Latest Updates from Reuters

Africa’s major central banks embarking on policy easing cycle ride

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By Vuyani Ndaba JOHANNESBURG (Reuters) – Africa’s major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops...

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Former Etisalat Nigeria, 9mobile, is open to new investors: CEO

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By Chijioke Ohuocha LAGOS (Reuters) – Telecoms group 9mobile is open to new investors but will continue to manage the business in the meantime, its chief executive said on Wednesday at an event to officially announce the company’s new name to replace Etisalat Nigeria. UAE’s Etisalat terminated its management agreement with its Nigerian business in...

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Guinea Bissau reaches $47 mln deal on submarine cable

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Africa M.E.

BISSAU (Reuters) – Guinea Bissau has agreed a memorandum of understanding with the World Bank, Orange and MTN for a $47 million project to link the country to a submarine telecoms cable connecting Africa with Europe, the government said on Wednesday. Under the agreement, French telecoms company Orange and South Africa’s MTN Group will form...

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Ghana president says will not extend three-year IMF aid programme

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ACCRA (Reuters) – Ghana will not extend its three-year aid programme with the International Monetary Fund beyond April 2018, President Nana Akufo-Addo said on Tuesday, despite continuing fiscal difficulties. The president’s announcement is a surprise turnaround after government officials said last month that Ghana was considering a request by the Washington lender to extend the...

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Leaders

South Africa’s Q1 business confidence rises 11 points to 45

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South Africa's business confidence rose in the first quarter by 11 points in a sign that the country's economy is picking up pace, a survey showed on Wednesday.

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Shell, Eni preempt any U.S. probe over Nigeria with filings

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Oil giants Royal Dutch Shell and Eni have voluntarily filed to U.S. authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa.

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Barclays Africa lifts profit, looks to Nigeria for growth

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Barclays Africa Group, South Africa's No.2 lender by market value, reported a 4 percent rise in annual profit on Thursday, thanks to a substantial decline in impairments. Normalised diluted headline EPS, the primary measure of profit in South Africa that strips out one-off items, came in at 1,837.7 cents in the year ended December compared with 1,769.4 a year earlier.

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South Africa economic confidence to get a lift after cabinet reshuffle.

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Confidence in South Africa's economy will get a boost after Monday's cabinet reshuffle by President Cyril Ramaphosa returned trusted hands to crucial budget-related ministries, a Reuters poll showed on Thursday.

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Politics

Can Russia be a major player in Africa? Outcomes from Sochi.

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With the ongoing competition between Russia and China trying to take the lead on African investment and partnerships and the United State’s revived interest over the continent, Russian President Vladimir Putin hosted a Russia-Africa summit in Sochi from the 23rd to the 24th of October. National belts are tightening globally, and FDI (foreign direct investment)...

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Mali militia says it obtains U.S. military vehicle from Niger raid

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A Malian militia said on Wednesday it had obtained a sport utility vehicle abandoned by U.S. special forces in neighboring Niger during a deadly ambush last October, and offered to return it to the United States.

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South Africa’s Q1 business confidence rises 11 points to 45

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South Africa's business confidence rose in the first quarter by 11 points in a sign that the country's economy is picking up pace, a survey showed on Wednesday.

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Nigeria increases excise duties on tobacco and alcohol

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Nigeria's President Muhammadu Buhari has approved an increase in excise duties on tobacco and alcoholic beverages, the finance ministry said in a statement on Sunday.

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Business

Dr. Bouamatou: breaking down the gender barriers in banking

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While it would be fair to say that actual talent in the world of finance is distributed equally by gender, it would also be fair to note that this talent is not equally distributed among the top tiers of management. In fact, it was only in October 2019 when the Royal Bank of Scotland announced...

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Transmashholding Signs Major Egyptian Deal

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Summary: The deal between Egyptian National Railways and Transmashholding-Hungary Kft. looks like being the start of a long and fruitful relationship. When Egypt’s first railway system was commissioned by the Regent of Egypt and Sudan, Abbas I, in 1851, he chose for it to be built by one of the 19th Century’s greatest engineers, Robert...

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Making a Mark in Africa: Global Brands Dominate

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With Africa being one of the fastest growing markets for consumer goods worldwide, global brands have increasingly focused their efforts on the continent’s vibrant economies. Two major factors are worth noting here; Household consumption in Africa has outpaced GDP growth, and GDP growth across Africa is consistently outperforming global averages. Consumer expenditure in Africa has...

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Russia’s Return to Africa

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Once an important player on the African continent, Russia has renewed its aspirations for economic, military, and trade ties with several African nations. From Algeria to Zimbabwe, Russia is investing in energy and resource projects, lending military and diplomatic support to embattled African leaders, and once again positioning itself as an influential presence in the...

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