Africa-news

Africa-news (598)

Prices are surging in some corners of the rough-diamond market, as sanctions on one of the world’s two giant miners ripple through the supply chain. In the past, the industry could turn to behemoth De Beers to crank out extra gems when supply ran tight — but not this time.

Next month’s debut initial public offering (IPO) on Angola’s BODIVA stock exchange is expected to unlock a wave of new listings, its chief executive said, as the Southern African oil producer forges ahead with a far-reaching privatisation drive.

African airlines are clubbing together to negotiate better prices and a steady flow of jet fuel, a move to help stave off a potential crisis caused by supply issues and soaring costs. 

South Africa’s state-controlled Central Energy Fund is working on providing an additional 1.5 million litres of jet fuel for Johannesburg’s OR Tambo International Airport in the event of further supply shortages, the head of the airport operator said on Monday.

South Africa’s rand remains on the back foot against the dollar which continues to gain strength due to concerns over slowing economic growth globally, rising interest rates, and war risks, leading to increased market volatility.

South African mining production breached R1 trillion for the first time last year on the back of strong commodity prices, the Minerals Council South Africa said on Monday.

South Africa is likely to see another interest rate hike next week, although the increase could be larger than previously forecast, say economists at the Bureau for Economic Research (BER).

South Africa faces a R1.50/litre petrol price increase in June as the government’s intervention to ease the cost of high fuel prices comes to an end.

China should head the creditors committee being formed to renegotiate Zambia’s $17.3 billion of foreign debt because that will help accelerate the resolution process, the southern African country’s finance minister said.

Banks in Africa see the entry of telecommunication companies into banking services as a threat to their market share as more mobile firms venture into the sector, a report on digital banking in the continent has found.

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