DAKAR (Reuters) – Democratic Republic of Congo’s revenues from its mining sector tripled year-on-year in the first quarter of 2018 to $397.86 million, finance ministry data showed. An excavator is used at the bottom of Congolese state mining company Gecamines’ Kamfundwa open pit copper mine January, file. REUTERS/Jonny Hogg Revenues from the oil and gas […]
Read More JOHANNESBURG (Reuters) – South African gold miner Harmony Gold raised just over 1.05 billion rand ($82 million) via the issue of new shares, it said on Wednesday, raking in cash to pay down debt used for an acquisition. The sun sets behind a shaft outside the mining town of Carletonville, west of Johannesburg, July 7 […]
Read More NAIROBI (Reuters) – Kenya’s Mumias Sugar has suspended Chief Executive Officer Nashon Aseka over “doubtful transactions” that appear to have been entered without following proper procedures. Mumias, which used to be the East African nation’s leading producer at more than 250,000 tonnes a year, has been beset by poor management and mounting losses in recent […]
Read More JOHANNESBURG (Reuters) – South Africa’s business confidence fell for a fourth month in a row in May, mainly due to a slide in trade activity and higher consumer inflation following a hike in Value Added Tax. Workers work on machines at a clothing factory at an industrial town of Newcastle, 260 km (162 miles) southeast, […]
Read More NAIROBI, June 6 (Reuters) – Kenya’s private sector activity growth slowed in May on the back of slower increases in output, new orders and employment, a survey showed on Wednesday. Crates of Tusker Malt beer are seen on a conveyor belt at the East African Breweries Limited factory in Ruaraka factory in Nairobi, Kenya April […]
Read More JOHANNESBURG (Reuters) – South Africa’s MTN Group said on Wednesday it was excited by the potential opening up of the Ethiopian market “as it would be a natural fit for MTN’s existing pan African footprint”. A worker walks past an outlet of South Africa’s MTN Group in Johannesburg, South Africa, February 23, 2016. REUTERS/Siphiwe Sibeko/File […]
Read More JOHANNESBURG (Reuters) – South Africa’s Vodacom Group is interested in the Ethiopian telecoms market, it said on Wednesday, a day after the East African country opened its state-run telecoms monopoly. A branch of South African mobile communications provider Vodacom in Cape Town is shown in this picture taken November 10, 2015. REUTERS/Mike Hutchings/File Photo “Vodacom […]
Read More ADDIS ABABA (Reuters) – Ethiopia’s decision to sell stakes in its lucrative telecoms monopoly and other assets could open one of the world’s largest untapped markets to huge potential investments by firms willing to work with a government still wary of private enterprise. Ethiopia’s prime minister Abiy Ahmed attends a rally during his visit to […]
Read More PRETORIA (Reuters) – South Africa’s economy contracted more than expected in the first quarter led by a slowdown in agriculture and mining, sending the rand lower as investors were given a reminder of the fragility of last year’s economic rebound. A hawker prepares a cob of corn at his makeshift shop in Soweto, South Africa, […]
Read More PRETORIA (Reuters) – South Africa’s real gross domestic product expenditure fell by 2.5 percent in first quarter after expanding by 3.1 percent in the third quarter, the statistics agency said on Tuesday. A shopper looks for items at an informal shop piloted by Pick n Pay in Soweto, South Africa February 25, 2016. REUTERS/Siphiwe Sibeko/File […]
Read More JOHANNESBURG (Reuters) – Deutsche Bank will shut down its South African corporate broking, advisory and sponsor-services as part of its plan to return to profitability under new Chief Executive Christian Sewing. People are silhouetted next to the Deutsche Bank’s logo prior to the bank’s annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach Sewing, […]
Read More NAIROBI (Reuters) – ARM Cement’s independent auditor has cast doubt on the Kenyan company’s survival as a going concern after losses mounted last year. The company, Kenya’s second-largest cement maker behind LafargeHolcim’s Bamburi Cement, sunk into losses in recent years after financing costs associated with an expansion drive weighed it down. Its pretax loss nearly […]
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