OZABS Summary
South Africa’s rand slightly firmer in cautious trade. JOHANNESBURG- South Africa’s rand firmed in early trade on Thursday, joining fellow emerging market currencies in an advance against a weaker dollar that shielded the local unit from domestic economic woes. JOHANNESBURG- South Africa’s auditor general said on Wednesday that some of the money in its 500…
Private creditor debt relief for Africa may be long-term positive -rating agency
LONDON (Reuters) – Private sector involvement in a debt relief scheme for African countries could prove positive in the long-run if it encourages investment and bolsters debt sustainability, Scope Ratings said in a report on Thursday.
South Africa’s rand slightly firmer in cautious trade
JOHANNESBURG (Reuters) – South Africa’s rand firmed in early trade on Thursday, joining fellow emerging market currencies in an advance against a weaker dollar that shielded the local unit from domestic economic woes.
Nigeria central bank sells $50 mln to gauge foreign FX demand -traders
ABUJA (Reuters) – Nigeria’s central bank has sold around $50 million to foreign investors on the spot and forward markets, in what the bank called a test trade to gauge the level of dollar demand on the currency market, traders said on Wednesday.
S.Africa’s $30 bln COVID-19 relief package exposed to fraud – auditor general
JOHANNESBURG (Reuters) – South Africa’s auditor general said on Wednesday that some of the money in its 500 billion rand ($30 billion) COVID-19 relief package may have been fraudulently paid to improper beneficiaries.
Kenya August private sector activity growth slows, firms cut staff
NAIROBI (Reuters) – Growth in Kenya’s private sector activity slowed in August, hurt by firms laying off staff to help cut their costs, a survey showed on Thursday.
South Africa’s Impala Platinum annual earnings soar nearly 400%
JOHANNESBURG (Reuters) – South Africa’s Impala Platinum Holdings Ltd (Implats) on Thursday reported a nearly 400% jump in annual earnings boosted by higher metal prices and a weaker rand currency, despite the impact of the COVID-19 pandemic on output.
South African power cuts worsen on cold weather, breakdowns
JOHANNESBURG (Reuters) – South African state power utility Eskom said it would ramp up power cuts on Wednesday, as cold weather caused a spike in demand after many of its generating units had broken down.
South Africa’s Eskom says gross debt rose to $29.3 bln as of March
South African state power utility Eskom’s gross debt increased to 488 billion rand ($29.3 billion) as of March 2020, from 440 billion rand a year earlier, the firm said in a presentation to parliament on Wednesday.
South Africa’s rand weaker as fiscal, political risks back on investors’ radars
South Africa’s rand weakened early on Wednesday, giving back some of the gains from the previous session as investors pocketed profits from the risk-on rally, while hopes over easing tensions inside the ruling party faded.
Mauritius central bank revokes Century Banking Corp’s licence
NAIROBI (Reuters) – Mauritius’ central bank has revoked the banking licence of Century Banking Corporation Ltd, it said on Wednesday, without stating the reasons for the move.