Reuters - Squid Business

Nigerian sovereign fund, Vitol launch venture to invest in carbon removal projects

ABUJA (Reuters) – Nigeria’s sovereign wealth fund and Vitol have launched a joint venture to invest in a range of carbon avoidance and removal projects, the fund said on Wednesday. The Nigerian Sovereign Investment Authority (NSIA) said an initial $50 million had been committed and that both firms were in the process of reaching a …

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South Africa’s Northam quits RBPlat takeover battle

JOHANNESBURG (Reuters) -South Africa’s Northam Platinum has terminated its offer to buy Royal Bafokeng Platinum, citing low prices of platinum group metals (PGM) as it ended a year-long takeover battle with bigger rival Impala Platinum. Northam had outbid Impala’s initial offer to acquire RBPlat, but on Wednesday said that PGM prices had fallen to levels …

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Nigeria gets World Bank funding for social program ahead of fuel subsidy cut

By Felix Onuah ABUJA (Reuters) -Nigeria has secured $800 million from the World Bank to scale up its national social program ahead of the removal of its costly but popular subsidies on petrol in June, Finance Minister Zainab Ahmed said on Wednesday. Africa’s biggest economy set aside 3.36 trillion naira ($7.3 billion) this year to …

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South African stocks, rand fall after U.S. jobs data

JOHANNESBURG (Reuters) -South African stocks fell on Wednesday after U.S. data showed a decline in job openings, while the rand weakened against the dollar. U.S. job openings data, a measure of labour demand, released on Tuesday dropped to 9.9 million in February – the lowest in almost two years. For every unemployed person in the …

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Five children drown in water tank in southern Indian temple – NDTV

NEW DELHI (Reuters) – Five children drowned on Wednesday in a water tank inside a temple in Chennai, the capital of Tamil Nadu state in southern India, broadcaster NDTV reported, in the second deadly incident in a temple this week in the South Asian country. An investigation is being conducted into the Chennai incident, which …

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Euro zone food inflation still intensifying: ECB’s Lane

NICOSIA (Reuters) – Food inflation is still intensifying in Europe and may be the key driver of price growth now, European Central Bank chief economist Philip Lane said on Wednesday. “I look at food, where inflation pressure is probably its most intense. And it’s still rising now,” Lane told a university lecture in Cyprus. “I …

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Italy probes Meta over abuse of position in music rights case

MILAN (Reuters) – Italy’s antitrust authority said on Wednesday it would investigate Meta Platform over the possible abuse of its position in talks over the rights to music posted on Meta’s platforms and potentially hurting competition in the sector. The dispute involved the Italian society of authors and publishers, SIAE. According to the antitrust regulator, …

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UK court orders GSK to pay AstraZeneca royalties on total sales of Zejula

(Reuters) – A UK court on Wednesday ordered GSK’s Tesaro to pay rival AstraZeneca royalties on total sales of ovarian cancer drug Zejula, in a win for the Anglo-Swedish drugmaker. Tesaro had argued the royalty was payable only on sales that are for uses claimed or covered by the licensed patents, after AstraZeneca filed a …

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Iberdrola aims for US subsidies after Mexican asset sale

By Pietro Lombardi MADRID (Reuters) – Spanish power company Iberdrola will seek to expand in the United States and take advantage of its green subsidies after announcing the sale of gas assets worth $6 billion in Mexico, Chief Financial Officer Jose Sainz said on Wednesday. The sale significantly reduces the renewable energy giant’s exposure to …

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Germany warns EU over tampering with schemes for struggling banks

By Huw Jones LONDON (Reuters) -Germany has told the European Union not to tamper with rules that allow banks which are part of a network offering financial help in a crisis to benefit from lower capital and liquidity requirements, a letter seen by Reuters showed. The EU’s executive European Commission is due on April 18 …

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