Reuters Africa Business Archives - Page 326 of 921

Kenya’s Safaricom urges new requirements for satellite providers like Starlink

23 Aug 2024 23 Aug 2024

By Aaron Ross NAIROBI (Reuters) – Kenya’s biggest telecoms company Safaricom has urged regulators to consider requiring satellite internet providers such as Elon Musk’s Starlink to partner with local mobile network operators. Starlink, a unit of SpaceX, operates in several African countries but has faced regulatory challenges registering in others. It launched in Kenya in …

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Gold Fields slashes annual output target as icy weather bogs down Chile mine

23 Aug 2024 23 Aug 2024

By Felix Njini and Nelson Banya JOHANNESBURG (Reuters) -Gold Fields lowered its annual output forecast for the second time this year after unusually harsh winter conditions hobbled a planned output ramp up at a new mine in Chile. The Johannesburg-based gold miner’s initial targets to raise output at the Salares Norte mine in Chile had …

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Stocks decline and dollar rebounds as Fed readies rate cuts

23 Aug 2024 23 Aug 2024

By Lawrence Delevingne (Reuters) -Stocks fell and the dollar gained on Thursday as traders digested fresh economic data and awaited confirmation from the U.S. Federal Reserve on Friday that it will soon start to cut interest rates. All three major U.S. stock indexes lost ground, weighed by technology shares. The Dow Jones Industrial Average fell …

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Oil prices settle $1 up on hopes of a US Fed rate cut next month

22 Aug 2024 22 Aug 2024

By Nicole Jao (Reuters) -Oil prices settled up more than 1% on Thursday, as expectations for a U.S. interest rate cut in a few weeks fueled a rebound after four days of price declines. Brent crude futures settled up $1.17, or 1.54%, to $77.22 a barrel. U.S. West Texas Intermediate crude futures gained $1.08, or …

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Dollar rebounds against euro before Powell speech

22 Aug 2024 22 Aug 2024

By Karen Brettell NEW YORK (Reuters) -The dollar rebounded from a 13-month low against the euro on Thursday before Federal Reserve Chair Jerome Powell is due to speak on Friday and as the greenback’s recent weakness was seen as being overdone. The U.S. currency has fallen on concerns about a weakening economy and on expectations …

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Nigerian data agency fines Fidelity Bank for breaches

22 Aug 2024 22 Aug 2024

By Camillus Eboh ABUJA (Reuters) – Nigeria’s data privacy agency has fined Fidelity Bank 0.1% of its 2023 revenue, or $358,580, for violating data laws in opening a customer account, the Nigeria Data Protection Commission (NDPC) said on Thursday. This is the biggest fine the NDPC has imposed on an entity for data breaches, though …

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South Africa’s Yaga eyes Kenya and Nigeria expansion for second-hand fashion

22 Aug 2024 22 Aug 2024

By Nqobile Dludla JOHANNESBURG (Reuters) – Yaga, South Africa’s marketplace for second-hand clothing, is planning to expand its reach to Kenya and Nigeria as the market for used apparel grows, driven by eco-conscious consumers seeking more affordable and unique clothing options. Launched in 2020, privately-owned Yaga provides an online platform for South Africans to buy …

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South African rand slips, focus on Fed rate path

22 Aug 2024 22 Aug 2024

JOHANNESBURG (Reuters) -The South African rand slipped against a stronger dollar on Thursday as investors awaited Federal Reserve Chair Jerome Powell’s speech for hints on the future interest rate path of the world’s biggest economy. At 1530 GMT, the rand traded at 18.01 against the dollar, about 1% weaker than its previous close. The dollar …

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Egypt plans to return oil, gas production to normal from 2025, PM says

22 Aug 2024 22 Aug 2024

DUABI (Reuters) – Egypt plans to return oil and gas production to normal levels from 2025 with the help of international partners, Prime Minister Mostafa Madbouly said in a press conference on Thursday. The North African country had aimed to become a regional hub for liquefied natural gas after a string of recent discoveries, including …

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Sibanye secures debt funding for Finland lithium mine as prices slump

22 Aug 2024 22 Aug 2024

By Felix Njini and Nelson Banya JOHANNESBURG (Reuters) -Sibanye Stillwater said on Thursday it had secured an additional 500 million euros ($557.30 million) debt financing to complete a new lithium mine in Finland, forging ahead with the project amid a slump in prices for the battery metal. The Johannesburg-based precious metals producer said the loan …

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