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Lagos, South Africa and New York
Wednesday, July 8, 2020

SA’s rand edges stronger in tentative trade

JOHANNESBURG - South Africa’s rand edged firmer early on Wednesday, shaking off data revealing the economy was already in contraction before the coronvirus lockdown as investors looked to pocket the local unit’s high yield while awaiting key data globally. At 0720 GMT the rand was...

Easing lockdown lifts South Africa’s Absa PMI in June

JOHANNESBURG (Reuters) - South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) expanded in June as an easing of coronavirus restrictions lifted business activity and sales. The index, which gauges manufacturing activity in Africa’s most industrialised economy, rose to 53.9 points in June from 50.2 points...

Mauritius investigates alleged round-tripping linked to Wirecard AG

NAIROBI (Reuters) - Mauritius’s central bank and Financial Services Commission have started a joint investigation into alleged round-tripping linked to Wirecard AG, the central bank said on Wednesday. German police and prosecutors raided Wirecard’s headquarters in Munich on Wednesday as they widened their fraud investigation...

Morocco’s trade deficit narrows 12% year/year in Jan-May

RABAT (Reuters) - Morocco’s trade deficit shrank by 12% to 73.7 billion dirhams ($7.58 billion) in the first five months of 2020 from a year earlier, the foreign exchange regulator said on Wednesday. Imports dropped 16.9% to 174.5 billion dirhams and exports tumbled 20.1% to...

Johannesburg exchange fines Tongaat over non-compliance

JOHANNESBURG (Reuters) - Johannesburg Stock Exchange (JSE) on Wednesday issued a public censure and a maximum fine of 7.5 million rand ($435,000) on sugar producer Tongaat Hulett Ltd due to non-compliance with its listing requirements. The South African exchange operator said due to the company’s...

Steinhoff faces legal claims of more than $10 billion

Emma Rumney JOHANNESBURG (Reuters) - Steinhoff International, battling the fallout from a massive accounting fraud, faces legal claims amounting to more than 9 billion euros ($10.10 billion), the South African retailer’s annual report showed on Wednesday. The report for the year ended September 2019 listed numerous...

Big S.African insurers face $232 mln in claims from 500 virus-hit firms

JOHANNESBURG (Reuters) - Virus-related claims from just over 500 small South African firms battling insurers who have rejected them are worth up to 4 billion rand ($232 million), the firm representing the businesses has calculated. Loss adjustment firm Insurance Claims Africa (ICA) is pushing a...

Sale of Nigeria’s Igbo sacred statues riles Black Lives Matter campaigners

By THOMAS ADAMSON, Associated Press PARIS (AP) — A pair of sacred statues that a Nigerian museum commission and protesters claimed were looted during the country's 1960s civil war fetched 212,500 euros ($239,000) at auction in Paris on Monday. The Igbo statues were sold by the...

Nigeria’s Slave Descendants Hope Black Lives Matter Protests Help End Global Discrimination

ABUJA - Nigeria's slave descendants hope race protests help end discrimination">When Barack Obama was elected the first Black U.S. president in 2008, Anthony Uzoije noticed less contempt towards descendants of slaves like him in his south-eastern Nigeria community. Uzoije, from Ogbaru in Anambra state, now...

44% of Africa’s financial wealth is stacked offshore with tax revenue losses of €17bn

Illicit financial flows in Africa is now estimated at between $50 billion and $80bn, and 44% of the continent’s financial wealth is thought to be held offshore, which corresponds to tax revenue losses of €17bn, the latest Tax Transparency in Africa report has revealed. The...
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