Latest news with #AbsaBank
Reuters
3 days ago
- Business
- Reuters
AFRICA-FX-Most currencies expected to be stable
NAIROBI, June 5 (Reuters) - The currencies of Kenya, Ghana, Uganda and Zambia are expected to be largely steady against the dollar in the next week to Thursday, traders said. Kenya's shilling is forecast to remain in tight ranges, as it has done since last year. The shilling traded at 129.00/50 to the U.S. currency on Thursday, the same level as at last Thursday's close. Ghana's cedi is expected to be broadly stable as increased dollar demand has brought a recent rally to a halt. LSEG data showed the cedi trading at 10.20 to the dollar on Thursday, unchanged from last Thursday. "The cedi's strong rally paused in the last week as demand for the greenback ramped up considerably. The pair has remained largely stable, however, as the central bank has upped its support," said Sedem Dornoo, a senior trader at Absa Bank Ghana. "We expect the pair to remain range-bound as the central bank continues to help clear the demand buildup through its daily auctions," he added. Uganda's shilling is seen little changed as traders wait for next week's budget. Commercial banks quoted the shilling at 3,631/3,641 to the dollar, compared to last Thursday's close of 3,630/3,640. "Ahead of (the) budget reading we normally see a sharp drop in activity because some players decide to play a waiting game to see what's in the budget," a trader said. Zambia's kwacha could draw support from lower oil prices and upcoming tax payments. On Thursday the kwacha was quoted at 26.35 from 26.90 a week ago. "There was a reduction in the price of diesel last week. Companies will also be paying Pay As You Earn and Withholding tax next week," one analyst said.
Reuters
29-05-2025
- Business
- Reuters
AFRICA-FX- Ghana's cedi to strengthen further next week
NAIROBI, May 29 (Reuters) - Ghana's cedi is forecasted to gain strength in the coming week, bolstered by continued remittance inflows and interventions from the central bank, while Kenya's shilling is expected to remain steady, and Nigeria's naira to stay range-bound, traders said. The cedi currency has jumped more than 40% versus the U.S. dollar this year, far outperforming its African and emerging market peers. Data from the London Stock Exchange Group (LSEG) showed the cedi trading at 10.25 to the dollar on Thursday, compared to 11.55 per dollar at last Thursday's close. "The cedi has remained on the front foot for much of the last week, however, we've observed some increased hard currency demand from offshore players in the most recent sessions as they look to take profit from GHS investments," Sedem Dornoo, a senior trader at Absa Bank Ghana, said. "We reckon we'll continue to see support around current 10 levels in the very near term, however, it's likely that the local unit will begin to rally again when this demand is cleared as the central bank continues to provide daily support to the market," he added. Kenya's shilling is expected to hold steady next week. The shilling traded at 129.00/50 per dollar, compared with last Thursday's close of 128.95/129.45. Traders forecast Nigeria's naira to maintain its trading range in the coming week, even amid demand from importers. The naira's stability is expected to be supported by the central bank's weekly dollar sales and inflows from portfolio investors. The naira was quoted around 1,587 to the dollar in intraday trading on Thursday versus last week's closing quote of 1,586 naira. The currency was changing hands around t 1,635 to the dollar in street trading on Thursday. "I see naira trading between 1,580 and 1,590, supported by the central bank's dollar sale. Though volatility remains possible, domestic policy and dollar inflows could help anchor the market," one trader said. The Ugandan shilling is expected to firm against the dollar, helped by inflows from this week's Treasury auction, traders said. At 0811 GMT commercial banks quoted the shilling at 3,627/3,637, compared to last Thursday's close of 3,645/3,655. "There was significant offshore (dollar) inflows into the bond auction which I think will give the shilling a boost," said a trader at one commercial bank. The central bank this week held a large and rare private placement treasury bond auction where a total of 2.4 trillion Ugandan shillings ($661.70 million) worth of debt was on offer.
