Reuters Africa Business Archives - Page 868 of 921

South African retailer TFG to boost local garment production

10 Jun 2022 10 Jun 2022

By Nqobile Dludla JOHANNESBURG (Reuters) -South African fashion retailer TFG will further expand local garment production this year to reduce reliance on shaky global supply chains, the chief executive said after the company swung to a full-year operating profit. Clothing and shoe retailers globally are grappling with strained supply lines that have driven up shipping …

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Kenya cancels Eurobond sale, blames surging yields -local media

10 Jun 2022 10 Jun 2022

NAIROBI (Reuters) -Kenya has cancelled the sale of a 115 billion shilling ($982 million) Eurobond and will instead borrow from commercial banks after the Russia-Ukraine war caused yields to surge on international markets, local media reported on Friday. Kenya said in January it would issue a new sovereign bond for the 2021/22 (July-June) financial year …

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China Moly denies Congo administrator takes over its Tenke copper-cobalt mine

10 Jun 2022 10 Jun 2022

By Aaron Ross DAKAR (Reuters) – There has been no change in control of Tenke Fungurume Mining, majority owner China Molybdenum said on Friday, contradicting a state mining company official who said a temporary administrator had taken control of the world’s second-largest cobalt producer. The secretary-general of Congo’s state mining company Gecamines told Reuters on …

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South African rand dips against dollar, mining data disappoints

9 Jun 2022 9 Jun 2022

(Reuters) -South Africa’s rand edged lower on Thursday, after poor mining and industrial production data dampened investor confidence, and the dollar bounced back ahead of U.S. inflation data. At 1654 GMT, the rand traded at 15.4500 against the dollar, 1.01% lower than its previous close. The dollar index strengthened against its rivals, reversing initial declines …

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S.African pay TV group Multichoice plans growth via local content, FIFA World Cup

9 Jun 2022 9 Jun 2022

By Promit Mukherjee JOHANNESBURG (Reuters) -South African pay television company Multichoice Group is eyeing producing more local content and advertising revenues from upcoming FIFA World Cup in November and December to continue its growth trajectory, it said on Thursday. The company has benefited from people working from home during the pandemic through its services such …

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Telecom operators in Congo face $180 million tax hit

9 Jun 2022 9 Jun 2022

(Reuters) – Democratic Republic of Congo has issued invoices to telecoms operators under a new tax that is expected to cost them around $180 million per year, two sources familiar with the matter said on Wednesday. The government adopted the tax imposing levies on every phone call, text message and megabyte of data in March. …

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South African retailer Mr Price warns of rising costs

9 Jun 2022 9 Jun 2022

By Nqobile Dludla JOHANNESBURG (Reuters) -South African retailer Mr Price Group Ltd expects high single digit input inflation this year and is using currency and freight hedging to protect against the rising cost pressures, its CEO said on Thursday as annual profits jumped. Companies around the world are facing high costs due to pandemic disruptions …

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BAI bank floats 10% in Angola’s first IPO, milestone in reform drive

9 Jun 2022 9 Jun 2022

By Miguel Gomes LUANDA (Reuters) – BAI, Angola’s largest private bank, floated a 10% stake on Thursday following the country’s first initial public offering (IPO), viewed by observers as an important step in the government’s modernisation drive. Under President Joao Lourenco, the southern African OPEC member has embarked on ambitious reforms to overhaul the state-dominated …

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South Africa’s economy expected to grow 2.0% this year

9 Jun 2022 9 Jun 2022

By Vuyani Ndaba JOHANNESBURG (Reuters) – South Africa’s economy is expected to grow 2.0% this year, slightly faster than forecast a month ago after a better-than-expected performance in the first quarter, a Reuters poll found on Thursday. Gross domestic product (GDP) growth in Africa’s second-biggest economy has now recovered to where it was before the …

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Russia’s Afromet exits Zimbabwe platinum mine project

9 Jun 2022 9 Jun 2022

By Nelson Banya (Reuters) – Russia’s JSC Afromet has exited a platinum mining joint venture once touted to become the biggest mining venture in Zimbabwe, its Zimbabwean state-owned partner said on Thursday, announcing it had taken full control of the project. JSC Afromet, a unit of Russian businessman Vitaly Machitski’s Vi Holdings, and Zimbabwe’s Kuvimba …

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