Reuters Africa Business

Meta removes 63,000 Instagram accounts in Nigeria over ‘sextortion’ scams

24 Jul 2024

LAGOS (Reuters) – Meta Platforms said on Wednesday it had removed about 63,000 accounts in Nigeria that attempted to engage in financial sexual extortion scams mostly aimed at adult men in the United States. Nigerian online fraudsters, known as “Yahoo boys,” are notorious for scams that range from passing themselves off as people in financial …

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Shein to open pop-up store in South Africa to woo more shoppers

24 Jul 2024

JOHANNESBURG (Reuters) -Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country. Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after …

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South Africa’s Vodacom reports rise in quarterly revenue

24 Jul 2024

JOHANNESBURG (Reuters) -South Africa’s Vodacom Group reported a 1.5% rise in its quarterly revenue on Wednesday. The South African company, majority-owned by Britain’s Vodafone, posted group revenue of 36.2 billion rand ($1.97 billion) for the three months ended June 30. “While the economic environment in recent years has been challenging, our strategy to diversify our …

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Illicit banknotes in east Libya, some made by Russia, hit dinar

24 Jul 2024

By Maya Gebeily and Angus McDowall (Reuters) – Unofficial Libyan banknotes have been exchanged for real dollars and contributed to the dinar’s devaluing, three sources familiar with the matter told Reuters, adding that some notes were printed by Russia and exported to eastern Libya this year while others were printed illicitly within Libya. The new …

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World shares edge down, US yields fall as markets eye earnings, economic data

23 Jul 2024

By Chibuike Oguh NEW YORK (Reuters) -Global stocks edged lower after paring early gains while U.S. bond yields dropped on Tuesday as markets awaited economic data and a plethora of corporate earnings, moving past U.S. President Joe Biden’s decision to end his reelection bid. Alphabet reported better-than-expected results after the closing bell, while Tesla saw …

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Yen advances for 2nd day ahead of BOJ meeting next week; dollar firmer

23 Jul 2024

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The yen rose for a second straight session against the dollar on Tuesday, boosted by comments from a senior Japanese politician about normalizing monetary policy, adding pressure on the Bank of Japan to continue hiking interest rates to boost the currency. The U.S. dollar overall was higher as traders …

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Oil prices fall 2% to six-week low on ceasefire talks, demand concerns

23 Jul 2024

By Scott DiSavino NEW YORK (Reuters) -Oil prices fell about 2% to a six-week low on Tuesday on rising expectations of a ceasefire in Gaza and growing concerns about demand in China. Brent futures fell $1.39, or 1.7%, to settle at $81.01 a barrel, while U.S. West Texas Intermediate crude (WTI) closed $1.44, or 1.8%, …

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