Reuters Africa Business

S.African hospital operator Mediclinic doubles profit, reinstates dividend

25 May 2022

JOHANNESBURG (Reuters) – South African hospital chain operator Mediclinic International is reinstating dividends after almost doubling full-year profit, it said on Wednesday. The London-listed company’s headline earnings per share for the year to March 31 rose to 19 pence from 9.6 pence a year earlier, driven mainly by increasing patient numbers as coronavirus restrictions eased. …

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South African rand strengthens amid gold gains, dollar weakness

24 May 2022

JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Tuesday, despite fears of a slowdown in a global economic recovery, amid U.S. dollar weakness and rising prices of gold, a significant export of the country. At 1522 GMT, the rand traded at 15.7200 against the dollar, 0.3% stronger than its previous close. Early in the day, the …

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Nigeria’s central bank surprises with rate hike, cites inflation

24 May 2022

By Chijioke Ohuocha ABUJA (Reuters) -Nigeria’s central bank on Tuesday raised the benchmark interest rate by 150 basis points to 13%, its first hike in more than two years, to combat rising inflation, sending markets tumbling. The move surprised analysts and traders who expected the Monetary Policy Committee (MPC) to keep the rate on hold. …

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Kenyan lender KCB picks banking subsidiary head Paul Russo as group CEO

24 May 2022

By Duncan Miriri NAIROBI (Reuters) -Kenya’s second-biggest lender by assets, KCB Group, named Paul Russo, a human resources expert who turned around a subsidiary bank, as its new chief executive. Russo, who takes up the post on Wednesday, is KCB Group’s regional business director and also managing director of NBK, a KCB subsidiary bank in …

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China’s Huayou Cobalt to invest $300 million in Zimbabwe lithium mine

24 May 2022

HARARE (Reuters) – China’s Zhejiang Huayou Cobalt plans to invest $300 million on rapid development of a lithium mine and processing plant at its newly acquired Arcadia project in Zimbabwe, according to company documents seen by Reuters on Tuesday. Huayou, one of the world’s biggest producers of cobalt, recently completed a $422 million purchase of …

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Zambia’s Mopani plans to resume cobalt production as prices rise

24 May 2022

LUSAKA (Reuters) – Zambia’s Mopani Copper Mines (MCM) plans to resume cobalt production that was halted more than a decade ago after international prices collapsed, an executive at state-owned ZCCM-IH said on Tuesday. Accelerating sales of electric vehicles have fuelled a scramble for nickel, cobalt and lithium, propelling prices of the battery materials to multi-year …

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South Africa leading business cycle indicator up 0.6% in March

24 May 2022

JOHANNESBURG (Reuters) – A South African composite leading business cycle indicator increased 0.6% month on month in March, central bank data showed on Tuesday. The indicator collects data on vehicle sales, business confidence, money supply and other factors to gauge the outlook for Africa’s most industrialised economy. Indices: 2015 = 100 January February March Leading …

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Exxon Mobil says looks forward to first LNG export from Mozambique later this year

24 May 2022

DAEGU, South Korea (Reuters) – Exxon Mobil Corp is looking forward to the first export of liquefied natural gas (LNG) from Mozambique later this year as it continues work on the Rovuma project, its head of global LNG Peter Clarke told the World Gas Conference on Tuesday. The 3.4 million tonnes per annum (mtpa) Coral …

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South African rand supported by S&P outlook upgrade

23 May 2022

JOHANNESBURG (Reuters) -The South African rand strengthened on Monday, supported by ratings agency S&P upgrading the country’s sovereign outlook to “positive”. S&P on Friday revised its outlook from “stable” and affirmed the foreign and local currency ratings on “favourable terms of trade (and) a path toward contained fiscal expenditure”. At 1517 GMT, the rand traded …

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