Nigeria’s central bank bows to market pressure. Nigerian policy makers voted to allow “greater flexibility” in the foreign-exchange market, signaling they may abandon a currency peg they’ve held for 15 months that starved sub-Sahara’s biggest economy of dollars and slowed foreign investment to a trickle.
Shell cuts more jobs. Royal Dutch Shell Plc will cut 2,200 more jobs, taking the tally of losses to 12,500 between 2015 and 2016 as the world’s second-biggest oil company continues to adjust to the slump in prices.
Uber drivers need no collateral. Uber Technologies Inc. drivers in Kenya have an additional incentive to be extra nice to their customers. In a country with limited data on borrowers’ credit worthiness, a bank is offering them car loans based on clients’ assessment of their service.
Zimbabwe wants ivory trade. Zimbabwe will lobby for the lifting of an international ban on ivory sales, saying a controlled marketing system would allow the government to raise money to combat illicit poaching and for conservation programs.
AfDB is optimistic about growth in Africa. The African Development Bank (AfDB) says the continent’s economy will grow by 3.7 percent this year and 4.5 percent in 2017, if private investment and consumption is strengthened.
Nigeria fine is still a big worry for MTN. Shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty.
Lagos will build a 38km-long bridge over the lagoon. Nigeria’s Lagos State has signed an agreement with investors to construct the fourth mainland bridge that will join three other bridges connecting Lagos Island to the mainland.
Robert Mugabe is a good man; he freed women and boys from prison. Zimbabwean President Robert Mugabe granted amnesty to all female prisoners in the country, barring those on death row and serving life sentences.
Africa is far from a debt crisis. Africa is a long way from facing a debt crisis even as commercial lending to the continent soars, says a senior official at the African Development Bank.
Google beats Oracle over Java. Google won a jury verdict that kills Oracle Corp.’s claim to a $9 billion slice of the search giant’s Android phone business.
A Joint Venture that will change Africa. General Electric whose roots in Africa are over a century old, is entering into a joint venture with the Mara Group and Atlas Merchant Capital dedicated to investing in the highly underdeveloped African infrastructure sector.