(Adds TV coverage) By Patrick Werr NORTH OF SUEZ, Egypt (Reuters) – Egypt is working to improve the Suez Canal by making an additional 10 kilometres accessible to two-way traffic, while widening and deepening another 30 kilometres, the chairman of the authority managing the waterway said on Tuesday. Suez Canal Authority Chairman Osama Rabie, giving …
Egypt lengthening two-way portion of Suez Canal by 10 kilometres Read More »
JOHANNESBURG (Reuters) – South Africa’s headline consumer inflation fell to 5.7% year on year in January from 5.9% in December, data from Statistics South Africa showed on Wednesday. On a month-on-month basis, the consumer price index was at 0.2% in January from 0.6% the previous month. Core inflation, which excludes prices of food, non-alcoholic beverages, …
South Africa consumer inflation falls to 5.7% y/y in January Read More »
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 »
JOHANNESBURG (Reuters) -The South African rand weakened in afternoon trade on Tuesday, giving up gains made earlier in the session, as a fall in commodity prices weighed. At 1451 GMT, the rand traded at 15.2500 against the dollar, about 0.8% weaker than its previous close. A rise in commodity prices especially for precious metals, which …
South African rand falls on drop in commodity prices; Glencore shines 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)
JOHANNESBURG (Reuters) -The South African rand firmed in afternoon trade on Monday, but its recent resilience in the face of hawkish signals from global central banks could be tested by warnings that Russia could invade Ukraine at any time. At 1500 GMT, the rand traded at 15.1300 against the dollar, around 0.6% firmer than its …
South African rand firms but resilience could be tested by Ukraine fears Read More »
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 »
