Reuters Africa - Squid Business

Billionaire-owned Vedanta seals Zambian copper assets deal

LUSAKA (Reuters) -Vedanta Resources and the Zambian government on Monday sealed an agreement that restores the Indian company’s ownership of Konkola Copper Mines (KCM), ending a protracted ownership battle that stifled investment. Zambia’s Mines Minister Paul Kabuswe witnessed the signing of the agreement between state firm ZCCM-IH with Chris Griffith, Vedanta’s head of base metals, …

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Nigeria opposition’s Obi slams court ruling confirming Tinubu election win

By Camillus Eboh ABUJA (Reuters) – Nigeria’s opposition Labour Party leader Peter Obi on Monday criticised the Supreme Court’s ruling affirming President Bola Tinubu’s victory in February’s elections and vowed to continue to fight for a “New Nigeria”. The country’s top court on Oct. 26 rejected an attempt to overturn the election result by the …

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India’s RR Kabel profit more than doubles on strong cables, wires demand

BENGALURU (Reuters) – India’s RR Kabel profit more than doubled in its first quarterly report since going public, benefiting from a sustained demand for its wires and cables from the housing and construction industry. The company’s consolidated profit increased to 741 million rupees ($8.91 million) in the July-September quarter, compared with 350.1 million rupees a …

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Analysis-Impasse broken on climate fund before COP28 but tough road ahead

By Valerie Volcovici and Kate Abnett (Reuters) – Final talks over the weekend to agree a proposal for a new climate disaster fund averted a deadlock ahead of the U.N.’s COP28 climate summit later this month, but cracked open tough new questions about who will pay and how soon. The fifth meeting of a 24-member …

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Botswana conducts due diligence on HB Antwerp stake, president says

By Brian Benza GABORONE (Reuters) – Botswana is conducting due diligence on HB Antwerp, as the world’s top diamond producing country by value seeks to finalise a deal to acquire a 24% shareholding in the Belgian gem trader, President Mokgweetsi Masisi said on Monday. At the height of talks for a new sales contract with …

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South Africa’s Redefine says property cycle has bottomed out

By Nqobile Dludla JOHANNESBURG (Reuters) -The property cycle has bottomed out and 2024 will be the turning point when interest rates begin to ease, South African commercial property group Redefine said on Monday as it posted a drop in full-year distributable income. The commercial real estate sector was one of the hardest hit by the …

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Airtel Uganda says its IPO undersubscribed

KAMPALA (Reuters) -Airtel Uganda said on Monday its initial public offering got a 54.45% subscription rate for the 800 billion Ugandan shillings ($213 million) worth of shares offered for sale. The firm launched its share sale on Aug. 29 and set the share price at 100 Ugandan shillings, to offload a 20% stake. It received …

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Nigerian court orders release or bail hearing for ex-central bank head

ABUJA (Reuters) – A Nigerian court on Monday ordered that former central bank governor Godwin Emefiele, who has been in detention for three months, be unconditionally released or that the government produce him in court on Wednesday for a bail hearing. Emefiele has been in detention since June 10, charged with procurement fraud, but his …

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Lawyers for Niger’s ousted president ask regional court to reinstate him

DAKAR (Reuters) – Lawyers for Niger’s ousted president Mohamed Bazoum asked a West African regional court on Monday to order that he be reinstated, arguing that his detention and overthrow violated his rights. Bazoum has been held since soldiers seized power on July 26, accusing him of failing to contain mounting insecurity in the region …

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Suspected Boko Haram kills 15 farmers in northeast Nigeria

By Ahmed Kingimi MAIDUGURI (Reuters) – At least 15 rice farmers were killed and several others feared abducted in Nigeria’s northeastern Borno state after suspected Boko Haram insurgents attacked three villages, a local farmers’ leader said on Monday. The attack occurred in the villages of Koshebe, Karkut, and Bulabulin in the Mafa local government area …

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