Reuters Africa - Squid Business

Ethiopia debt service pause contingent on IMF deal by end-March -Paris Club

By Rachel Savage JOHANNESBURG (Reuters) -Ethiopia’s agreement with its bilateral creditors, other than China, to suspend debt payments until 2025 could be voided if the country does not secure an International Monetary Fund (IMF) loan by March 31, 2024, the Paris Club of developed creditor nations said. The debt service standstill for 2023 and 2024, …

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Biden plots trip to Angola as promise of Africa trip lingers

By Trevor Hunnicutt WASHINGTON (Reuters) – U.S. President Joe Biden said on Thursday he will visit Angola in a trip that could mark renewed engagement with Africa at a time of international turmoil. “I have been there and I will be back,” Biden said when asked about visiting the country during an Oval Office meeting …

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Tiger Brands sees no respite from high food prices yet for consumers

By Nqobile Dludla JOHANNESBURG (Reuters) -Tiger Brands, South Africa’s biggest food producer, is taking action to stay competitive in the face of high input costs that have still not come down significantly, and trading down by consumers in response to high prices. Consumer goods producers globally have raised prices to cope with surging costs for …

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South African rand gains after comments by Fed’s Powell

JOHANNESBURG (Reuters) -South Africa’s rand strengthened against the dollar on Friday, reversing its losses from the previous day, as U.S. Federal Reserve Chair Jerome Powell said the Fed would move “carefully” on interest rates. At 1619 GMT, the rand traded at 18.6150 against the dollar, about 1.2% stronger than its previous close. The dollar was …

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Kenya doomsday cult leader jailed for unlicensed film production

NAIROBI (Reuters) – The leader of a Kenyan doomsday cult, in which authorities believe more than 400 members may have died, was jailed on Friday for 12 months for producing and distributing films without a licence. Authorities accuse Paul Mackenzie, head of the Good News International Church, of ordering his followers to starve themselves and …

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ICC prosecutor ends Uganda war crimes investigations

THE HAGUE (Reuters) -The prosecutor of the International Criminal Court (ICC) on Friday said he would not pursue any new cases of possible war crimes in Uganda, but would continue the case against the fugitive former warlord Joseph Kony. “Today, I have made the decision that, beyond the outstanding case against Mr Kony, my office …

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UK PM Sunak says he discussed migration plan with Rwanda’s Kagame

DUBAI (Reuters) – British Prime Minister Rishi Sunak said on Friday he discussed plans to deport asylum seekers to Rwanda with President Paul Kagame as he finalises his response to a block on the policy in the Supreme Court in London. Sunak’s government has said it is working on a new treaty with Rwanda, as …

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Nigeria naira hits record low near unofficial market rate

ABUJA (Reuters) – Nigeria’s naira dropped to a record low against the dollar on Friday on the official market, close to the rate at which it trades on the unofficial parallel market. The currency of Africa’s biggest economy fell as low as 1,160 naira to the dollar, LSEG data showed, before recovering to around 800 …

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South Africa throws troubled Transnet $2.5 billion lifeline

By Nelson Banya JOHANNESBURG (Reuters) -South Africa handed Transnet a 47 billion rand ($2.5 billion) lifeline on Friday, which it said would help the state-owned rail and ports firm meet its immediate debt obligations. Transnet has struggled to provide adequate freight rail and port services in South Africa due to equipment shortages and maintenance backlogs …

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South Africa central bank’s Tshazibana sees case for rates staying higher for longer

By Kopano Gumbi JOHANNESBURG (Reuters) – South African central bank deputy governor Fundi Tshazibana said on Friday there was a good case for domestic interest rates staying “higher for longer” as financial conditions had tightened and the government’s borrowing needs had risen. Inflation is close to the upper end of the South African Reserve Bank’s …

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