Reuters Africa - Squid Business

South African rand weakens on risk-off mood from South Korea uncertainty

JOHANNESBURG (Reuters) -South Africa’s rand slipped on Wednesday as growing tensions in South Korea drove investors to the safe-haven dollar, while markets awaited clues on the interest-rate path of the world’s biggest economy. At 1500 GMT, the rand traded at 18.13 against the U.S. dollar, around 0.3% weaker than its previous close. “Geopolitical tensions sourcing …

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China’s duty-free access for poor African states kicks in as Biden tours Angola

NAIROBI (Reuters) – China’s zero-tariff access for Africa’s least developed countries kicked in this week, a senior Chinese diplomat said, just as U.S. President Joe Biden visits Angola. WHY IT’S IMPORTANT China and the United States have jostled for influence in Africa, with the former lending billions of dollars via its Belt and Road Initiative, …

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Shelling renewed at famine-stricken camp in Sudan

CAIRO (Reuters) – Shelling renewed at the famine-stricken Zamzam displacement camp on Wednesday, after a lull the previous day in attacks by the Rapid Support Forces, according to activists and medics. Seven people were injured after shells were fired at the densely populated camp that holds at least half a million people, medical aid agency …

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Malawi lowers growth forecasts in mid-term budget review

BLANTYRE (Reuters) – Malawi cut its growth forecasts for this year and next in a mid-term budget review on Wednesday, as southern Africa suffers its worst regional drought in decades. Finance Minister Simplex Chithyola Banda forecast real gross domestic product (GDP) growth of 1.8% in 2024, down from 2.3% projected at the start of this …

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Biden meets African leaders in Angola to advance Lobito railway project

By Trevor Hunnicutt and Jessica Donati LOBITO, Angola (Reuters) -U.S. President Joe Biden met African leaders in the Angolan port of Lobito on Wednesday to advance a plan to extend a railway that could channel critical minerals from Congo and Zambia to the West via Lobito, and counter Chinese clout in the region. As things …

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Food group Tiger Brands to sell King Korn sorghum, Ace maize operations

By Nqobile Dludla JOHANNESBURG (Reuters) -Food group Tiger Brands expects to sell off more brands including Ace maize meal and King Korn sorghum, and is pursuing short- to medium-term volume growth of up to 3%, its CEO said after posting a 4% rise in annual earnings. South Africa’s largest food producer is in the middle …

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Ivory Coast cocoa exporters fear drop in supplies after poor weather

ABIDJAN (Reuters) – Multinational cocoa exporters operating in Ivory Coast, the world’s top cocoa producer, fear a drop in supplies from farmers in the coming months after adverse weather hit crops, raising the prospect that some of them might default on contracts. So far this season, the volume of beans arriving at ports is up …

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Oil prices regain some ground after 7% loss last week

By Ahmad Ghaddar LONDON (Reuters) – Oil prices rose on Monday, recouping some of last week’s more than 7% decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.10, or 1.51%, at $74.16 a barrel at …

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Mozambique police clash with opposition protesters after disputed election

MAPUTO (Reuters) -Mozambique police on Monday fired teargas and bullets at protesters in the capital Maputo who had gathered at the scene where two opposition party figures were shot dead on Saturday after a disputed election. A Reuters witness saw some police officers firing handguns while dispersing the crowd. Adriano Nuvunga, director of Mozambique’s Centre …

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M23 rebels seize Congolese town of Kalembe, officials say

KINSHASA (Reuters) – The M23 rebel group has seized the town of Kalembe in eastern Democratic Republic of Congo, expanding its reach in the region, an official and a former lawmaker said on Monday. The Tutsi-led M23 has been waging an insurgency in the central African country’s violence-torn east since 2022. Congo and the United …

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