NAIROBI (Reuters) – Kenya’s East African Breweries said on Thursday its pretax profit for the year to end-June more than doubled, helped by improving sales as COVID-19 curbs eased in its markets. The brewer, controlled by Britain’s Diageo Plc, said in a statement that pretax profit jumped 121% to 24.02 billion shillings ($202.44 million) from …
Kenya’s East African Breweries profit surges as COVID curbs ease Read More »
GABORONE (Reuters) – Botswana has cut value added tax (VAT) by 2 percentage points to 12% for a six-month period as part of measures to cushion consumers from the prevailing high inflation rate, Finance Minister Peggy Serame told parliament on Wednesday. Inflation reached a 14 year-high of 12.7% in June as Botswana felt the ripple …
Botswana cuts VAT as part of inflation-relief measures Read More »
(Reuters) -South Africa’s rand firmed on Wednesday ahead of an interest rate hike decision by the U.S. Federal Reserve due later in the day. At 1548 GMT, the rand traded at 16.8175 against the dollar, 0.78% stronger than its previous close. Traders are awaiting the Fed policy announcement at 1800 GMT, with the focus also …
South African rand firms before Fed rate decision Read More »
NAIROBI (Reuters) -Kenya’s central bank held its benchmark lending rate at 7.5% on Wednesday to allow the hike it approved in May to transmit its way through the economy, the bank’s Monetary Policy Committee (MPC) said. Policymakers raised the lending rate by 50 basis points at their last meeting in May, the first increase since …
Kenya central bank holds main lending rate at 7.5% Read More »
ABUJA (Reuters) – Nigeria’s rainy day fund from oil revenue plunged to $376,655.09 at the end of June, from $35.37 million the prior month, amid limited crude exports, biting fuel subsidies and a struggling economy. The government’s accountant general released the figures late on Tuesday but did not give a reason for the steep drop. …
Nigeria’s excess crude account balance plunges as economy struggles Read More »
JOHANNESBURG (Reuters) -The executive director of South Africa’s Presidential Commission on Climate Change called the country’s coal industry “delusional” on Wednesday, saying the market for the fossil fuel is going to dwindle rapidly in the next decade. South Africa, which gets most of its electricity from coal-fired power plants, is grappling with rolling blackouts, while …
Coal industry is ‘delusional’, South Africa climate change official says Read More »
CAIRO (Reuters) – The International Monetary Fund said on Tuesday that Egypt needed to make “decisive progress” on fiscal and structural reform as Cairo seeks a new round of support from the fund. In an evaluation of a $5.2 billion stand-by arrangement agreed with Egypt in 2020, the IMF’s executive board noted “Egypt’s remaining vulnerability …
IMF says Egypt needs progress on fiscal and structural reform Read More »
(Reuters) -South African stocks closed higher on Tuesday, led by fashion and grocery retailers, which reported better-than-expected sales growth. Retailers’ results eased investor concerns about constrained consumer spending in an environment where rising inflation, interest rates, fuel and utilities are putting pressure on household disposable income. Fashion retailer Truworths jumped 9.7%, clocking its biggest one-day …
South African fashion and grocery retailers lift stocks Read More »
NAIROBI (Reuters) – The Kenya Electricity Generating Company (KenGen) said it injected an extra 86 megawatts of power into the national grid from its geothermal plant on Tuesday. KenGen, which produces the bulk of Kenya’s electricity, generates 799 megawatts from geothermal steam which is found deep underground the Rift Valley and is used to drive …
Kenyan electricity producer KenGen adds 86 MW to grid from geothermal plant Read More »
JOHANNESBURG (Reuters) -South African fashion retailer Truworths International reported on Tuesday a 9% rise in annual sales as lockdown restrictions eased at home and in the United Kingdom. Shares in Truworths, which also owns UK-based shoe chain Office, jumped more than 9% on the results. The company said sales for the year that ended July …
Fashion retailer Truworths’ sales jump as lockdowns ease Read More »
