Reuters Africa Business Archives - Page 896 of 921

Miner Anglo American lowers output guidance after quarterly drop

21 Apr 2022 21 Apr 2022

LONDON (Reuters) – Global miner Anglo American’s first-quarter production fell 10% year on year, partly owing to operations running at reduced capacity because of higher rates of COVID-19 infections among workers, it said on Thursday. The London-listed company also lowered full-year guidance on volumes for metals including platinum, iron ore and metallurgical coal to reflect …

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South African rand extends losses as power cuts highlight economic risks

20 Apr 2022 20 Apr 2022

JOHANNESBURG (Reuters) -The rand slipped on Wednesday, extending losses from the previous session, as severe power cuts and floods highlighted economic constraints on South Africa. At 1532 GMT, the rand traded at 15.0850 against the dollar, around 0.9% weaker than its previous close. The rand weakened nearly 2% on Tuesday, when state power utility Eskom …

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Diamond miner De Beers returns to Angola after ten-year absence

20 Apr 2022 20 Apr 2022

LUANDA (Reuters) -Diamond miner De Beers has signed two mineral investment contracts with the Angolan government, the Anglo American subsidiary said on Wednesday, in a return to the southern African country it left in 2012. The contracts, for licence areas in the northeast, are for 35 years and give De Beers the rights to explore …

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Old Mutual announces $186 million Black empowerment plan, warns on profit impact

20 Apr 2022 20 Apr 2022

JOHANNESBURG (Reuters) -South African insurer Old Mutual on Wednesday said it would increase its Black share ownership with a 2.8 billion rand ($186 million) empowerment plan which could dent its profit by 5.4%. The move is classed as a Black economic empowerment (BEE) transaction, a government initiative to reverse ongoing economic inequalities almost three decades …

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South Africa’s Eskom to reduce power cuts to “Stage 3”

20 Apr 2022 20 Apr 2022

(Reuters) – South Africa’s Eskom said on Wednesday that it would reduce the level of rotational power cuts to “Stage 3” from “Stage 4” at 22:00 local time (2000 GMT), and that new level would remain in force until Friday. Eskom said it was able to reduce the level of cuts because six generation units …

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Ghana’s economy grew 5.4% in 2021, says stats office

20 Apr 2022 20 Apr 2022

ACCRA (Reuters) – Ghana’s economy grew 5.4% in 2021, the country’s statistics agency said on Wednesday, marking a sharp rebound from the low growth period of the COVID-19 pandemic while staying within growth estimates. The West African country’s gross domestic product grew 7% year on year in the fourth quarter, largely due to increased agricultural …

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S.Africa’s annual inflation hits 5.9% in March driven by fuel

20 Apr 2022 20 Apr 2022

By Alexander Winning JOHANNESBURG (Reuters) -South Africa’s consumer inflation rose to 5.9% year on year in March from 5.7% in February, data from Statistics South Africa showed on Wednesday, driven mainly by fuel on the back of higher oil prices because of the war in Ukraine. The increase in the headline number was slightly below …

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Congo nun overcomes blackouts with homemade hydroelectric plant

20 Apr 2022 20 Apr 2022

By Djaffar Al Katanty MITI, Democratic Republic of Congo (Reuters) – Sister Alphonsine Ciza spends most of her day in gum boots, white veil tucked under a builder’s hat, manning the micro hydroelectric plant she built to overcome daily electricity cuts in her town of Miti in eastern Democratic Republic of Congo. She works around …

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Saudi Cabinet approves agreement on investments by PIF in Egypt -state media

20 Apr 2022 20 Apr 2022

RIYADH (Reuters) – The Saudi Cabinet approved an agreement signed with Egypt on investments by the kingdom’s Public Investments Fund in Egypt. The two Arab counties signed an agreement on March 30 to support and encourage investments in Egypt by the Saudi sovereign wealth fund. (Reporting by Yasmin Hussein and Mahmoud Mourad; Editing by Leslie …

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Power cuts, strong dollar weigh on S.Africa’s rand

19 Apr 2022 19 Apr 2022

JOHANNESBURG (Reuters) -South Africa’s rand dropped on Tuesday, when the country’s ailing power utility ramped up scheduled power cuts that constrain growth in the continent’s most industrialised nation. At 1611 GMT, the rand traded at 14.9400 against the dollar, 1.84% lower than its previous close. State utility Eskom increased planned black outs to “Stage 4,” …

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