Business News Africa

  • MILAN, Feb 15- Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration. Since last March Eni has secured nine deals in the United Arab Emirates, gained a foothold in Bahrain and expanded in Oman to underpin its future growth.

  • NEW DELHI, Feb 15- India's oil imports declined by 10.4 percent in January from a year earlier to about 4.6 million barrels per day as Reliance Industries Ltd, operator of the world's biggest refining complex, curbed purchases due to maintenance of units, according to data from shipping and industry sources. The share of Middle Eastern oil in India's imports...

  • JOHANNESBURG, Feb 15- South Africa's struggling state power firm Eskom suspended electricity cuts on Friday but said the power system remained vulnerable, after five days of rolling outages which weakened the rand and hurt businesses across the country. Eskom supplies over 90 percent of the power in Africa's most industrialised economy but has been...

  • Geneva- based Trafigura, which owns about 49 percent of Puma, has had to put plans to list Puma on hold after a change of government in Angola complicated reducing the country's stake, coupled with weaker profits and a high debt profile. "No significant improvements expected until Q1 2019 on margins in Angola, market conditions in Australia, and foreign exchange...

  • LONDON, Feb 14- Farmers in 45 countries still use antibiotics to boost animal growth, despite warnings from health experts and bans on the practice in many parts of the world, the World Organization for Animal Health said on Thursday. The use of antibiotics to promote growth in healthy animals has been banned in Europe Union since 2006 and in the United States...

  • JOHANNESBURG, Feb 14- South Africa's Sibanye-Stillwater said on Thursday it could cut nearly 6,000 jobs as it considers restructuring its struggling gold mining operations. Gold producers in Africa's most industrialised economy, which have some of the world's deepest mines, have seen profits squeezed by rising costs, labour unrest and declining grades.

  • JOHANNESBURG, Feb 13- Struggling state-run power firm Eskom subjected South Africa to the worst power cuts in several years this week, after a decade of missteps when electricity sales stagnated and costs soared. The outages expose the risks to Africa's most industrialised economy from Eskom's virtual monopoly and the failure of successive governments to...

  • JOHANNESBURG, Feb 14- South Africa suffered a fifth consecutive day of electricity blackouts on Thursday, driving the rand sharply down, as cash-strapped power utility Eskom struggles with coal shortages and breakdowns at some of its plants. The state-owned firm, which supplies more than 90 percent of the power in Africa's most industrialised economy,...

  • CULLINAN, South Africa, Feb 14- The owner of one of the world's most famous diamond mines could be about a decade away from clearing its multi-million-dollar debts, in a sign of the struggles facing an industry assailed by synthetic rivals and uncertain demand. The London- listed miner, which acquired Cullinan from industry leader De Beers, borrowed heavily to...

  • JOHANNESBURG, Feb 13- Struggling state-run power firm Eskom subjected South Africa to the worst power cuts in several years this week, after a decade of missteps when electricity sales stagnated and costs soared. The outages expose the risks to Africa's most industrialised economy from Eskom's virtual monopoly and the failure of successive governments to...

  • JOHANNESBURG/ CAPE TOWN, Feb 13- South African power utility Eskom needs a cash injection by April to survive, the country's public enterprises ministry warned in a presentation on Wednesday, although it later changed its wording to say the firm was "facing liquidity challenges". State-owned Eskom, which supplies more than 90 percent of the power in Africa's most...

  • JOHANNESBURG/ CAPE TOWN, Feb 13- South African power utility Eskom needs a cash injection by April to survive, the country's public enterprises department warned on Wednesday as the struggling state-owned firm cut electricity for a fourth straight day. Eskom, which supplies more than 90 percent of the power in Africa's most industrialised economy but is laden...

  • JOHANNESBURG, Feb 13- South African power utility Eskom said on Wednesday it would implement electricity cuts for a fourth straight day, as the struggling state-owned firm battles a shortage of capacity that threatens to derail government plans to lift the sluggish economy. The cash-strapped company said it would cut 3,000 megawatts of power from the...

  • JOHANNESBURG, Feb 12- South African power utility Eskom implemented major electricity cuts for a third straight day on Tuesday, as a shortage of generating capacity exposed the frailty of the struggling state-owned firm despite government promises to revive it. President Cyril Ramaphosa is trying to reform Eskom, which supplies more than 90 percent of the...

  • JOHANNESBURG, Feb 12- The rand firmed on Tuesday, supported by rising risk appetite globally and recovering from a sharp selloff in the previous session when it was hit by a sudden escalation of controlled power cuts in South Africa. At 1657 GMT, the rand was 0.36 percent firmer at 13.7550 per dollar, compared to its close of 13.8050 the previous day.

  • Feb 12- Nigerians vote on Feb. 16 to choose a president to lead Africa's biggest oil producing nation. >EXPLAINER-The race for Nigeria's presidency in 2019. >Insecurity disrupts Nigeria's election preparations.

  • JOHANNESBURG, Feb 12- South Africa's Sibanye-Stillwater said on Tuesday it was considering measures, including restructuring if alternative solutions could not be found to bring loss-making gold shafts back to profitability. Gold producers in Africa's most industrialized economy, which have some of the world's deepest mines, have seen profits squeezed...

  • JOHANNESBURG, Feb 12- South African power utility Eskom implemented major electricity cuts for a third straight day on Tuesday, as a shortage of generating capacity exposed the frailty of the struggling state-owned firm despite government promises to revive it. President Cyril Ramaphosa is trying to reform Eskom, which supplies more than 90 percent of the...

  • ABU DHABI, Feb 12- Citigroup expects the majority of investment banking opportunities in the Middle East to come from Saudi Arabia and the United Arab Emirates this year, said Miguel Azevedo, Citigroup's head of investment banking, Middle East and Africa. The U.S. lender, which is working towards a full banking licence in Saudi Arabia, ended a five-decade presence...

  • An Egyptian youth walks past a polling station in the capital Cairo's western Giza district on March 25, 2018 ahead of the vote scheduled to begin the following day, decorated on the outside with giant privately-sponsored electoral posters depicting incumbent President Abdel Fattah al-Sisi and giant pieces of cloth stacked together to show the colors of the Egyptian flag.

    Egypt's President Abdel Fattah el-Sisi is likely to win constitutional changes allowing him to dramatically extend his tenure in power — just over a year after telling CNBC that he would never pursue such a thing.