Economy

Nigeria President backs major Shell project on Dutch trip

Nigerian President Muhammadu Buhari ended a four-day visit to the Netherlands on Wednesday, after voicing staunch backing for the International Criminal Court (ICC) and giving oil giant Shell a nod for a new $5 billion investment deal.

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Loon's first commercial internet balloon deal is in Kenya

Loon, the internet-delivering-balloon unit of Google-parent Alphabet, is announcing its first commercial deal.

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Nigeria to need up to $300 million for new carrier

Nigeria’s new national airline will require initial capital of between $150 million and $300 million, and the government is seeking a strategic partner to operate the carrier, the government stated in a document seen by Reuters on Thursday.

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Barclays appoints Vice Chairperson for healthcare banking

Britain's Barclays on Thursday appointed Darren Campili as vice chairperson of healthcare banking, effective from towards the end of the summer.

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SAP raises outlook as cloud growth "unleashed"

Germany's SAP announced forecast-beating results on Thursday and raised its outlook as growth in its cloud business accelerated, with Chief Executive Officer, Bill McDermott, expressing confidence in its push into the sales software market.

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SA keeps repo rate unchanged

The South African Reserve Bank (SARB)'s monetary policy committee has left the repo rate unchanged at 6.5% in a unanimous decision. 

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Cameroon's anglophone crisis hits palm oil, cocoa production

The crisis in anglophone Cameroon is damaging the Southwest Region's economy, with palm oil plantations closing and the cocoa trade tumbling, an NGO report said on Wednesday.

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Namibia nets $218 million loan from African Development Bank

Namibia secured a $218 million loan from the African Development Bank, the second tranche of a quarter billion dollar facility from the development lender to help the country finance its budget deficit, the finance ministry said on Thursday.

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Oil prices mixed, US gasoline stocks drop

Oil prices were mixed on Thursday as the market struggled to digest signs of strong gasoline demand in the United States, the world's biggest consumer of the fuel, with a statement from oil producers that they are putting more crude on the market.

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Woolworths annual profits slump on challenging conditions

South African department store chain, Woolworths Holdings Ltd, warned on Thursday that annual profit would fall by up to 20%, hurt by "extremely" challenging trading conditions in its home market and Australia.

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