Reuters Africa Business

By MacDonald Dzirutwe LAGOS (Reuters) – Africa-focused fintech firm Flutterwave said on Wednesday it had raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and growing existing customer base. The latest funding round was led by investors including Facebook Inc …

Fintech startup Flutterwave raises $250 million at over $3 billion valuation Read More »

By Stephen Jewkes MILAN (Reuters) -Saipem’s financial problems deepened on Tuesday when the cash-strapped group said it would set aside 192 million euros ($218 million) to cover a fine imposed by an Algerian court over alleged corruption. The Italian energy services contractor stunned the market at the end of January saying it would report a …

Italy’s Saipem sets aside $218 million for Algeria fine to compound woes Read More »

ABUJA (Reuters) -Nigeria’s budget deficit is set to rise by 1.01 trillion naira to 7.40 trillion naira or 4% of GDP as the government eyes new domestic borrowing to fund extended petrol subsidies, President Muhammadu Buhari said in a letter to parliament. The deficit was originally set at 3.42% of GDP. Buhari asked parliament, where …

Nigeria’s deficit to hit 4% of GDP with petrol subsidy, Buhari says Read More »

ABUJA (Reuters) -Nigeria’s annual inflation slowed by 0.03 percentage point to 15.60% in January, the statistics office said on Tuesday, ahead of the release of growth data next week. Inflation, which has been in double digits since 2016, was particularly high in December due to an surge in demand during the Christmas season, said Simon …

Nigerian inflation eases in January ahead of GDP data release Read More »

CAIRO, (Reuters) – Egypt’s unemployment rate fell slightly to 7.4% in the fourth quarter of 2021, the country’s statistics agency CAPMAS said on Wednesday. The rate was 7.5% in the previous quarter of 2021. (Reporting by Momen Saeed Atallah; Writing by Lina Najem; Editing by Andrew Cawthorne)

By Duncan Miriri NAIROBI (Reuters) – Kenya Power’s plan to cut its workforce by a fifth is not sound because it ignores the power network’s need for manual labour and will reduce manpower from an already depleted pool, the electric workers union said on Monday. The plans by the East African nation’s sole power distributor …

Kenya Power job cuts plan under fire from trade union Read More »

CAIRO (Reuters) – Egypt’s petroleum minister Tarek El Molla said on Monday that three companies were awarded four bunkering services licenses in following a tender. The companies are Coral Energy, Minerva Bunkering and Peninsula for two licenses on the Red Sea and two on the Mediterranean Sea. (Reporting by Maha El Dahan; writing by Nadine …

Three companies awarded bunkering services licences in Egypt -minister Read More »