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Google among investors putting $110 million into Nigeria’s Moniepoint

29 Oct 2024

LAGOS (Reuters) – Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday. Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal …

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France’s Macron, Moroccan king cement reconciliation with business deals

29 Oct 2024

By Michel Rose and Ahmed Eljechtimi RABAT (Reuters) – Morocco agreed to buy high-speed trains from French company Alstom on Monday, one of a series of business deals signed during President Emmanuel Macron’s state visit to the kingdom as the two countries turn the page on years of diplomatic tensions. Paris and Rabat have had …

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Stocks gain, oil falls 6%; big tech-related earnings on tap this week

28 Oct 2024

By Caroline Valetkevitch NEW YORK (Reuters) -Global stock indexes rose on Monday as investors awaited earnings reports this week from several of the biggest U.S. tech-related companies, while oil prices dropped 6% after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities. The Japanese yen fell to a three-month low against …

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Ghana eyes fuel imports from Dangote oil refinery

28 Oct 2024

By Isaac Anyaogu LAGOS (Reuters) – Ghana could buy petroleum products from Nigeria’s Dangote Oil Refinery once the facility is operating at full capacity, cutting more expensive exports from Europe, the head of the country’s oil regulator said on Monday. This could end monthly fuel imports from Europe of $400 million, Mustapha Abdul-Hamid, chairman of …

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South African rand slips, with mid-term budget the week’s main focus

28 Oct 2024

JOHANNESBURG (Reuters) -South Africa’s rand edged lower on Monday, as investors await Wednesday’s mid-term budget review – the first under the coalition government formed in June. At 1501 GMT, the rand traded at 17.7075 against the U.S. dollar, down 0.2% from its previous close. Finance Minister Enoch Godongwana’s budget policy statement to parliament will include …

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Nigeria signs funding deal with IFC to boost naira currency financing

28 Oct 2024

ABUJA (Reuters) – The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday. The IFC, a World Bank Group member, aims to “significantly scale up” its financing in Nigeria, targeting …

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South Africa’s Pick n Pay posts wider loss but sees recovery ahead

28 Oct 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -South Africa’s Pick n Pay reported a wider half-year loss on Monday, reflecting trading losses in its core supermarkets business alongside higher borrowing costs, but said its full-year performance would be stronger. The country’s third-biggest grocery retailer reported a loss before tax and capital items of 1.1 billion rand ($62 …

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Boxer IPO in Johannesburg could raise close to $452 million for Pick n Pay

28 Oct 2024

By Nqobile Dludla JOHANNESBURG (Reuters) -South African retailer Pick n Pay, which is listing its discount grocery chain Boxer in Johannesburg through an initial public offering, said on Monday that the base size of the IPO would be towards the upper end of its guidance. Pick n Pay previously said proceeds from the IPO could …

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