Reuters Africa - Squid Business

Ethiopia passes law to open banking to foreign competition

By Dawit Endeshaw ADDIS ABABA (Reuters) – Ethiopia’s parliament passed long-planned legislation on Tuesday allowing foreign banks to operate in the Horn of Africa country, part of government efforts to attract more overseas investment. The country has been gradually opening up its tightly controlled economy, which is one of Sub-Saharan Africa’s biggest, since Prime Minister …

Ethiopia passes law to open banking to foreign competition Read More »

Oil dips on demand concerns, focus on Fed meeting

By Paul Carsten LONDON (Reuters) -Oil prices were down on Tuesday as China’s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve’s interest rate decision. Brent crude futures eased 32 cents to $73.59 a barrel at 0949 GMT, while U.S. West Texas Intermediate crude was down 44 cents at …

Oil dips on demand concerns, focus on Fed meeting Read More »

At least 34 killed by Cyclone Chido in Mozambique, UN agency says

MAPUTO (Reuters) – At least 34 people have been killed by Cyclone Chido in Mozambique since it made landfall there on Sunday, the U.N. humanitarian agency OCHA said on Tuesday, citing figures from the southern African country’s disaster agency. The small French island of Mayotte bore the brunt of the storm, and hundreds or even …

At least 34 killed by Cyclone Chido in Mozambique, UN agency says Read More »

Dollar holds firm as traders bet on cautious Fed in 2025

By Amanda Cooper and Tom Westbrook LONDON/SINGAPORE (Reuters) -The dollar held firm on Tuesday ahead of an expected interest rate cut in the United States, as traders grow increasingly convinced the Federal Reserve will lower borrowing rates only gradually next year. The euro, which is heading for a drop of nearly 5% against the dollar …

Dollar holds firm as traders bet on cautious Fed in 2025 Read More »

European shares waver, dollar firms ahead of central bank meetings

By Samuel Indyk and Ankur Banerjee LONDON (Reuters) -European shares wobbled while the dollar held firm on Tuesday as traders braced for a slate of central bank meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now. The pan-continental STOXX …

European shares waver, dollar firms ahead of central bank meetings Read More »

Iran’s president to make rare visit to Egypt for D-8 summit

DUBAI (Reuters) – Iranian President Masoud Pezeshkian will take part in a summit of big Muslim countries in Egypt on Thursday, Foreign Ministry spokesperson Esmaeil Baghaei said, the first visit by an Iranian president to Egypt in more than a decade. Egypt is hosting the summit of the D-8 Organization for Economic Cooperation, which also …

Iran’s president to make rare visit to Egypt for D-8 summit Read More »

South African rand weakens ahead of Fed decision

JOHANNESBURG (Reuters) – South Africa’s rand slipped against a stronger dollar on Tuesday, as investors turn their attention to the Federal Reserve’s interest rate decision. At 0820 GMT, the rand traded at 17.93 against the greenback, about 0.4% weaker than its previous close. The dollar index was last trading up about 0.2% against a basket …

South African rand weakens ahead of Fed decision Read More »

Brazilian digital lender Nubank invests $150 million in Tyme Group

SAO PAULO/JOHANNESBURG (Reuters) – Brazilian digital bank Nubank said it has invested $150 million in Tyme Group, a digital bank with 15 million customers in South Africa and the Philippines, funding that will help Tyme Group finance its push into Southeast Asia and list by 2028. In a statement on Monday, Nubank said Tyme Group’s …

Brazilian digital lender Nubank invests $150 million in Tyme Group Read More »

Kenyan man sentenced to 50 years in jail for killing LGBTQ activist

NAIROBI (Reuters) – A Kenyan court has sentenced a man to 50 years in prison after he was convicted of the murder of gay rights activist Edwin Kiptoo nearly two years ago. Kiptoo’s killing in early 2023 sent shockwaves through the LGBTQ community in the conservative East African nation. His body was found in a …

Kenyan man sentenced to 50 years in jail for killing LGBTQ activist Read More »

Indonesia’s Prabowo heads to Egypt for D-8 economic summit

JAKARTA (Reuters) -Indonesian President Prabowo Subianto headed to Egypt on Tuesday to attend meetings of a group of eight major Muslim developing countries, known as the D-8 Organization for Economic Cooperation, the government said. The D-8, which groups Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, was established in 1997 to improve cooperation between …

Indonesia’s Prabowo heads to Egypt for D-8 economic summit Read More »