Business Africa

  • LONDON, Aug 25- Financial technology groups from more than 20 cities across the world plan to form a federation of' fintech' hubs this year in what would be the first attempt to coordinate and globalize web-based innovation transforming the financial industry. Innotribe, the innovation arm of financial communications provider SWIFT, and Innovate Finance, the...

  • WASHINGTON— The Obama administration is nominating current World Bank President Jim Yong Kim for a second term leading the 189- nation international lending organization. Kim, the former president of Dartmouth College, was first tapped by President Barack Obama to head the World Bank in 2012. Kim, who took over as the 12th president of the World Bank in July 2012,...

  • *Massmart posted diluted headline earnings per share before forex for 26 weeks to June 26 of 145.8 cents, up from 124.2 cents. *Sales for 26 weeks to June 26 rose 8.7 percent to 42.31 billion rand. *Massmart plans to open five new stores in the rest of Africa in the next two years, expanding in Ghana, Mozambique, Nigeria and Zambia.

  • CHISINAU- National Bank of Moldova interest rate decision. NAIROBI- African Development Bank President Akinwumi Adesina holds a press conference to highlight Africa's economic growth progress and list structural challenges that hinder the continent from achieving rapid, inclusive and sustainable growth- 1330 GMT. SATURDAY, AUGUST 27 SEOUL- South Korea...

  • JOHANNESBURG, Aug 24- South African assets slumped further on Wednesday after Finance Minister Pravin Gordhan said he would not appear before police who had requested him to meet them over an investigation into a suspected rogue spy unit in the tax service. News of Gordhan's summons compounded investors' worries of a leadership wrangle over the Finance...

  • LAGOS, Nigeria— Nigeria's Central Bank has banned nine local banks from trading in foreign exchange, accusing them of withholding $2.1 billion in government funds and "round-tripping" to profit from a devalued naira currency. The Central Bank on Tuesday said it would punish banks accused of withholding the money belonging to the state oil company that was to be...

  • NAIROBI, Aug 24- Kenya has finalized an agreement with oil explorer Tullow Oil and its partners Africa Oil and A.P. A statement from President Uhuru Kenyatta's office quoted Energy and Petroleum Minister Charles Keter as saying the three partners and the government had finalized the pipeline's development plan. In April, Keter said the pipeline- to run 891 km...

  • NAIROBI, Aug 24- Kenya has finalised an agreement with oil explorer Tullow Oil and its partners Africa Oil and A.P. A statement from President Uhuru Kenyatta's office quoted Energy and Petroleum Minister Charles Keter as saying the three partners and the government had finalised the pipeline's development plan. In April, Keter said the pipeline- to run 891 km...

  • BEIJING— On a seaside field south of Shanghai, workers are constructing a nuclear reactor that is the flagship for Beijing's ambition to compete with the United States, France and Russia as an exporter of atomic power technology. Still, experts say Beijing underestimates how tough it will be for its novice nuclear exporters to sell abroad.

  • **JOHANNESBURG- South African Finance Minister Pravin Gordhan take part in a debate on the economy- 1700 GMT. **PRETORIA- South African Reserve Bank Conference on Collaboration for Building Cyber Resilience. Bank of England's Executive Director for Resolution Andrew Gracie to speak- 0615 GMT.

  • NEW YORK— A fugitive former technology company CEO who frustrated federal authorities by living comfortably in exile in southwest Africa for the past 10 years has agreed to return to the United States to face charges he hatched a scheme to pocket millions of dollars by secretly manipulating stock options and is expected to plead guilty, prosecutors revealed...

  • LONDON, Aug 23- Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. Brent crude was down 52 cents at $48.64 a barrel at 1344 GMT. U.S. crude was down 66 cents at $46.75.

  • CAPE TOWN, Aug 23- ArcelorMittal's South African business and the country's government have agreed a new pricing model aimed at bolstering the domestic steel sector and reviving the economy. The company was fined a record 1.5 billion rand on Monday for setting prices at the level consumers would have to pay for imported steel, but Trade and Industry Minister...

  • *UK court ruling effectively raises investor approval hurdle. *More details to be published on Aug. 26. LONDON, Aug 23- SABMiller shareholders can be treated as two separate groups when they vote on the brewer's 79 billion pound takeover by Anheuser Busch InBev, a court in London ruled on Tuesday, granting a request from SAB aimed at making the vote as fair as possible.

  • LONDON, Aug 23- Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. Brent crude was down 41 cents at $48.75 a barrel at 1103 GMT. U.S. crude was down 37 cents at $47.04.

  • LONDON, Aug 23- SABMiller shareholders can be treated as two separate groups when they vote on the company's takeover by Anheuser Busch InBev, a court in London ruled on Tuesday, granting a request from SAB for a split. SAB requested that those two shareholders-- cigarette maker Altria Group and Bevco, a vehicle of Colombia's Santo Domingo family-- be treated as a...

  • LONDON, Aug 23- Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. Brent crude was down 59 cents at $48.57 a barrel at 0845 GMT. U.S. crude was down 62 cents at $46.79.

  • LONDON, Aug 22- A claimant to the chairmanship of Libya's $67 billion sovereign fund on Monday denounced the appointment by the country's United Nations- backed government of a panel to run the fund, saying he had not been formally asked to step down. Last week, the Government of National Accord appointed a five-member caretaker committee to run the Libyan...

  • NEW YORK, Aug 22- Ending a decade on the run, the former chief executive officer of Comverse Technology Inc who fled to Africa to avoid a fraud prosecution over a stock options scandal is returning to the United States to plead guilty. Jacob "Kobi" Alexander, 64, will admit to one count of backdating stock options in the federal court in Brooklyn on Wednesday, his...

  • BG Group, recently acquired by Royal Dutch Shell, alongside Statoil, Exxon Mobil and Ophir Energy, plan to build a $30 billion- onshore LNG export terminal in partnership with the state-run Tanzania Petroleum Development Corporation by the early 2020 s. The president's office said Magufuli issued the instructions for the LNG project to be fast-tracked during...