Reuters Africa Business Archives - Page 876 of 921

Donor-dependent Malawi devalues kwacha by 25% as forex runs low

27 May 2022 27 May 2022

BLANTYRE (Reuters) – Donor-dependent Malawi devalued its kwacha currency by 25% on Friday, the central bank governor said, announcing a return to a market-determined foreign exchange rate regime to prop up dwindling foreign currency reserves. The move came in reaction to rising commodity prices which have hit the country amid declining revenue from tobacco, its …

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Nigeria finance minister: low oil output barely enough to cover petrol imports

27 May 2022 27 May 2022

By Dan Burns DAVOS, Switzerland (Reuters) – Low crude oil production means Nigeria is barely able to cover the cost of imported petrol from its oil and gas revenues, Finance Minister Zainab Ahmed told Reuters on Thursday. Ahmed added in an interview at the World Economic Forum in Davos that she hoped Nigerian oil production …

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Discounter Pepkor’s first-half earnings rise on Steinhoff settlement

27 May 2022 27 May 2022

JOHANNESBURG (Reuters) – Pepkor Holdings, owner of discount retailer brands Pep and Ackermans, on Friday reported a 28.3% rise in half-year earnings, benefiting from a payout resulting from a global claims settlement by parent company Steinhoff. Steinhoff International earlier this year started a series of payments to shareholders who lost money when Steinhoff’s shares plunged …

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Rusal calls strike at Guinea bauxite mine ‘illegal’

26 May 2022 26 May 2022

CONAKRY (Reuters) -Workers at Russian aluminium giant Rusal’s Guinea bauxite mine Compagnie des Bauxites de Dian Dian (COBAD) went on strike on Thursday, a union leader told Reuters, in a move Rusal said was illegal. A worker told Reuters production at COBAD had stopped due to the strike. Rusal did not respond to a request …

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South African rand flat as Fed minutes contain few surprises

26 May 2022 26 May 2022

JOHANNESBURG (Reuters) -The South African rand was little changed on Thursday, as minutes from the U.S. Federal Reserve’s most recent meeting contained few surprises. At 1530 GMT, the rand traded at 15.7550 against the dollar, around 0.1% weaker than its previous close. “While the minutes reiterated that the Fed would likely implement two 50-bp rate …

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South Africa’s Tharisa sees strong chrome demand in China despite COVID curbs

26 May 2022 26 May 2022

By Nelson Banya (Reuters) – South African miner Tharisa is seeing strong demand and higher prices for its chrome concentrate shipments to China, despite concerns over the impact of China’s COVID-19 lockdowns, its chief operating officer told Reuters on Thursday. Tharisa, which produces platinum group metals (PGMs) and chrome concentrate in South Africa, on Thursday …

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South Africa’s 2022 maize harvest seen down 9.8% from last year

26 May 2022 26 May 2022

(Reuters) – South African farmers are expected to harvest 9.8% less maize in the 2021/2022 season compared with the previous season, the government’s Crop Estimates Committee (CEC) said on Thursday, showing no change from the previous forecast. The CEC’s fourth summer crop forecast estimates the 2022 harvest at 14.723 million tonnes, down from the 16.315 …

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Nigeria to import potash from Russia, Canada -sovereign fund head

26 May 2022 26 May 2022

By Felix Onuah ABUJA (Reuters) -Nigeria plans to import 105,000 tonnes of potash from Russia and Canada to ensure to help avert any shortfall in output from its fertiliser plants, the head of the country’s sovereign wealth fund said on Thursday. Uche Orji, the head of Nigeria’s Sovereign Investment Authority (NSIA), said Nigeria could import …

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S.Africa needs $250 billion over three decades for clean energy transition – report

26 May 2022 26 May 2022

CAPE TOWN (Reuters) – Moving South Africa’s coal-dominated economy onto a greener footing will require at least $250 billion over the next three decades, a report released on the sidelines of the World Economic Forum said on Thursday. Around half of the total investment, $125 billion, is needed to ramp up wind and solar power …

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S.African labour union ends ArcelorMittal strike after signing wage deal

26 May 2022 26 May 2022

(Reuters) – South Africa’s largest metal workers union on Wednesday said it had signed a wage deal with ArcelorMittal South Africa Ltd, ending a two-week strike over a pay dispute. The National Union of Metalworkers of South Africa (NUMSA), which embarked on a strike on May 11 demanding a 10% wage hike, said it had …

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