Africa-news (579)

BP has reported a record profit of US$28 billion for 2022, lifted by the surge in energy prices since Russia's invasion of Ukraine, while boosting its dividend in a sign of confidence as it scaled back plans to reduce oil and gas output by 2030.

Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine. 

CryptoConvert has announced that its CryptoQR platform is now active at all Pick n Pay stores around South Africa, allowing shoppers to pay with Bitcoin using the Lightning network.

The African Development Bank will commit US$10 billion over the next five years to boost food production on the continent and help end its reliance on imports.

South Africa’s main stock exchange will probably continue haemorrhaging listings over the next year as companies grapple with onerous regulatory and funding conditions, making it less attractive to raise capital through initial public offerings.

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has voted to hike interest rates by 25 basis points (bp), taking the country’s repurchase rate to 7.25%.

Farmers in Africa will need as much as US$65 billion (nearly R1.2 trillion) in loans annually to produce enough food to curb imports and cushion their economies from external shocks.

President Yoweri Museveni has commissioned Uganda’s first of four oil rigs to start drilling at the Kingfisher field on the shores of Lake Albert as the country eyes production in 2025. 

South America’s two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region.

South Africa’s Monetary Policy Committee (MPC) will hold its first meeting of the year to decide on interest rates on Thursday, and while economists agree that the central bank will continue to hike rates, they are split on the size of the increase.