News | - Part 80

South Africa’s rand still vulnerable after Fitch warning

JOHANNESBURG (Reuters) – South Africa’s rand recouped some of the previous day’s sharp losses on Wednesday, but remained on shaky ground after Fitch ratings agency warned of a possible credit downgrade this year.At 0714 GMT the local unit was trading at 11.7600 to the dollar, from Tuesday’s New York close at 11.7615. The local unit had fallen nearly 1 percent to 11.8175 on Tuesday, the softest it has been since Feb. 12 according to Thomson…

Nigeria likely to lower estimate for 2015 GDP after naira drops

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria expects to lower its forecast for 2015 economic growth again, after cutting its forecast to 5.54 percent in January, after oil prices fell and the currency weakened further last month, the country’s statistics bureau said. Yemi Kale told the Reuters Africa Investment Summit on Tuesday he did not expect a reduction of more than 1 percent in the 5.54 percent forecast. Final figures will be released by half-year, he said. Nigeria…

Nigeria’s Honeywell group plans to spin off two units in next two years

Posted on by The Editorial Team

LAGOS (Reuters) – Nigerian conglomerate Honeywell group plans to invest 150 billion naira ($750 mln) over the next 2-3 years to fund growth across its businesses and will list one or two subsidiaries on the local bourse, its chairman said. Oba Otudeko told the Reuters Africa Investment Summit on Monday that Honeywell, with interests in agriculture, real estate and energy, is expanding capacity to tap into the consumer base in Africa’s biggest economy. “We have…

Abraaj sets up $200 mln North Africa healthcare group

Posted on by The Editorial Team

Dubai, United Arab Emirates, 2nd March 2015: The Abraaj Group, a leading private equity investor operating in global growth markets, today announced the formation of the North Africa Hospital Holdings Group (NAHHG), a healthcare investment platform to enhance the quality and accessibility of health care in Egypt and Tunisia, in partnership with leading development financial institutions – the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwickungsgesellschaft mbH (DEG), and the Société de…

Nestle Nigeria slows capex as consumers feel devaluation pinch

Posted on by The Editorial Team

LAGOS (Reuters) – Nestle Nigeria’s chief executive expects the firm’s capital expenditure to slow to its lowest level in five years after a currency devaluation dampened customer spending in Africa’s biggest economy. Dharnesh Gordhon told Reuters Africa Investment Summit that consumers in Africa’s most populous nation were suffering from the devaluation triggered by a sharp drop in the price of oil, Nigeria’s main export. A raging Islamist insurgency in the north had also limited the…

Egypt expects LNG deals with Shell and Total in new bid round

Posted on by The Editorial Team

* New LNG deals expected with Shell and Total * BG Group in line to win higher gas payments * New LNG bid round/talks to start by mid-year By Oleg Vukmanovic and Shadi Bushra March 2 (Reuters) – Egypt expects to agree additional liquefied natural gas (LNG) import deals with Shell and Total, and is close to paying BG Group more for the gas it produces offshore, its oil minister said on Monday. Sherif Ismail…

East African Portland Cement swings into half-year loss

Posted on by The Editorial Team

NAIROBI (Reuters) – East African Portland Cement swung to a first-half loss after a maintenance shutdown of its packing and clinker units but the Kenyan firm said it hoped to recover its market share after the repairs. The company reported a pretax loss of 124 million shillings ($1.36 million) for the six months to end of December, against a profit of 171 million shillings in the same period in 2013.The firm, which also operates in…

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