Reuters Africa - Squid Business

IMF releases $187 million Zambia payout, says restructuring proposal being revised

By Rachel Savage and Anait Miridzhanian JOHANNESBURG (Reuters) – The International Monetary Fund’s board on Wednesday approved an immediate $187 million loan payout to Zambia and said the country was revising a restructuring proposal for $3 billion of bonds that official creditors had rejected last month. It will be the third payout under the southern …

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Egypt raises $800 million from hotels in divestment drive – PM

By Patrick Werr CAIRO (Reuters) -Egypt’s sovereign wealth fund has signed an $800 million deal to sell a stake in seven prominent hotels to Egypt’s Talaat Moustafa Group (TMG) in its drive to raise funds and foreign currency, Prime Minister Mostafa Madbouly said on Wednesday. Revenues from selling stakes in state assets have reached $5.6 …

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Nigeria’s Dangote refinery gets 1 million barrel crude cargo from NNPC

LAGOS (Reuters) – Nigeria’s new $19 billion Dangote oil refinery has received 1 million barrels of oil from state-owned oil company NNPC Ltd, its second crude cargo this month, as it steps up preparations to begin operations, a Dangote spokesperson said on Wednesday. The refinery is years behind schedule but its operations are expected to …

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Factbox-How Congo’s presidential election will be decided

(Reuters) – Democratic Republic of Congo’s election commission has stated for months that it can deliver a free and fair vote on Wednesday, even as opposition candidates and independent observers flagged irregularities they said would jeopardise the legitimacy of the results. Africa’s second-largest country modified its electoral law in June last year to improve the …

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Guinea-Bissau president sacks prime minister, names replacement

BISSAU (Reuters) -Guinea-Bissau’s President Umaro Sissoco Embalo has dismissed Geraldo Martins as prime minister just a week after his reappointment and appointed former prime minister Rui Duarte de Barros in his place, presidential decrees on Wednesday showed. Embalo dissolved Guinea-Bissau’s parliament days after what he said was a foiled coup on Dec. 1, accusing the …

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India bans anti-cold drug combination for kids aged under four

By Kanjyik Ghosh MUMBAI (Reuters) – India’s drugs regulator has banned the use of an anti-cold drug combination in children aged below four and ordered that drugs should be labelled accordingly, in the wake of the deaths of at least 141 children globally linked to cough syrups. The regulator said concerns raised about promotion of …

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South African rand firmer in thin trade; stocks flat

(Reuters) -South Africa’s rand advanced against the U.S. dollar in thin trade on Wednesday, with analysts saying the currency was drifting on global market factors in the absence of domestic economic data releases. Stocks on the Johannesburg bourse were little changed. By 1515 GMT, the rand was at 18.2400 to the dollar, about 0.4% stronger …

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Angola’s Isabel dos Santos loses fight against freezing order over assets

LONDON (Reuters) -Angolan billionaire Isabel dos Santos on Wednesday lost her fight against an application in London’s High Court to freeze up to 580 million pounds ($735 million) of her assets. Dos Santos – Africa’s first female billionaire, whose father Jose Eduardo dos Santos ruled Angola for 38 years until 2017 – has faced corruption …

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Ghana’s economic growth slows to 2.0% in third quarter

By Maxwell Akalaare Adombila and Christian Akorlie ACCRA (Reuters) – Ghana’s economic growth slowed to 2.0% year-on-year in the third quarter of 2023 from 3.2% in the previous quarter, driven by a decline in the industrial sector, its statistics agency said on Wednesday. The West African country is grappling with its worst economic crisis in …

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AfDB to withdraw international staff from Ethiopia after assault

By Joe Bavier JOHANNESBURG (Reuters) -The African Development Bank (AfDB) will “immediately” withdraw all its international employees from Ethiopia following an assault on its staff members by government security forces, the institution said on Wednesday. The AfDB lodged a formal complaint with Ethiopian authorities last month, calling the physical assault and hours-long detention of two …

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