Reuters News Malawi will restrict foreign currency transactions and crack down on black market dealers after devaluing its currency last week, the finance minister said on Monday. The southern African country devalued the kwacha currency by 30% against the dollar from last Thursday, saying it was needed to correct supply-demand imbalances in the currency market….
Reuters News The South African rand was slightly stronger in early trade on Monday, at the start of a week containing several important local and global economic data releases that could move markets. At 0743 GMT, the rand traded at 18.7025 against the dollar , up 0.2% on its previous close. The dollar was little…
The East African Property investors in Africa, mostly private equity firms and high networth investors, are diversifying their portfolio into dollar-denominated return projects and green buildings to cushion against potential losses from the plummeting currencies in the continent. Rising political and environmental risks in the continent, rising interest rates in the US and the rising…
ZAWYA Africa has seen an expansion of instant payments systems over the past year with new launches in South Africa, Ethiopia, Morocco over the last twelve months, a new report said. The addition of the three countries brings the total number of live domestic and regional instant payment systems on the continent to 32, the…
Saudi Gazette RIYADH — Minister of Industry and Mineral Resources Bandar Al Khorayef discussed ways of enhancing cooperation in the industry and mining sectors between Saudi Arabia and the African countries participating in the Saudi-African Summit. This has been carried out by Al Khorayef while holding bilateral meetings with a number of ministers of African…
Qatar News Agency Kigali – The State of Qatar, represented by the Ministry of Communications and Information Technology signed a Memorandum of Understanding (MoU) in the field of communications and information technology with the Republic of Rwanda. The MoU was signed by HE Minister of Communications and Information Technology Mohammed bin Ali Al Mannai and HE…
Bizcommunity.com Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms. The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu…
Reuters Kenyan telecoms operator Safaricom (SCOM.NR) and Japan’s Sumitomo Corp. (8053.T) have created a platform for supporting start-up companies, they said on Wednesday. Although African economies like Kenya were in the past seen as the next frontier for start-ups especially in the technology sector, entrepreneurs faced issues including lack of financing and proper market strategies. “Studies show that entrepreneurs…
Bizcommunity.com Nigeria’s NNPC and Aiteo have launched a new grade of crude called Nembe through a joint venture, as Africa’s largest oil producer ramps up its oil output.Crude theft, attacks on pipelines in the Niger Delta and a lack of investment have meant output declines for many years, causing a dwindling of Nigerian government revenue…
Bizcommunity.com Africa, renowned for its inventive spirit, is steadily emerging as a breeding ground for pioneering high-tech enterprises.According to BCG, between 2015 and 2020, there was a 46% growth in companies attracting and securing funding. The problem, however, is nurturing an environment conducive to sustainable growth and scaling past the startup phase. The solution lies…
