Watches of Switzerland warns of margin hit as US tariffs bite

FILE PHOTO: A branch of Watches of Switzerland
is seen in London · Reuters

(Reuters) -Retailer Watches of Switzerland warned on Thursday that its profit margin could fall this financial year as the luxury watch industry adjusts to higher U.S. tariffs, sending its shares down as much as 10%.

The forecast came as the company reported a slightly better than expected profit for the year ended April, boosted by a pickup in demand in the U.S. and Britain and its acquisition of jewellery maker Roberto Coin's North America business.

That helped lift its revenue to a record 1.65 billion pounds ($2.26 billion).

Full story at Yahoo News

By Unnamalai L and Yadarisa Shabong

Egypt: Economy records a growth of 4.77% between January and March 2025

The Egyptian economy posted a quarterly growth of 4.77% in the third quarter of the fiscal year 2024/2025, marking its highest level in three years. This performance, announced on June 30 by the Ministry of Planning, Economic Development, and International Cooperation, contrasts sharply with the rate of 2.2% recorded at the same period last year.

Over the first nine months of the fiscal year, the average growth stands at 4.2%, compared to 2.4% a year earlier, confirming a strong recovery in activity despite a still uncertain global economic context.

According to the Minister of Planning, Dr. Rania Al-Mashat, this progress reflects the effectiveness of the economic and structural reforms undertaken, as well as efforts towards a competitive economy focused on the development of the private sector, national production, and exports.

By The Editorial Staff
Full story at Financial Afrik

Kenya is Now Africa’s Second-Largest Debtor to the IMF

Kenya is the second-largest debtor to the International Monetary Fund (IMF) in Africa, with outstanding credit reaching $3.02 billion as of June 26, 2025.

The East African nation trails only Egypt ($7.5 billion) in IMF credit exposure, according to the Fund’s latest data.

This development underscores Kenya’s ongoing reliance on multilateral financial support to stabilize its macroeconomic environment, manage external debt obligations, and navigate a challenging fiscal landscape.

The IMF-supported program, which began in April 2021, was launched under a blended Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangement.

By October 2024, Kenya had unlocked approximately $606 million through the seventh and eighth IMF reviews.

By Harry Njuguna

Full story at Kenya Wall Street

Sterling Financial Holdings Reports 102% Profit Growth in 2024…Reinforces Growth Path With Strong Fundamentals

Sterling Financial Holdings Company Plc (“SFHC” or “the Group”) announced its audited full-year results for the financial year ended December 31, 2024, delivering a solid performance marked by strong earnings growth, robust balance sheet expansion, and a return to dividend payout.

The Group reported a profit after tax (PAT) of ₦43.68 billion, representing a 102% year on-year (YoY) increase from the ₦21.58 billion recorded in 2023. Earnings per share more than doubled to 151 Kobo, reflecting the Group’s strategic resilience and consistent delivery on shareholder value.

Gross earnings rose to ₦337.19 billion, up from ₦221.77 billion in 2023, driven by higher interest income, enhanced non-interest revenue, and prudent cost control. Across its subsidiaries, customer deposits grew by 36.7% to ₦2.52 trillion, providing the Group with ample liquidity to support the scale of its lending activities. Despite this expansion, the quality of assets improved, as impairment charges on loans fell by 12.6% to ₦10.78

By Pulse Mix

Full story at Pulse NG.

S&P downgrades South Africa's growth forecast for 2025 as economic challenges persist

S&P Global Ratings has downgraded South Africa’s economic growth forecast for 2025 following a subdued gross domestic product (GDP) print in the first quarter.

The South African economy kept its head above water in the first quarter of 2025, expanding by a marginal 0.1% compared with the fourth quarter of 2024.

Six of the 10 industries on the production (supply) side of the economy recorded negative gains, with mining and manufacturing being the biggest drags in the first quarter.

Mining weakened by 4.1%, with platinum group metals the most significant negative contributor. Coal, chromium ore, gold, copper and nickel also disappointed. Iron ore, manganese ore and diamonds recorded gains, but not enough to lift the industry into positive territory.

By Siphelele Dludla.

Full story at IOL

Nigeria’s Q1 GDP data release delayed by over a month — Report

The release of Nigeria’s first-quarter Gross Domestic Product (GDP) report for 2025 has been delayed by 33 days beyond the country’s historical average, according to a new report by Intelpoint, a data and research firm under Techpoint Africa.

Typically, the National Bureau of Statistics (NBS) releases Q1 GDP data around late May, averaging 53 days after the end of March. However, as of June 25, 2025, the report remains unpublished—marking 86 days since the quarter ended. This significant delay has raised eyebrows among analysts and stakeholders who rely on timely economic data to make informed decisions.

Intelpoint, which provides research consultancy services to institutions and businesses, tracked NBS release timelines from 2017 to 2024. In those years, the agency consistently maintained a predictable schedule for the release of quarterly GDP reports. The 2025 deviation is the most prolonged delay observed in nearly a decade.

By Chima Nwokoji

Full story at Tribune Online

Egypt mobile operators invest $2.7 bln in 5G rollout: Minister

Egypt’s four mobile network operators have invested $2.7 billion in 5G spectrum and licenses since 2019, reflecting growing investor confidence in the country’s digital strategy, according to Minister of Communications and Information Technology Amr Talaat.

Speaking at the 5G Technology Forum in Cairo on Monday, Talaat said the telecoms sector had significantly developed over the past decade and called 5G “a qualitative leap” in how people work, live and connect.

The event was organized by public policy firm Moharram & Partners and attended by ambassadors and representatives from the US, European Union (EU), Japan and major tech firms.

By Doaa A.Moneim

Full story at Ahram Org