Reuters Africa - Squid Business

UK watchdog fines Guaranty Trust bank over money-laundering controls

By Huw Jones LONDON (Reuters) -Britain’s financial watchdog has fined the UK subsidiary of Nigeria’s Guaranty Trust Bank 7.6 million pounds ($9.3 million) for what it said were further failures in its anti-money laundering systems and controls. The Financial Conduct Authority (FCA) said it found “serious weaknesses” in systems aimed at preventing money laundering between …

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South African manufacturing output down 1.1% y/y in November

JOHANNESBURG (Reuters) – South Africa’s manufacturing output fell 1.1% year on year in November after rising by 1.0% in October, statistics agency data showed on Tuesday. Factory production rose 2.0% month on month in November. Analysts had predicted a 2.3% drop in annual terms and a 1.1% month-on-month drop. (Reporting by Anait Miridzhanian; Editing by …

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Egypt orders ministries to curb spending amid foreign currency crunch

CAIRO (Reuters) – Egypt’s government has instructed ministries to cut non-essential spending until the end of the fiscal year in June as it tries to cope with continuing pressure on its currency and rising inflation. The decision, dated Jan. 4 and published in the official gazette this week, includes the postponement of any new national …

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Uganda court quashes part of law used against government critics

KAMPALA (Reuters) – A court in Uganda on Tuesday quashed a section of a communications law that has been used to prosecute government critics, journalists and writers, including two who fled to exile in Germany, its judgment said. Under Uganda’s Computer Misuse Act, one of the sections proscribes the use of electronic communication to “disturb …

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Nigeria shortlists 139 firms to commercialise gas flaring

ABUJA (Reuters) – Nigeria’s petroleum regulator has shortlisted 139 companies for the next stage of the country’s gas flaring commercialisation programme, its chief executive said in a statement, part of plans to reduce carbon emissions. In September, Nigeria’s minister of state for petroleum resources said plans were at an advanced stage to commercialise gas burned …

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Sudan factions start talks for final transition deal

KHARTOUM (Reuters) – Sudanese political parties began talks on Monday to try to reach a final deal to form a civilian government and resolve other outstanding issues more than a year after a military coup. Last month, the parties signed an outline deal with the military to launch a new political transition towards elections, but …

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Gabon names vice-president and new prime minister

LIBREVILLE (Reuters) – Gabon’s President Ali Bongo on Monday appointed the country’s first female Prime Minister Rose Christiane Ossouka Raponda to the role of vice-president and named a new PM to replace her, his secretary general said. Ossouka Raponda, 59, was appointed in July 2020 after her predecessor stepped down. She was defence minister before …

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Parts shortages impact Kenya Airways, cause flight disruptions

NAIROBI (Reuters) – Kenya Airways is experiencing flight disruptions due to delays in securing aircraft components required for maintenance, the carrier said late on Monday. The airline, which is one of Africa’s biggest, may be forced to cut some flights if the challenges of getting the parts persist, Chief Executive Officer Allan Kilavuka said in …

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S.African rand slides as investors await cues in Fed chief’s speech

JOHANNESBURG (Reuters) – South Africa’s rand weakened in early trade on Tuesday, as investors looked for more clarity on the outlook of the Fed’s rate-hike path. At 0637 GMT, the rand traded at 16.9650 against the dollar, 0.13% weaker than its previous close. Markets were awaiting a speech by Fed Chair Jerome Powell later on …

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Egypt inflation, at five-year high, seen quickening in December

(Corrects final paragraph to read December, not November) CAIRO (Reuters) -Egypt’s headline inflation is expected to accelerate further after reaching a five-year high in November, a Reuters poll showed on Monday, as an October currency devaluation continues to reverberate through the economy. The median forecast of 15 analysts showed annual inflation at 20.50% in December, …

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