (Reuters) – Ghana’s central bank on Wednesday delivered its biggest rate hike ever, a 300 basis point increase to 22%, at an emergency meeting to address the economy’s rapid deterioration amid crippling inflation. The hike comes just three weeks after it kept its monetary policy rate unchanged at …

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