Reuters Africa Business Archives - Page 857 of 921

Egypt’s MNT-Halan closes $150 million securitised bond issuance

27 Jun 2022 27 Jun 2022

CAIRO (Reuters) -Egyptian microfinance lending and payments company MNT-Halan said on Monday it had closed a securitised bond issuance of approximately $150 million, as part of a $600 million program with Commercial International Bank (CIB). “The proceeds will fuel the company’s accelerated growth across multiple lending business lines,” the company said. “We expect our loan …

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Egypt to buy 180,000 tonnes of Indian wheat – supply minister

26 Jun 2022 26 Jun 2022

By Sarah El Safty CAIRO (Reuters) -Egypt has contracted to buy 180,000 tonnes of wheat from India, less than previously agreed, but is looking at ways to extract more flour from grain and even use potatoes in bread making as it tries to trim imports, the supply minister said on Sunday. Egypt, one of the …

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Egypt’s strategic wheat reserves sufficient for 5.7 months – minister

26 Jun 2022 26 Jun 2022

(Reuters) -Egypt has strategic reserves of wheat sufficient for 5.7 months, Supply Minister Aly Moselhy said in a news conference on Sunday, adding that the country has procured 3.9 million tonnes of wheat in the local harvest so far. Egypt is often the world’s biggest wheat importer. He added that the strategic reserves for sugar …

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Nigeria to issue marginal oilfield licences next week, regulator says

26 Jun 2022 26 Jun 2022

ABUJA (Reuters) – Nigeria will issue prospecting licences on Tuesday to companies that won rights to develop marginal oilfields, the petroleum industry regulator said on Saturday, some two years after authorities sought bids for the oil blocks. Marginal fields are smaller oil blocks located onshore and in shallow waters and are typically developed by local …

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France’s Amethis sells Kenyan retailer stake to Mauritius-based IBL

25 Jun 2022 25 Jun 2022

NAIROBI (Reuters) – France’s Amethis investment fund said on Friday it will sell its stake in Kenyan general retailer Naivas to Mauritius-based IBL Group. Amethis bought a stake in Naivas for an undisclosed amount in 2020. A source with knowledge of the transaction had told Reuters the purchase amounted to 30% of the retailer at …

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South African rand strengthens as dollar slides, stocks jump

24 Jun 2022 24 Jun 2022

(Reuters) -South Africa’s rand strengthened against a sliding dollar on Friday, as investors started to scale back bets on how far central banks will be able to lift interest rates this cycle to rein in inflation. Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could …

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Nigeria expects improved security to boost oil production -minister

24 Jun 2022 24 Jun 2022

By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s oil minister said on Friday that after meeting with oil companies this week he expects to see some improvement in security in the sector, enabling Africa’s top producer meet its OPEC production quota by the end of August. Nigeria loses millions of barrels of crude oil a year because …

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South Africa’s Steinhoff posts 13% rise in HY core profit

24 Jun 2022 24 Jun 2022

(Reuters) – South African retailer Steinhoff on Friday posted a 13% rise in core profit and said its markets were likely to remain volatile in the near term from inflationary pressures and supply-chain constraints. Core profit from continuing operations rose to 760 million euros ($799.82 million) for the six months ended March 31, while the …

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Protests force South Africa’s Eskom to widen power cuts

24 Jun 2022 24 Jun 2022

By Anait Miridzhanian and Alexander Winning (Reuters) – South African state power company Eskom said it would be forced to widen electricity cuts on Friday and over the weekend as labour protests linked to deadlocked wage talks disrupt operations. The utility, which has struggled to meet power demand in Africa’s most industrialised nation for over …

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World Bank sees Mozambique economy growing 5.7% on average between 2022 and 2024

24 Jun 2022 24 Jun 2022

MAPUTO (Reuters) – Economic growth in Mozambique is expected to accelerate in the medium term, averaging 5.7% between 2022 and 2024, as demand recovers and the economy benefits from the start of liquefied natural gas production this year, the World Bank said on Thursday. The start of LNG production at the offshore Coral project and …

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