(Reuters) – Africa-focused Tullow Oil said on Wednesday it expected to make $200 million in free cashflow this year at an average oil price of $95 a barrel, adding that it sees no cashflow in the first half after an arbitration payment and an acquisition. Tullow said a shareholder prospectus for its planned merger with …
Tullow expects cashflow of $200 million at oil price of $95/bbl Read More »
(Reuters) -South Africa’s rand strengthened against the dollar on Tuesday after slipping to its weakest for 21 months in early trade. By 1548 GMT the rand traded at 16.9675 against the dollar, 0.77% stronger than its previous close. On Monday the rand hit its lowest level since September 2020. The dollar index, which measures the …
South African rand rises as dollar drops; miners drag on bourse Read More »
By Chris Mfula LUSAKA (Reuters) -Zambia’s mines minister Paul Kabuswe has told state mining investment company ZCCM-IH to engage with Vedanta Resources in an effort to find an out-of-court resolution to their long-running dispute over Konkola Copper Mines (KCM), he said on Tuesday. “We must sit around the table and begin to discuss. We cannot …
Zambia seeks out-of-court resolution to Vedanta dispute Read More »
By Nyasha Chingono HARARE (Reuters) – African Development Bank (AfDB) President Akinwumi Adesina said on Tuesday he was optimistic about talks with Zimbabwe to solve its debt crisis. Zimbabwe has accumulated billions of dollars of debt and has not received funding from global financial institutions like the International Monetary Fund (IMF) and World Bank for …
AfDB president optimistic about solving Zimbabwe’s debt crisis Read More »
JOHANNESBURG (Reuters) – South Africa’s manufacturing output fell 2.3% year-on-year in May, after falling by a revised 7.6% in April, statistics agency data showed on Tuesday. Factory production fell 0.2% month on month in May. Analysts had predicted a 2.4% decline in annual terms in May and a 1.5% month-on-month increase. (Reporting by Alexander Winning; …
South Africa’s manufacturing output falls 2.3% year on year in May Read More »
JOHANNESBURG (Reuters) -South Africa’s largest food producer Tiger Brands said on Tuesday its fruit canning business would extend operations for a further season to save over 4,500 jobs, while it talks to possible buyers for the unit. The extension adds a bit of certainty about the future of the business, which was at risk of …
Tiger Brands to extend operations of fruit business for another season Read More »
LUSAKA (Reuters) – Zambian finance minister Situmbeko Musokotwane said on Tuesday that a second meeting with official creditors to try to resolve the country’s debt crisis was likely to be held this month. Musokotwane said the negotiations had been slow because of the large number of Zambia’s creditors. (Reporting by Chris Mfula; Writing by Bhargav …
Zambia Finance Minister says second meeting with creditors likely this month Read More »
By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria’s solar companies are seeing a surge in demand for mini-grids and equipment as businesses in Africa’s biggest oil producer look for alternative power sources after the cost of diesel soared locally due to rising global oil prices. Supply constraints could, however, hamper their ability to capitalize on the …
Nigerian businesses turn to solar as diesel costs bite Read More »
By Andrea Shalal TOKYO (Reuters) – Ethiopia’s creditors’ committee will meet on Monday, a source briefed on the matter said on Tuesday, moving the cash-strapped African country a step closer towards restructuring its debts under a common framework set up by the Group of 20 economies. The committee, which is co-chaired by France and China, …
Ethiopia creditors to discuss debt restructuring on Monday – source Read More »
NAIROBI (Reuters) – Kenya’s shilling was steady on Tuesday, but traders said they expected it to weaken due to increased demand for dollars from importers in the manufacturing and energy sectors. At 0651 GMT, commercial banks quoted the shilling at 118.00/20 per dollar, the same as Friday’s close. Markets were closed on Monday for the …
Kenyan shilling flat, expected to weaken on manufacturing sector demand Read More »
