Reuters Africa Business

Egypt’s annual urban consumer inflation rises to 13.6% in July

10 Aug 2022

CAIRO (Reuters) -Egypt’s annual urban consumer inflation accelerated to a higher-than expected 13.6% year-on-year in July from 13.2% in June, data from the country’s statistics agency CAPMAS showed on Wednesday. Month-on-month, headline inflation increased by 1.3%, compared with a 0.1% decrease in June. A Reuters poll of 14 economists had predicted a median annual inflation …

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South African rand surges as dollar sinks on U.S. inflation data

10 Aug 2022

JOHANNESBURG (Reuters) -The South African rand surged on Wednesday as the dollar sunk on a cooler-than-expected U.S. inflation report. At 1520 GMT, the rand traded at 16.1600 against the dollar, up more than 2.7% from its previous close. The dollar was down 1.4% against a basket of currencies as the U.S. July inflation reading raised …

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Saudi Arabia invests $1.3 billion in four Egyptian firms

10 Aug 2022

By Ahmed Ismail and Patrick Werr CAIRO (Reuters) -The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia’s state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt’s planning ministry said on Wednesday. The companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Company, Alexandria Container …

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Ghana inflation rises to 31.7% in July, highest since 2003

10 Aug 2022

By Christian Akorlie and Cooper Inveen ACCRA (Reuters) -Ghana’s consumer inflation accelerated to 31.7% annually in July from 29.8% in June, its highest since late 2003, data showed on Wednesday, as the government’s top statistician warned that it was not possible to say whether prices had peaked. The central bank has raised its main lending …

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Mali issues bonds worth $434 million in first sale since lifting of sanctions

10 Aug 2022

DAKAR (Reuters) – Mali has issued 277 billion CFA francs ($434 million) in bonds on the regional market in its first auction since the lifting of economic and financial sanctions on the West African state in July, data showed on Wednesday. The 12-month issue on Tuesday had an interest rate of 3.59%, compared to 2.49% …

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Nigeria’s debt servicing costs to rise to $15 billion next year

10 Aug 2022

LAGOS (Reuters) – Nigeria expects to spend 6.31 trillion naira ($15.1 billion) on servicing its domestic and foreign debt next year, much higher than the 3.69 trillion set aside for this year, a finance ministry document showed on Wednesday. President Muhammadu Buhari’s government has borrowed heavily to fund capital projects, including roads, rail and bridges, …

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S.African lender Nedbank posts 26% jump in interim profit

10 Aug 2022

JOHANNESBURG (Reuters) -South African lender Nedbank Group said on Wednesday its interim profit had increased by more than a quarter, as the economy regained momentum despite challenges, sending its shares up 3.5% in early trading. Headline earnings per share, the main measure of corporate profit in South Africa, was at 1,370 South African cents ($0.8258) …

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