Reuters Africa Business Archives - Page 402 of 921

Nigeria plans additional rules to combat illegal trading in digital assets

7 May 2024 7 May 2024

By MacDonald Dzirutwe LAGOS (Reuters) – Nigeria plans to roll out additional rules in the coming days to combat illegal trading in digital assets and ensure that those dealing in such instruments are registered, the head of the Securities and Exchange Commission (SEC) said. The SEC director general, Emomotimi Agama, told major blockchain and cryptocurrency …

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US dollar rises as yen weakness resumes

7 May 2024 7 May 2024

By Chuck Mikolajczak NEW YORK (Reuters) -The U.S. dollar rose against most currencies on Tuesday, steadily gaining ground throughout the day as investors digested the latest comments from Federal Reserve officials about the possible path of interest rates. Minneapolis Federal Reserve President Neel Kashkari said at a Milken Institute conference that stalled inflation, kept higher …

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South African rand gains, awaits US jobs data

7 May 2024 7 May 2024

JOHANNESBURG (Reuters) – South Africa’s rand was stronger on Tuesday with volatility likely to pick up on U.S. employment data later this week, analysts said. At 1507 GMT, the rand traded at 18.4350 against the dollar <ZAR=D3>, about 0.2% stronger than its previous close. The dollar index was last trading down around 0.07% against a …

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Zimbabwe says new gold-backed currency now the official unit

7 May 2024 7 May 2024

HARARE (Reuters) – Zimbabwe’s treasury said on Tuesday the newly introduced gold-backed currency is the official unit of exchange for transactions and that it would soon introduce regulations to ensure businesses stick to the official rate. Although it has remained stable on the official market since its launch early April, the Zimbabwe Gold (ZiG) has …

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Indian adhesive maker Pidilite Industries’ Q4 profit rises on lower costs

7 May 2024 7 May 2024

BENGALURU (Reuters) – India’s Pidilite Industries, which makes Fevicol adhesives and Dr. Fixit waterproofing products, posted a 6.2% jump in fourth-quarter profit on Tuesday, driven by lower input costs. A healthy real estate sector and rising infrastructure creation are driving demand for construction chemical makers like Pidilite. The company’s consolidated net profit rose to 3.01 …

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Nigeria to charge levy on domestic transfers to fund cybersecurity

7 May 2024 7 May 2024

By Ope Adetayo ABUJA (Reuters) – Nigeria’s central bank plans to charge a levy on domestic money transfers to help fund cybersecurity, it said. In a circular published late on Monday, the central bank told all banks and mobile money operators to charge 0.5% of the value of electronic transfers as a cybersecurity levy, starting …

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World Bank approves $138.5 million loan to Namibia

7 May 2024 7 May 2024

CAPE TOWN (Reuters) – The World Bank has approved a $138.5 million loan to help Namibia bolster its transmission network and integrate renewable energy projects into the grid, the bank said on Tuesday. One of Sub-Saharan Africa’s driest countries with plenty of sunshine and wind, Namibia wants to position itself as a renewable energy hub …

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Amazon launches online shopping service in South Africa

7 May 2024 7 May 2024

JOHANNESBURG (Reuters) -Amazon launched its online shopping service in South Africa on Tuesday, challenging a number of online retailers dominated by Naspers’ Takealot.com. Africa’s most advanced economy is usually seen as a good entry point for companies to expand into the continent and Amazon could be doing the same, analysts have said in the past. …

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Nigeria sets dangerous precedent by detaining Binance execs, CEO says

7 May 2024 7 May 2024

By MacDonald Dzirutwe LAGOS (Reuters) – The CEO of cryptocurrency exchange Binance on Tuesday accused Nigeria of setting a dangerous precedent after its executives were invited to the African country and then detained as part of a crackdown on crypto. Binance, the world’s largest crypto exchange and two of its executives face separate trials on …

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BHP insists Anglo American’s South African assets must go in any takeover, sources say

7 May 2024 7 May 2024

By Melanie Burton, Scott Murdoch and Lewis Jackson MELBOURNE/SYDNEY (Reuters) – BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed takeover and is expected to be a part of any revised offer, investors briefed on the miner’s thinking said. The “Big Australian” was …

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