Reuters Africa Business

(Reuters) – South Africa’s Eskom said it will implement “Stage 2” rotational power cuts from 17:00 local time (1500 GMT) on Tuesday until 05:00 on Monday, due to a shortage of generation capacity. (Reporting by Bhargav Acharya in Bengaluru)

JOHANNESBURG (Reuters) – South African manufacturing activity expanded at a much slower pace in April, as business activity and new sales dropped following devastating floods in the KwaZulu-Natal province, a survey showed on Tuesday. The seasonally-adjusted Absa Purchasing Managers’ Index (PMI) fell to 50.7 points in April from 60.0 points in March, remaining above the …

South Africa factory activity expands at slower pace in April due to floods – Absa PMI Read More »

By Nelson Banya and Helen Reid JOHANNESBURG (Reuters) – Mining companies in South Africa have resorted to trucking coal to ports to meet a surge in European demand since the war in Ukraine started, bypassing the deteriorating rail infrastructure they blame for billions of dollars in lost revenue. Poor maintenance, a lack of spare parts …

South African coal miners turn to trucks as rail service deteriorates Read More »

KAMPALA (Reuters) – Uganda’s largest telecommunications firm MTN Uganda said on Tuesday its first-quarter pretax profits jumped by a fifth from the same period of last year, partly boosted by higher data sales. In the first three months of this year the firm’s pretax profit rose 20.2% to 143.7 billion shillings ($40.65 million) from the …

MTN Uganda’s Q1 2022 pretax profit up 20% on robust data sales Read More »

By Ed Cropley LONDON (Reuters Breakingviews) – Bitcoin’s latest fans are about as far as you can get from Silicon Valley crypto bros. War-torn Central African Republic (CAR) on Wednesday adopted the digital currency as legal tender. It’s even odder than when El Salvador did the same thing last year. The surprise expressed by the …

Bitcoin’s African outpost raises several red flags Read More »

ABUJA (Reuters) – Russia has expressed interest in investing in the Nigeria-Morocco gas pipeline project that has been on the cards since 2016, Nigeria’s minister of state for petroleum resources said on Monday. Nigeria and Morocco first signed the agreement on the project in December 2016. Besides linking the two countries, the 5,660 km (3,517 …

Nigeria oil minister says Russia interested in gas pipeline to Morocco Read More »

ISMAILIYA, Egypt (Reuters) – Egypt’s Suez Canal recorded its highest monthly revenue to date in April, reaping $629 million in ship transit fees, the authority managing the waterway said on Sunday, as traffic rebounded from the impact of the pandemic. The monthly revenue in April was 13.6% higher than a year ago, canal authority chairman …

Suez Canal sees record monthly revenue in April on higher traffic Read More »

By Nellie Peyton DAKAR (Reuters) – U.N. Secretary-General Antonio Guterres on Sunday urged debt relief for African countries and more investment to help their economies recover from the COVID-19 pandemic and weather the impacts of the Ukraine war. The United Nations chief spoke in Senegal on the first leg of a trip that will also …

UN chief calls for debt relief, post-COVID investment on W. Africa trip Read More »

By Vuyani Ndaba JOHANNESBURG (Reuters) – The South African Reserve Bank is now expected to lift its repo rate 25 basis points in May and 50 basis points in Q3, according to a Reuters poll in which inflation forecasts rose again as rising costs increase the chances of second-round effects. Thirteen of 17 economists in …

South African Reserve Bank to raise by another 75 basis points this year Read More »