(Reuters) -The South African rand strengthened on Tuesday, as the dollar consolidated gains near a two-decade peak amid fears that aggressive interest rate hikes by the Federal Reserve would push the U.S. economy into recession. At 1559 GMT, the rand traded at 16.0525 against the dollar, 0.48% stronger than its previous close. The dollar index, …
South African rand firmer despite slowdown worries, stocks slide Read More »
By Chris Mfula LUSAKA (Reuters) -Zambia will hold its first meeting with its international creditors on Thursday, finance minister Situmbeko Musokotwane said, but he acknowledged that the government’s aim of concluding negotiations by the end of June no longer looked tenable. “We are one step closer to debt resolution because those discussions are beginning this …
Zambia says first creditor meeting set for Thursday, IMF praises govt Read More »
(Corrects paragraph 6 to reflect that deals not yet finalised) By Bate Felix ABIDJAN (Reuters) -Mauritius Commercial Bank (MCB), the Indian Ocean island nation’s largest bank, will open a representative office in Nigeria in months as it seeks to expand beyond oil and gas deals to cover renewables and mining, a senior executive said. MCB, …
Mauritius Commercial Bank to open Nigeria office in Africa growth plan Read More »
ABIDJAN (Reuters) -Ivory Coast wants Italy’s Eni to bring its recently discovered offshore field to full production earlier than a planned 2026 timeline to meet local and regional gas demand, its mines and petroleum minister said on Tuesday. Eni announced the giant oil discovery in September last year, estimating it held 1.5-2.0 billion barrels of …
Ivory Coast wants Eni to bring forward full output at new oil and gas field Read More »
By Sinead Cruise and Estelle Shirbon LONDON (Reuters) -JPMorgan Chase has won a London High Court battle against Nigeria, which was seeking $1.7 billion in damages over the U.S. bank’s role in a disputed 2011 oilfield deal. JPMorgan said the judgment reflected its commitment to acting with high professional standards everywhere it operates, while Nigeria …
JPMorgan wins London oil trial in which Nigeria sought $1.7 billion Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South Africa’s Telkom lowered its revenue and profit guidance for the medium term due to a slowdown in growth in its mobile business and a decline in its legacy fixed-line unit, it said on Tuesday, sending its shares down more than 7%. Group earnings before interest, tax, depreciation and amortisation …
Telkom lowers revenue and profit guidance, shares tumble Read More »
ABIDJAN (Reuters) – The International Finance Corporation (IFC), the investment arm of the World Bank, has partnered with Vista Bank to boost the trade finance capacity of the West African lender’s Guinea and Burkina Faso units, the IFC announced on Tuesday. The agreement makes available trade facilities of up to $24 million – $12 million …
IFC backs Vista Bank in Guinea, Burkina Faso trade finance deal Read More »
(Reuters) -Sibanye-Stillwater suspended production at its two platinum group metals (PGMs) mines in Montana in the United States on Monday night after heavy flooding damaged an access road, a spokesperson said on Tuesday. The impact of the floods on production was yet to be determined, spokesman James Wellsted said, adding that the Stillwater and East …
Sibanye-Stillwater halts Montana mines amid floods Read More »
DAR ES SALAAM (Reuters) -Tanzania’s economy is forecast to grow by a slightly slower pace this year before picking up in 2023, Finance Minister Mwigulu Nchemba said on Tuesday. Tanzania’s economy is recovering from the COVID-19 pandemic, which hit sectors like tourism hard. But the recovery has been affected by the war in Ukraine, which …
Tanzania forecasts slower GDP growth in 2022, pick-up next year Read More »
(Reuters) – South African business confidence fell in May, weighed down by lower merchandise import and export volumes, data showed on Tuesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) fell to 89.3 in May from 93.7 in April. (Reporting by Bhargav Acharya in Bengaluru; Editing by Alexander Winning)
