Economy

Nigeria central bank revokes licences of exchange bureaus

Nigeria's central bank said it had revoked the licences of 4,173 exchange bureaus that failed to comply with its guidelines and directives, including rendering returns of transactions and payment of required renewal fees within the due period.

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Northam Platinum pauses some capital projects amid metal price rout

Northam Platinum opens new tab said on Friday it had halted some capital projects due to the current slump in metal prices, which saw the South African (SA) miner's half-year profit plunge by 93%.

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Oil rises, markets await OPEC+ decision amid mixed demand drivers

Oil prices edged up on Friday and were set to end the week modestly higher as markets awaited an OPEC+ decision on supply agreements for the second quarter amid differing demand indicators for key consumers United States (US) and China.

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Musk's Neuralink brain implant company cited by FDA over animal lab issues

The United States (US) Food and Drug Administration (FDA) inspectors found problems with record keeping and quality controls for animal experiments at Elon Musk's Neuralink.

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SA workers federation calls new minimum wage slavery wage

A new National Minimum Wage (NMW) came into effect this Friday in South Africa, raising the hourly rate from $1.30 to $1.40 for all workers, including farm workers and domestic workers.

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Zimbabwe needs predictable policy to support currency: World Bank

Zimbabwe needs to make its fiscal and monetary policy more predictable to instil confidence in its depreciating currency, a senior World Bank official said this Friday.

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SA factory activity recovers in February

South African (SA) manufacturing activity recovered in February after a steep slump the month before, a Purchasing Managers' Index (PMI) survey showed on Friday.

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SA Rand firms slightly ahead of local PMI

South Africa's (SA) Rand firmed slightly against the dollar early on Friday, ahead of a local purchasing managers' index (PMI) survey which could provide clues on the health of the economy.

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SA Revenue Service Commissioner puts retirement plans on ice

South African Revenue Service (SARS) Commissioner, Edward Kieswetter, says the recent announcement of the extension to his tenure means that he has had to put his retirement plans on ice.

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Kenya new car sales plunge 15% in 2023 on new taxes, weaker currency

The number of new vehicles sold in Kenya dropped 15% in 2023, data from an industry association showed, as new taxes and a weaker currency curbed demand.

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