Reuters Africa Business

PARIS (Reuters) – French company TotalEnergies has agreed to sell a 50% stake in its TotalEnergies Marketing Egypt LLC division to United Arab Emirates company ADNOC Distribution for about $200 million, the companies said on Friday. “This move aligns with our vision to establish ADNOC Distribution as a regional leader in the fuel distribution sector,” …

ADNOC to buy 50% stake in TotalEnergies Marketing Egypt for $200 million Read More »

By Nyasha Chingono HARARE (Reuters) -Zimbabwe’s finance minister lowered this year’s economic growth forecast to 4.6% from 5.5% in a budget review presented on Thursday, but he saw growth picking up to 5% next year. In a speech in parliament, Mthuli Ncube linked the lower 2022 forecast to the global economic environment and domestic factors …

Zimbabwe lowers 2022 growth forecast on world economy, farming Read More »

ACCRA (Reuters) -Ghana’s parliament on Thursday approved a $1.3 billion syndicated loan to finance the purchase of cocoa for the 2022-23 season. The receivable-backed trade finance facility is between the Ghana Cocoa Board (COCOBOD) and a consortium of banks and financial institutions with the government as the guarantor. Ghana, one of the world’s two top …

Ghana parliament approves $1.3 billion loan to buy cocoa Read More »

(Reuters) -ArcelorMittal South Africa shares fell 10% on Thursday after the company said poor rail service, labour disruptions and the country’s worst-ever power cuts drove steel production down. The South African unit of the world’s second largest steelmaker ArcelorMittal SA reported a 22% jump in first-half earnings to 3.025 billion rand ($180.75 million) as higher …

ArcelorMittal South Africa shares drop after power cuts, rail issues dent production Read More »

ABIDJAN (Reuters) – A new oil and gas discovery at Eni’s Baleine field offshore Ivory Coast will increase the field’s hydrocarbons reserves by 25%, the Italian energy group and Ivory Coast’s government said on Thursday. The company made a first oil discovery of up to 2 billion barrels of oil and 2.4 trillion cubic feet …

Eni increases Ivory Coast Baleine reserves by 25% after new discovery Read More »

NAIROBI (Reuters) – State-run Ethio Telecom posted an 8.5% rise in revenue to 61.3 billion birr ($1.18 billion) in the full-year to the end of June, the company said on Thursday. Subscribers to Ethio Telecom’s financial service, known as Telebirr, launched in May last year, have grown to 21.8 million out of its 66.6 million …

State-run Ethio Telecom full-year revenues up 8.5% Read More »

By Felix Onuah ABUJA (Reuters) – Nigeria has had no accretion to its rainy day oil savings account in the past four years, Finance Minister Zainab Ahmed said on Wednesday, citing volatility on oil markets. Data released late on Tuesday by the government’s accountant general showed that Nigeria’s rainy day fund from oil revenue had …

Nigeria saw no accretion to oil savings account in past 4 years -minister Read More »

ABUJA (Reuters) – Nigeria’s Senate passed a motion on Wednesday to summon Central Bank Governor Godwin Emefiele over the “free fall of the naira” and called on the central bank to urgently intervene. The naira has fallen to successive record lows on the parallel market due to dollar scarcity since July last year after the …

Nigeria’s Senate to summon central bank chief over naira’s fall Read More »