Business News Africa

  • *Zimbabwe ends dollarisation after decade. HARARE, June 25- Zimbabwe's President Emmerson Mnangagwa said on Tuesday that a decision to ban the use of foreign currencies was an important step to repair the economy, but local businesspeople and investors were wary a day after the reform was announced. But the surprise manner in which the latest currency reform...

  • Jumia has been dubbed the "Amazon of Africa." It's Africa's largest e-commerce operator, surpassing Amazon and China's Alibaba, and it's the first African tech start-up to go public on the New York Stock Exchange. Investors had high hopes for Jumia when it went public on April 12. Now, Jumia is adjusting to its new international status, and figuring out what that status means for the African continent.

  • *Saudi in talks with Russia's Novatek on LNG project. SEOUL, June 25- Saudi Aramco can meet the oil needs of customers using its spare capacity despite developments in the Gulf that are a cause for concern, the head of the state-run energy giant said on Tuesday. "What's happening in the Gulf is definitely a concern," Amin Nasser, president and chief executive of Aramco,...

  • "What's happening in the Gulf is definitely a concern," Amin Nasser, president and chief executive of Saudi Arabia's state oil giant, told Reuters in an interview. The oil giant is aiming to become a major global gas player, and has been developing its own gas resources as well as eyeing gas assets in the United States, Russia, Australia and Africa.

  • *Zimbabwe bans use of foreign currencies as legal tender. HARARE, June 24- Zimbabwe made its interim currency the country's sole legal tender on Monday, ending a decade of dollarisation and taking a another step towards relaunching the Zimbabwean dollar. Zimbabwean President Emmerson Mnangagwa, who replaced longtime leader Robert Mugabe after an army coup in...

  • ABIDJAN, June 24- Unseasonably dry weather across Ivory Coast's cocoa regions last week could weaken the next main crop if rainfall does not increase in July, farmers said on Monday. With the April-to-September mid-crop tailing off in Ivory Coast, the worlds top cocoa producer, farmers are now eyeing the development of the next October-to-March main crop.

  • *Zimbabwe declares RTGS dollar only allowable legal tender. HARARE, June 24- Zimbabwe declared its interim currency to be the country's sole legal tender on Monday in a bid to stem black market demand for foreign currencies. "The British pound, United States dollar, South African rand Botswana pula and any other foreign currency whatsoever shall no longer be...

  • RIYADH/ AMMAN/ CAIRO, June 23- Arab politicians and commentators greeted U.S. Set to be presented by Trump's son-in-law, Jared Kushner, at a conference in Bahrain on Tuesday and Wednesday, the blueprint envisions a global investment fund to lift the Palestinian and neighbouring Arab economies and is part of broader efforts to revive the Israeli-Palestininan...

  • RIYADH/ AMMAN/ CAIRO, June 23- Arab politicians and commentators greeted U.S. Set to be presented by Trump's son-in-law Jared Kushner at a conference in Bahrain on June 25-26, the blueprint envisions a global investment fund to lift the Palestinian and neighboring Arab economies and is part of broader efforts to revive the Israeli-Palestininan peace process.

  • RIYADH/ AMMAN/ CAIRO, June 23- Arab politicians and commentators greeted U.S. Set to be presented by Trump's son-in-law Jared Kushner at a conference in Bahrain on June 25-26, the blueprint envisions a global investment fund to lift the Palestinian and neighbouring Arab economies and is part of broader efforts to revive the Israeli-Palestininan peace process.

  • *$50 billion plan to be discussed next week in Bahrain. In Israel, Tzachi Hanegbi, a cabinet member close to Prime Minister Benjamin Netanyahu, called Palestinians' rejection of the $50 billion "peace to prosperity" plan tragic. But the lack of a political solution, which Washington has said would be unveiled later, prompted rejection not only from Palestinians but...

  • *$50 billion plan to be discussed next week in Bahrain. The $50 billion "peace to prosperity" plan, set to be presented by Trump's son-in-law Jared Kushner at a conference in Bahrain next week, envisions a global investment fund to lift the Palestinian and neighbouring Arab state economies. But the lack of a political solution, which Washington has said would be...

  • *African Bank to launch overdraft in 2020. JOHANNESBURG, June 20- Small South African lender African Bank, rescued from failure by the central bank four years ago, plans to offer overdrafts and expand its insurance business as a drop in customer numbers threatens its turnaround strategy. The first bank to be placed under South African Reserve Bank curatorship in...

  • LONDON, June 21- Orange, France's number one telecoms operator, sees its sales and profits in the African and Middle Eastern regions growing by around 5 percent this year, Chief Financial Officer Ramon Fernandez said on Friday. Africa and the Middle East is Orange's fastest-growing region. It generated 5.2 billion euros and 1.7 billion euros in revenues and core...

  • LONDON, June 21- Puma Energy, the retail and storage arm of commodities trader Trafigura, has hired Bank of America Merrill Lynch to run the sale of some of its assets, sources familiar with the matter said, in an effort to trim debt. Assets in the Democratic Republic of Congo, South Africa, Senegal and Australia were among those slated to be sold, one source said.

  • BEIJING, June 21- London copper prices pared early gains to trade lower on Friday as the base metals complex declined amid concerns over rising political tensions between the United States and Iran. Copper is still on course for a 2.4% gain in London this week, in what would be its best week since the week ended March 29, buoyed by the impending restart of trade talks...

  • PHNOM PENH, June 21- A China- owned special economic zone in Cambodia has denied that its firms have been fined by the United States for transhipping goods from China in a bid to dodge U.S. U.S. Embassy spokesman Arend Zwartjes told Reuters in an emailed statement on Wednesday that the Department of Homeland Security had inspected and fined a number of companies...

  • BEIJING, June 21- London copper prices were flat in early Asian trade on Friday, holding on to gains made after the United States and top metals consumer China agreed to restart trade talks and amid signs the Federal Reserve may further cut interest rates this year. *LYNAS: Australia's Lynas Corp on Friday said it was stockpiling production of a major rare earth...

  • *South Africa suffering worst economic slump in a decade. CAPE TOWN, June 20- South Africa's President Cyril Ramaphosa pledged on Thursday to speed up 230 billion rand of support for ailing power utility Eskom, which he said was too vital to be allowed to fail. "We will therefore table a special appropriation bill on an urgent basis to allocate a significant portion...

  • LUSAKA, June 20- Vedanta Resources said it would take urgent steps to protect its Zambian assets and pursue international arbitration if necessary after a Lusaka court on Thursday rejected its request to be included in liquidation proceedings. A Lusaka judge on Thursday ruled Vedanta Resources could not take part in proceedings to wind up its Konkola Copper...