Economy

Kenya’s Equity Group posts 13% slide in 2023 pretax profit

Equity Group, Kenya's leading lender, has disclosed a 13% decrease in its pretax profit for the year 2023, amounting to $396 million.

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Rand flat ahead of central bank rate decision

South Africa's Rand was little changed in early trade on Wednesday, ahead of the central bank's decision on its interest rate, which is widely expected to be kept steady.

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Ghana seeks to speed up debt restructuring negotiations

Ghana wants to speed up remaining debt restructuring negotiations, its Finance Minister said on Tuesday, as the government pushes for a deal to rework over $13 billion of international bonds.

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Ethiopia’s largest Commercial Bank loses over $10m following glitch

The Commercial Bank of Ethiopia has announced the recovery of approximately $10 million, nearly three-quarters of the funds lost during a recent system malfunction.

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SA employment in formal sector falls by 1.8%

Data released by Statistics South Africa shows that employment in the formal sector for the fourth quarter of 2023 fell by 1.8% or nearly 200 000 jobs.

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Oil prices fall for a second day as US crude inventories increase

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the United States (US), the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next wee

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Old Mutual reports 28% rise in full-year profit

South African (SA) insurer, Old Mutual Ltd, reported a 28% rise in full-year earnings on Wednesday as it benefited from double-digit sales and new business growth.

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Visa, Mastercard reach $30bn settlement over credit card fees

Visa and Mastercard reached an estimated $30 billion settlement to limit credit and debit card fees for merchants, with some savings likely to be passed on to consumers through lower prices.

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SA, Kenya traders launch informal traders exchange

The South African Wholesale and Retail Sector Education and Training Authority (W&RSeta) has partnered with Zetech University to launch the Informal Traders Exchange Programme.

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Kenya Airways swings to first operating profit since 2017

Kenya Airways, opens new tab swung to an operating profit of 10.53 billion shillings ($80.38 million) last year, it said this Tuesday.

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