Reuters Africa Business Archives - Page 840 of 921

Caledonia to buy Zimbabwe gold project in $53 million all-share deal

21 Jul 2022 21 Jul 2022

(Reuters) – Caledonia Mining Corporation has agreed to buy Zimbabwe’s Bilboes Gold Limited in a $53 million all-share deal that could quadruple Caledonia’s annual production. Caledonia currently owns 64% of Zimbabwe’s Blanket gold mine, where output is expected to reach 80,000 ounces this year thanks to a new shaft. The Bilboes project, which Anglo American …

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Inflation in Africa’s oil-rich economies to slip to low double digits in 2023

21 Jul 2022 21 Jul 2022

By Vuyani Ndaba JOHANNESBURG (Reuters) – Consumer inflation in Africa’s oil-rich economies will moderate in the coming year but remain stubbornly in double digits in the west of the continent as energy production capacity remains far from its needs, a Reuters poll found on Thursday. As much as a petrodollar windfall is helping some Gulf …

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Vodacom to hold 100% of new South African tower subsidiary

21 Jul 2022 21 Jul 2022

By Nqobile Dludla JOHANNESBURG (Reuters) -Vodacom Group will retain full ownership of a new subsidiary that will take over its South African tower business, the telecoms company said on Thursday, announcing a 5.2% rise in first-quarter revenue. Formation of the telecommunications-tower company, which follows similar actions by Vodacom’s rivals, is not yet complete, chief executive …

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Nigerian bakers suspend production over high costs

21 Jul 2022 21 Jul 2022

By CAMILLUS EBOH ABUJA (Reuters) – Nigerian bread makers suspended production from Wednesday to protest against soaring prices of ingredients such as flour and sugar, bakers associations said. Prices of staples such as bread, maize and rice have risen since the start of this year, helping to propel inflation to its highest in more than …

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AfDB seeks to increase concessional funding to fragile African economies

21 Jul 2022 21 Jul 2022

By Ahmed Eljechtimi MARRAKECH, Morocco (Reuters) – The African Development Bank (AfDB) is seeking additional capital for its fund offering infrastructure finance at cheap rates to low-income and fragile African economies, the bank’s president said on Wednesday. The bank is negotiating with donors to replenish its African Development Fund (ADF), a process that takes place …

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Egypt’s economy seen growing steadily over next three years

21 Jul 2022 21 Jul 2022

By Nafisa Eltahir CAIRO (Reuters) – Egypt’s economy will grow fairly steadily over the coming three years, with inflation gradually declining from double digits and the pound weakening in the near-term, a Reuters poll showed. Gross domestic product (GDP) is forecast to expand a median 5.5% in the fiscal year that began this month, according …

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South African rand edges down after inflation hits 13-year high

20 Jul 2022 20 Jul 2022

(Reuters) -South African rand edged down on Wednesday, after data showed inflation soaring to a 13-year high in June on the eve of an interest rate announcement from the central bank. At 1546 GMT, the rand traded at 17.1225 against the dollar, down 0.13% from its previous close. Headline consumer inflation, the highest since May …

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Sudan annual inflation drops to 148.88% in June – bureau of statistic

20 Jul 2022 20 Jul 2022

(Reuters) – Sudan’s annual inflation slowed to 148.88% in June from 192.21% in May, the statistics bureau said on Wednesday. Sudan’s economy has deteriorated since a military coup last October which led to the suspension of international financing, and its currency has fallen by more than a quarter. The country has suffered from a chronic …

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Ghana parliament approves $750 million loan to support budget

20 Jul 2022 20 Jul 2022

ACCRA (Reuters) -Ghanaian lawmakers on Wednesday approved a $750 million loan from African Export Import Bank (Afreximbank) and continued to debate another loan worth $250 million, as the country seeks to overcome a nearly $1 billion balance-of-payments deficit. In June, Finance Minister Ken Ofori-Atta asked parliament to expedite approval of the loans, but disagreements have …

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Angola awards Congo rail link to Trafigura consortium

20 Jul 2022 20 Jul 2022

LONDON (Reuters) -Angola has awarded a tender to a Trafigura consortium to operate and expand rail infrastructure, an estimated $333 million investment to speed up commodity exports from Democratic Republic of Congo. Congo, Africa’s biggest copper producer, exports copper, cobalt and other metals in trucks via Tanzania or South Africa, which takes several weeks because …

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