Reuters Africa Business Archives - Page 856 of 921

China’s Huayou faces clash with regulator over Zimbabwe lithium project

28 Jun 2022 28 Jun 2022

By Nelson Banya HARARE (Reuters) – China’s Zhejiang Huayou Cobalt faces regulatory pressure to produce battery-grade lithium in Zimbabwe within five years, official documents seen by Reuters show, something the miner has already said cannot be achieved. China’s biggest cobalt refiner acquired the hard-rock Arcadia lithium mine just outside Harare for $422 million earlier this …

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South Africa FDI inflows increase to $1.7 billion in Q1 2022

28 Jun 2022 28 Jun 2022

(Reuters) – South Africa recorded foreign direct investment (FDI) inflows of 27.2 billion rand ($1.7 billion) in the first quarter of 2022, up from 22.7 billion rand in the fourth quarter of 2021, the central bank said on Tuesday. The South African Reserve Bank said in its Quarterly Bulletin that the increase was due to …

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Egypt can no longer depend on hot money for budget: finance minister

28 Jun 2022 28 Jun 2022

By Patrick Werr CAIRO (Reuters) – Egypt’s finance minister said on Monday the government could no longer depend on foreign purchases of treasuries to finance its budget, but must work to boost foreign direct investment (FDI) instead. “The lesson we have learned (is that) you cannot depend on this type of investment. It is coming …

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From Peru to Uganda, activists call on Deutsche Bank to drop fossil finance

28 Jun 2022 28 Jun 2022

By Tom Sims and Marta Orosz FRANKFURT (Reuters) – Climate activists from Peru to Uganda are descending on Deutsche Bank’s headquarters in Frankfurt this week to call on Germany’s largest lender to stop financing fossil fuel companies. The demand comes as Deutsche Bank markets itself as a lender that firms can turn to as they …

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South African rand dips, stocks rise as inflation worries ease

27 Jun 2022 27 Jun 2022

(Reuters) -South Africa’s rand weakened against the dollar and the stock market rose on Monday, as softening inflation expectations prompted a reassessment of the prospects for aggressive interest rate hikes. At 1530 GMT, the rand traded at 15.8350 against the dollar, 0.22% weaker from its previous close. The dollar index, which measures the currency versus …

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Anger, tears in S.Africa after 21 teens likely accidentally poisoned in pub

27 Jun 2022 27 Jun 2022

EAST LONDON, South Africa (Reuters) -South African mourners expressed anger and despair on Monday at the death of 21 teenagers in a tavern over the weekend, as investigating authorities said the youths were probably accidentally poisoned by something they ate, drank or smoked. The still unexplained deaths of the teens, some of whom were celebrating …

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Zimbabwe doubles interest rates to fight inflation

27 Jun 2022 27 Jun 2022

By Nyasha Chingono HARARE (Reuters) -Zimbabwe more than doubled interest rates to 200% in an effort to tame inflation and also outlined plans to make the U.S. dollar legal tender in the southern African nation for the next five years, authorities said on Monday. Soaring inflation has been piling pressure on a population already struggling …

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Heat wave and fires damaging Tunisia’s grain harvest

27 Jun 2022 27 Jun 2022

TUNIS (Reuters) – A heat wave and fires are badly damaging Tunisia’s grain harvest, leadig the farmers union to forecast that output will fall well short of government hopes. Loss of grain production comes as the North African country struggles with food importation costs driven higher by the war in Ukraine. Agriculture Minister Mhamoud Elyess …

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Tencent stock falls as Prosus/Naspers to sell shares to fund buybacks

27 Jun 2022 27 Jun 2022

By Promit Mukherjee, Toby Sterling and Josh Ye JOHANNESBURG/AMSTERDAM (Reuters) -Technology investor Prosus NV will tap its huge stake in China’s Tencent to fund a stock buyback in itself and parent Naspers, the Dutch firm said on Monday, knocking shares in the Chinese tech giant. The move is aimed at closing a gap between the …

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Zimbabwe central bank hikes lending rate to 200% over inflation surge

27 Jun 2022 27 Jun 2022

HARARE (Reuters) – Zimbabwe’s central bank said on Monday that its monetary policy committee had decided to hike its policy rate to 200% from 80% per annum, with effect from July 1. “The Committee noted that the increase in inflation was undermining consumer demand and confidence and that, if not controlled, it would reverse the …

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