Africa-news

Africa-news (598)

A fund backed by Dutch trading giant Vitol Group agreed to buy Vivo Energy in a deal valuing the Africa-focused fuel retailer at about $2.3 billion (R37 billion).

Load shedding will be a possibility for "some time to come," said President Cyril Ramaphosa.

South Africa’s Old Mutual announced plans on Tuesday to expand its banking services and look at acquisitions, as the insurer positioned for recovery after a tough few years that have included absorbing higher-than-expected Covid-19 claims.

Zambia's central bank raised interest rates by 50 basis points to 9.0% to help bring down stubbornly high inflation, with price rises only seen falling back within the bank's target range in 2023, Governor Denny Kalyalya said on Wednesday.

Pepkor has made an approach to buy the South African owner of the Volpes, Coricraft and Dial-a-Bed chains to further expand in furniture and bedding, according to people familiar with the matter.

South African mining companies are planning a whopping 3 900MW in green power projects which can relieve substantial pressure on the Eskom grid. This will, however, require a slashing of red tape, industry has said.

A three-way fight over control of Africa’s beer industry may be approaching its endgame.  

Mango’s business rescue plan must be reworked to suit the South African Airways (SAA) and its ultimate shareholder, the department of public enterprises.

An interest-rate increase by South Africa’s central bank provided little support for the rand, which fell to its weakest levels this year.

The Government Employees Pension Fund, Africa’s biggest pension fund, said it may take as long as a year to negotiate a new mandate with Public Investment Corporation that will allow it to enter into new unlisted investment deals.

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