The Citizen
09-05-2025
- Business
- The Citizen
Support the golf day in Evander to fund Allan Howell's back surgery
Support the golf day in Evander to fund Allan Howell's back surgery Book your spot now for the fundraiser golf day at Walker Park Golf Club on May 17. It will be held in aid of Allan Howell (36) who needs R470 000 for urgent back surgery. Businesses, golf players and the community are welcome to join this four-ball scramble drive. Sponsoring a tee box, green, or other area costs R10 000 and includes a four-ball entry and two golf carts. This is a great marketing opportunity for sponsors. Marketing material is the sponsor's responsibility. Areas will be allocated once payment is received. This fundraiser works on a first-come, first-served basis. Sponsors on the first nine holes must be ready at 08:30 and those on the back nine at 10:00. Players can also register at the club for R350 per person. To book your tee-off time and space, contact Annemarie Third on 017 638 0060/1. Banking details: SSV Attorneys, Absa Bank, account number 407 038 5040, branch code 632 005, and reference: H371, with your company name/golf day. ALSO READ: Kroonblaartak vier sewende verjaardag ALSO READ: Woes over starving chickens in Delmas continues At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Egypt Today
20-03-2025
- Business
- Egypt Today
Egypt's banking sector sees 8% growth in brand value, ranking among Africa's top 5
Cairo – March 20, 2025: According to Brand Finance's Top 500 Banking Brands 2025 report, African banks saw a 22 percent overall increase in brand value, outpacing North America and Europe. Kenya led the growth with a 49 percent rise, followed by South Africa at 24 percent, Morocco at 21 percent, Nigeria at 16 percent, and Egypt at 8 percent. Overall, Egypt ranked 45th in the Global 50 Brand Value by Country list, with a brand value of $1.483 billion, reflecting an 8 percent growth. The performance underscores the strength of the African financial services sector and the significant role these institutions play in fostering sustainable and inclusive economies across the continent. Several Egyptian banks were recognized among the 25 Most Valuable Bank Brands in Africa. The National Bank of Egypt saw its value rise to $717 million in 2025, up from $655 million. Banque Misr's value was estimated at $416 million, and the Commercial International Bank (CIB) reached a value of $351 million. Despite these impressive gains, no African bank has yet broken into the Top 100 globally. The highest-ranking African banks are all from South Africa, with Standard Bank at 134th place, up four spots from 2024, First National Bank at 158th, climbing 11 places, and Absa Bank at 170th, moving up two spots. While African banking brands have made significant strides, weak domestic currencies and regional risks have hindered them from breaking into the top 100, the report explained. Nonetheless, African banks remain strong in terms of brand power, achieving the highest average Brand Strength score globally at 80, which indicates that many African banks hold a AAA rating. The report also highlights Africa's leadership in mobile banking, with the continent accounting for nearly half of the world's mobile banking accounts, as noted by the World Economic Forum. This mobile banking dominance helps further solidify the region's position as a key player in digital banking innovation. As digitalization continues to be a driving force across regions, African banks remain ahead in mobile banking adoption, while fintech challengers in Latin America and Europe disrupt traditional banking models. This trend points to a future where digital innovation defines the banking landscape. The highest-ranked African banks in the Global 500 rankings for 2025 include Standard Bank at 134th, up four places from 2024, First National Bank at 158th, up 11 spots, and Absa Bank at 170th, rising by two positions. Middle Eastern banks experienced steady growth, with a 13 percent increase in total brand value, driven by initiatives such as Saudi Arabia's Vision 2030. While Saudi banks, particularly Al Rajhi, have seen rapid expansion, Qatar's QNB remains the region's most valuable brand. However, digital banking in the Middle East is still underdeveloped compared to global peers, presenting an area for potential growth.
Zawya
10-03-2025
- Business
- Zawya
African Mining Week (AMW) to Showcase Angola's Critical Mineral Prospects
Angola has set a target to become a key exporter of value-added critical minerals in the next 10 to 15 years. As the country pursues this goal, the upcoming African Mining Week (AMW) - Africa's premier mining event - will spotlight Angola's growing potential as global critical minerals exporter. Angola has identified 34 of the 54 critical minerals recognized by the European Union across its mineral-rich basins and is ramping up exploration, production and downstream projects to unlock its industry potential. The government is promoting investment across the critical mineral value chain as a strategy to advance economic diversification while unlocking greater revenue generation from the mining industry. AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference from October 1 -3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ Across the country, various mining developments are taking off. In January 2025, UK-based Pensana secured funding from South Africa's Absa Bank to accelerate the development of the Longonjo Rare Earth Project. The $325 million project is expected to supply 5% of the world's high-grade rare earth carbonate, generate $6 billion in export revenue and contribute $1 billion in tax revenue to regional treasuries, helping Angola diversify its revenue generation. Meanwhile, Chinese mining firm Shining Star is set to commence production this year at the 40-million-ton Mavoio-Tetelo copper project in northern Angola. The project is expected to produce 300,000 tons of copper per annum, significantly boosting Angola's mining revenue. Australian firm Tyranna Resources - in partnership with China's Sinomine - is advancing multiple lithium projects in Angola, with ongoing drilling activities identifying additional reserves and expediting mine development. These projects include the Namibe and Muvero lithium mines. Canada's Ivanhoe Mines has also initiated a series of copper exploration projects in Angola's Moxico and Cuando Cubango provinces, contributing to efforts to diversify the nation's mining sector and revenue streams. To increase value addition across the manganese sector, Angola is developing a $250 million manganese-to-silica processing facility in partnership with Chinese firm ST New Materials. The project is expected to be operational in 2025. The country is also spearheading projects to produce steel from iron mined in the Kasinga region. As Angola seeks to attract new investors across the critical mineral value chain, AMW 2025 will bring together Angolan stakeholders and global investors to discuss partnerships and industry growth opportunities. AMW will host panel discussions, project showcases and exclusive networking opportunities, connecting international investors with Angola's rapidly expanding critical minerals market. Distributed by APO Group on behalf of Energy Capital&Power.
