By Nelson Banya (Reuters) -South Africa’s Kumba Iron Ore hopes China’s economic stimulus spending on infrastructure will restore demand for iron ore after the Asian giant’s COVID-19 lockdowns and property crisis hit prices in the first half of the year. Kumba’s shares were 1.46% lower at 0844 GMT on Tuesday after it reported a 50% …
S.Africa’s Kumba pins hopes on China’s infrastructure stimulus Read More »
JOHANNESBURG (Reuters) – South African supermarket retailer Pick n Pay pledged to continue to bear down on prices to help cash-strapped shoppers, as it reported a 10.7% sales rise in the 18 weeks to July 3. Pick n Pay, also owner of discount grocer Boxer, said advance purchases of strategic stock, totalling 900 million rand …
South Africa’s Pick n Pay vows to bear down on prices as sales rise Read More »
JOHANNESBURG (Reuters) – South Africa’s biggest grocer Shoprite Holdings reported a 9.6% increase in annual sales on Tuesday as cash strapped shoppers looked for value at its discount stores. Although inflation and interest rates are rising globally, sapping consumer demand, Shoprite’s mainstay South African customers continued to spend, helped by government COVID-19 grants, which had …
South Africa’s Shoprite chalks up 9.6% annual sales rise Read More »
NAIROBI (Reuters) – Kenya’s Centum Investment Co Plc said on Tuesday its pretax loss narrowed to 1.64 billion shillings ($13.83 million)in the year to end-March from a loss of 2.3 billion the previous year. Real estate forms the bulk of Centum’s assets, but private-equity assets in the consumer, financial, agribusiness and power sectors account for …
Kenya’s Centum Investment narrows pretax loss in year to end-March Read More »
JOHANNESBURG (Reuters) – South Africa’s fashion and grocery retailer Woolworths Holdings said on Tuesday annual turnover rose by 1.4%, helped by an improved second half of the year as lockdown restrictions eased, especially in Australia and New Zealand. Its South African fashion beauty and home business grew turnover and concession sales in the 52 weeks …
South Africa’s Woolworths annual sales helped by second-half improvement Read More »
(Reuters) -South Africa’s rand firmed on Monday as the dollar weakened against a basket of major currencies ahead of the U.S. Federal Reserve policy meeting on Wednesday. At 1627 GMT, the rand traded at 16.8100 against the dollar, 0.16% stronger than its previous close. “Should the Fed deliver a 100 bp hike this week, the …
South African rand firms as markets await Fed meeting Read More »
By Nelson Banya (Reuters) -The use of platinum as a substitute for more costly palladium is likely to accelerate amid concerns about supply from top palladium producer Russia and a drive among carmakers to cut costs, Anglo American Platinum said on Monday. Palladium is used in emission-reducing catalytic converters in gasoline engines, but the metal’s …
Amplats sees pick up in switch to platinum from palladium Read More »
GOMA, Democratic Republic of Congo (Reuters) – Hundreds of protesters attacked a United Nations peacekeeping force’s warehouse and looted offices on Monday in Goma in the eastern Democratic Republic of Congo, demanding that the mission leave for failing to protect the population. Protesters blocked roads in the city with rocks and pebbles, ransacked offices and …
Protesters ransack UN peacekeepers’ offices in eastern DR Congo Read More »
(Corrects last paragraph of this July 21 story to show it posted highest profit in 60 years, not six years) MARRAKECH, Morocco (Reuters) – U.S. commodities trader Gerald Group plans to increase production at its Sierra Leone iron mine to 7 million tonnes next year from 3 million tonnes now, Chief Executive Officer Craig Dean said on …
Gerald Group to increase iron ore output at Sierra Leone mine to 7 million tonnes Read More »
By Christian Akorlie ACCRA (Reuters) -Ghana’s central bank kept its main interest rate unchanged at 19%, Governor Ernest Addison said on Monday, citing a deceleration of the rate of inflation and concerns over economic growth. The bank has increased its prime lending rate by 550 basis points since the end of last year to tackle …
Bank of Ghana pausing to observe after cycle of rate hikes Read More »
