Latest Updates from Reuters

Nigeria overnight lending rate hit 100 pct this week after dollar sales – traders

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LAGOS (Reuters) – Nigeria’s overnight lending rate rose as high as 100 percent this week after the central bank withdrew naira liquidity to offset dollar purchases, but it fell sharply on Friday as the government disbursed budget funds through the banking system. Overnight rates fell to 10 percent on Friday after the government passed 285...

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Mali hits record cotton production, sees higher in 2017/18

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BAMAKO (Reuters) – Mali forecasts cotton production for the upcoming 2017/18 season at 725,000 tonnes, up about 12 percent from the current season’s record yield of at least 645,000 tonnes, the agriculture minister said on Friday. The 2016/17 season ending in March will see the highest yield in more than a decade for the West...

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Egypt doubles ticket price on Cairo metro, angering commuters

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CAIRO (Reuters) – Egypt doubled the price of tickets for millions of commuters on Cairo’s loss-making metro on Thursday, angering residents already hit by a sharp rise in living costs. Transport Minister Hisham Arafat said the increase to 2 Egyptian pounds (11 U.S. cents), effective from Friday, followed losses of 500 million pounds which put...

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Nigeria issues new retail savings bond to raise $7 million

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LAGOS (Reuters) – Nigeria’s debt office said on Thursday it raised 2.07 billion naira ($6.6 million) from a new two-year savings bond intended for retail investors. Nigeria forecasts a budget deficit of 2.36 trillion naira in 2017, half of which it aims to fund through domestic borrowing. The Debt Management Office (DMO) has said it...

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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

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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Vangsy Goma – the entrepreneur behind an African Uber.

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Vangsy Goma is only 31 years old, but his rapidly growing Africab service marks him out for big things.

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Peter Njonjo : from a top IT job to BBQ!

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Peter Njonjo is a Kenyan entrepreneur aiming to bring his homemade barbecue products to every household in Kenya.

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