Reuters Africa Business

BLANTYRE (Reuters) – Malawi increased fuel prices by an average of 35% to cover the rising cost of imports following a 25% devaluation of the local currency, the Malawi Energy Regulatory Authority (MERA) said on Thursday. The government agency said the pump price of petrol had increased by 44.92%, diesel by 30.61% and paraffin by …

Malawi hikes fuel prices by average 35% on weak currency, high costs Read More »

By Huw Jones LONDON (Reuters) -Britain’s Financial Conduct Authority (FCA) has fined Ghana International Bank (GHIB) 5.8 million pounds ($7.1 million) for failings in its anti-money laundering controls. The FCA said the bank provided correspondent banking services to other lenders, allowing them to provide products and payment services they would otherwise be unable to provide. …

UK watchdog fines Ghana International Bank for poor controls Read More »

KIGALI (Reuters) – Africa must wean itself off dependence on food and medicine imports, the president of the African Development Bank (AfDB) said, as the institution approved creation of a pharmaceutical tech foundation and began processing requests for food relief. Africa was hit hard by the economic fallout from the coronavirus pandemic. Now, as many …

Africa must end food, pharma import dependence, AfDB president says Read More »

ABUJA (Reuters) – Nigeria’s Senate said on Wednesday it will investigate oil giant Shell Plc over alleged illegal extensions of oil exploration leases and is seeking a refund of $200 million which it said accrued over the period. The upper house of parliament said a seven-member committee has been mandated to probe oil exploration leases …

Nigerian Senate to probe Shell over alleged oil lease renewals -statement Read More »

LONDON (Reuters) – British Prime Minister Boris Johnson said he was looking forward to visiting Rwanda on Thursday to help people shed their “condescending attitudes” to Rwanda after criticism of the government’s plans to deport asylum seekers to the country. Johnson will meet with Prince Charles in Kigali on Friday on the sidelines of a …

UK’s Boris Johnson hopes Rwanda visit will help people shed ‘condescending attitudes’ Read More »

By Tarek Amara TUNIS (Reuters) – The International Monetary Fund said on Wednesday it welcomed an economic reform program announced by the Tunisian government this month and is ready to start negotiations in coming weeks over a loan program. Tunisia, which is facing a financial crisis, is seeking to reach a deal on a $4 …

IMF says it will start talks with Tunisia over loan program Read More »

MOSCOW (Reuters) – Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said.     The development is likely to increase competition for Asian customers between Russia and other big …

Russia seeks new fuel markets in Africa, Middle East as Europe turns away Read More »