Latest Updates from Reuters

Fitch “very concerned” situation in South Africa not improving: union

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By Mfuneko Toyana JOHANNESBURG (Reuters) – Fitch is very concerned that South Africa’s economic and political situation is not improving, the country’s second largest federation of trade unions said on Tuesday after it held talks with the ratings agency. In April, Fitch cut South Africa’s debt to subinvestment, citing the recent cabinet reshuffle, when President...

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South Africa to use procurement budget “strategically” to transform economy: Gigaba

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JOHANNESBURG (Reuters) – South Africa’s Finance Minister Malusi Gigaba said on Monday the treasury would use its 500 billion rand ($40 billion) annual procurement budget to transform the economy and give more support to black-owned businesses. “The strategic use of state procurement is an important lever to grow black business,” Gigaba told a business dinner...

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Nigerian oil workers extend Exxon Mobil strike to Chevron, Agip and Shell

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ONITSHA, Nigeria (Reuters) – Nigerian workers from an oil labour union have extended a strike to oil majors Chevron, Shell and Eni subsidiary Agip in protest over the sacking of members from Exxon Mobil Corp, the union’s general secretary said on Tuesday. Lumumba Okugbara, of the Petroleum and Natural Gas Senior Staff Association of Nigeria...

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Vodafone’s South African arm Vodacom takes over $2.6 bln stake in Kenya’s Safaricom

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By Nqobile Dludla JOHANNESBURG (Reuters) – UK-based telecoms group Vodafone moved to consolidate two of its African interests on Monday with the transfer of a 35 percent stake in Kenya’s Safaricom to majority-owned South African subsidiary Vodacom. The 34.6 billion-rand ($2.6 billion) deal, structured as an acquisition of the stake by Vodacom in return for...

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Leaders

Mark Shuttleworth: Africa’s first dot com millionaire

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Mark Shuttleworth is Africa’s first dot com millionaire, the first African in space, and arguably one of South Africa’s greatest entrepreneurs.

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Andrew Mupuya is an award winning entrepreneur, and he’s not yet 25

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Andrew Mupuya is the 24 year old, award-winning businessman who began his company with only $14

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Why Forbes thinks Isaac Oboth is one of Africa’s finest young entrepreneurs

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Isaac Oboth was orphaned and impoverished, yet today he runs one of Africa’s most dynamic young companies.

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Stephen Saad : Entrepreneur of the Year at the All Africa Business Leaders Awards

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South African pharmaceuticals billionaire, Stephen Saad, wins AABLA’s prestigious Entrepreneur of the Year Award.

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Politics

Shuffling the Deck: Saudi Arabia favors new minds over lifetime politicians

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Mohammed Al-Jadaan has replaced Ibrahim Al-Assaf as Minister of Finance for Saudi Arabia.

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Claver Gatete named African Finance Minister of the Year

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Claver Gatete has been recognized for his expert handling of Rwanda’s economy despite strong global headwinds.

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Brexit, the EU and Africa: The Ghost of the Future

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The news of Britain’s decision to leave the European Union in June shocked the world, causing currency crises in a number of African countries. The UK’s departure from the EU will have serious consequences for Africa: the UK has been Africa’s biggest ally in the EU, and without their reputation the future of the continent is uncertain.

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No place to hide: Nigerian government cracks down on corruption.

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Nigerian government raid exposes corrupt Supreme Court judges and implicates senior officials.

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Business

Africa’s first online shopping mall looks to make its mark

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Odjala is Africa’s first online shopping mall, and it aims to change the way the continent shops.

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Israeli start-ups raise a record $4.8 billion in 2016

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Israeli start-up’s raised a record breaking $4.8 billion in funding in 2016 establishing Israel as the most exciting and active tech ecosystem outside of the United States

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Kenya’s ride hail market shows African businesses adapting to global trends

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When global brand Uber entered Africa, the local markets put their own take on the technology, with Kenya leading the way.

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Ibrahim Hissein Bourma is the 27 year old millionaire with big dreams for Chad’s future.

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After only 7 years in business, Ibrahim Hissein Bourma is one of Chad’s most successful entrepreneurs, but he is hungry for more.

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