MAPUTO (Reuters) – Over 500 workers at a coal mine in Mozambique owned by a subsidiary of an Indian company have been on strike for a week, the company said in a statement on Tuesday, hurting coal production at a time of peak coal prices. The striking workers, who make up around 10% of the …
Ten percent of workers at Indian-owned Mozambique coal mine are on strike Read More »
NAIROBI (Reuters) – Standard Chartered Bank Kenya posted a 16% rise in pretax profit to 3.93 billion shillings ($33.81 million)in the first quarter of this year, helped by rising interest income and a drop in loan impairments. The lender, which is controlled by Standard Chartered Plc, said in a statement late on Tuesday its net …
JOHANNESBURG (Reuters) -South Africa’s rand firmed on Tuesday, as a pullback in the U.S. dollar offered support despite continued power cuts that cloud the domestic economic growth outlook. At 1501 GMT, the rand traded at 15.9450 against the dollar, 1.28% firmer than its previous close. The dollar fought for a footing after falling from near …
South Africa’s rand firms as dollar retreats from 20-year high Read More »
By Julia Payne LAGOS (Reuters) – TotalEnergies has launched the sale of its 10% stake in Nigerian joint venture SPDC, with Canada’s Scotiabank leading the sale as financial adviser, a sale document tendering for interest showed. TotalEnergies announced the sale in late April. Scotiabank declined to comment. TotalEnergies declined to comment on the financial adviser. …
TotalEnergies launches sale of stake in Nigerian oil joint venture Read More »
By Nqobile Dludla JOHANNESBURG (Reuters) -South African grocery and clothing retailer Pick n Pay aims to cut costs by 3 billion rand ($187 million) in the next three years and grow its market share by 3% under a new strategy, CEO Pieter Boone said on Tuesday. One of the country’s largest retail chains is seeking …
S.Africa retailer Pick n Pay to cut $187 million in costs in 3 years Read More »
ACCRA (Reuters) – Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation. “We have started a bulk purchase program, domestic, where we buy gold locally and …
Ghana starts gold purchase programme to strengthen currency Read More »
LONDON (Reuters) -British International Investment (BII) and U.S. bank Citigroup Inc have signed a $100 million risk-sharing facility aimed at boosting lending to small businesses across Africa by up to four times that amount, BII said in a statement. The deal between Citi and BII, Britain’s development finance institution, aims to help Citi expand its …
Citi, UK’s BII agree $100 million risk-sharing lending deal for Africa Read More »
DAKAR (Reuters) – The International Monetary Fund (IMF) and Niger have reached a staff-level agreement on a first programme review that will allow for a disbursement of about $53 million if approved in June, the IMF said on Tuesday. The staff-level agreement is subject to approval from IMF management and the executive board, which is …
IMF and Niger reach staff-level agreement on $53 million loan Read More »
JOHANNESBURG (Reuters) – South African retailer Pick n Pay aims to cut costs by up to 3 billion rand ($186.74 million) in the next three years and grow its market share by 3%, its CEO Pieter Boone said on Tuesday. One of the biggest organised retail chains in the country is aiming to increase its …
S.African retailer Pick n Pay to cut over $186 million in costs in 3 years: CEO Read More »
KAMPALA (Reuters) – Uganda’s economy is seen expanding by between 3.8%-4.5% in the fiscal year to end June from 3.4% growth in the same period in 2021, helped by the easing of restrictions aimed at containing COVID-19’s spread, its finance minister said on Tuesday. “The economy continues to show signs of recovery following the easing …
Uganda’s economy seen expanding by up to 4.5% in year to end-June – Finance Minister Read More »
