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South Africa’s Rand Firm As Central Bank Keeps Interest Rates On Hold

South Africa’s Rand Firm As Central Bank Keeps Interest Rates On Hold

South Africa’s rand inched up in early trade on Friday after the Reserve Bank kept rates on hold, and despite a less dovish than expected policy statement from the central bank as well as a global retreat in other commodity-dependent currencies. At 0640 GMT, the rand had firmed 0.14 percent to 12.9075 per dollar, slightly […]

Kenya Airways’ Full-Year Pretax Loss Narrows 60.9 pct

Kenya Airways’ Full-Year Pretax Loss Narrows 60.9 pct

Kenya Airways Ltd’s pretax loss shrank 60.9 percent in the year to end-March to 10.2 billion shillings ($98.84 million), the company said on Thursday. The carrier, which saw losses mount after a slump in Kenyan tourism and an expensive fleet renewal exercise, swung to an operating profit of 897 million shillings from a loss of […]

OPEC Wants To Carry On Pumping Less And Earning More

OPEC Wants To Carry On Pumping Less And Earning More

IEA Head of Oil Market Division Neil Atkinson weighs in on OPEC’s attempt to extend oil production cuts and talks about and compliance. He speaks on ‘Bloomberg Daybreak: Europe.’ (Source: Bloomberg) At first glance, OPEC’s cuts haven’t worked — global oil inventories remain well above normal levels. But the policy’s made a difference where it […]

GM To Cut 600 South Africa Jobs By July As It Pulls Out Of Country

GM To Cut 600 South Africa Jobs By July As It Pulls Out Of Country

South Africa’s top manufacturing union NUMSA said late Monday that 600 workers out of 1,500 at General Motors SA will lose their jobs by July after a decision last week by the car maker to sell its local operations. The National Union of Metalworkers of South Africa (NUMSA) said in a statement that GM had […]

Egypt’s 4G Wireless Frequencies Ready For Use – Minister

Egypt’s 4G Wireless Frequencies Ready For Use – Minister

Egypt has prepared the wireless frequencies needed for telecommunications companies in the country to deliver 4G mobile broadband networks, a key step in the long-delayed introduction of high speed telecoms services. “We are now ready to hand over 4G mobile frequencies to any company that is ready … we are waiting for companies to finish […]

Tullow Says Makes Oil Discovery In Kenyan Well

Tullow Says Makes Oil Discovery In Kenyan Well

Africa-focused oil company Tullow Oil Plc said it encountered 75 metres of net oil pay in two zones at an exploration well in Northern Kenya. The Emekuya-1 well, located in the South Lokichar basin in North-Western Kenya, would eventually be developed to full field development, the company said on Wednesday. The well has proven oil […]

Vodafone’s South African arm Vodacom takes over $2.6 bln stake in Kenya’s Safaricom

Vodafone’s South African arm Vodacom takes over $2.6 bln stake in Kenya’s Safaricom

UK-based telecoms group Vodafone moved to consolidate two of its African interests on Monday with the transfer of a 35 percent stake in Kenya’s Safaricom to majority-owned South African subsidiary Vodacom. The 34.6 billion-rand ($2.6 billion) deal, structured as an acquisition of the stake by Vodacom in return for new shares, is the latest move […]

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudis, Russia Favor Extending Oil Cuts Until End-March 2018

Saudi Arabia and Russia said they favor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. vor extending oil-output cuts by global producers through the end of the first quarter of 2018 to shrink a market glut. Crude prices jumped. Extending […]

South Africa’s Currency Rating And Low Business Confidence Chief Among 2017 Risks

South Africa’s Currency Rating And Low Business Confidence Chief Among 2017 Risks

A downgrade of the South African rand’s credit rating and sagging business confidence are the biggest risks to growth this year, a Reuters poll found, and would make it difficult for the economy to escape a slow-expansion trap. Both Standard & Poor’s and Fitch Ratings Agency downgraded South Africa’s credit rating to below investment grade […]

Senate Approves 21% Budget Hike to Boost Economy

Senate Approves 21% Budget Hike to Boost Economy

Nigeria’s lawmakers approved to boost spending by 21 percent this year to help the West African economy recover from its worst slump in 25 years. The Senate, led by its President Bukola Saraki, agreed on Thursday in the capital, Abuja, to increase spending this year to 7.4 trillion naira ($23 billion). That compares to a […]