Africa Business News

The US has approved plans for a series of strikes on Iranian targets in Syria and Iraq. The strikes will take place over a number of days and weather conditions will likely dictate when they are launched. It comes after a drone attack killed three US soldiers in Jordan, close to the Syrian border, on Sunday. The US blamed an Iranian-backed militia group for that attack. That group, the Islamic Resistance in Iraq, is believed to contain multiple militias that have been armed, funded and trained by Iran's Revolutionary Guards force. It has said it was responsible for Sunday's strike. Iran, meanwhile, has denied any role in the attack which injured 41 other US troops at the military base, known as Tower 22.

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The United States Treasury imposed sanctions on three Sudanese companies they say are funding the devastating war in the country. Those sanctioned include Alkhaleej Bank and Al-Fakher Advanced Works, controlled by the paramilitary Rapid Support Forces (RSF). The third company, Zadna International, is linked to the Sudanese army. The statement says all three entities have undermined the peace, security, and stability of Sudan by either laundering money or raising funds from gold exports. The sanctions are part of measures aimed at stemming the nine-month war.

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The United States Treasury imposed sanctions on three Sudanese companies they say are funding the devastating war in the country. Those sanctioned include Alkhaleej Bank and Al-Fakher Advanced Works, controlled by the paramilitary Rapid Support Forces (RSF). The third company, Zadna International, is linked to the Sudanese army. The statement says all three entities have undermined the peace, security, and stability of Sudan by either laundering money or raising funds from gold exports. The sanctions are part of measures aimed at stemming the nine-month war.

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The Federal Government says it had started exploring opportunities in green hydrogen as part of the drive for transition from fossil fuels to cleaner energy. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, noted that the pursuit of sustainable energy solutions had necessitated an innovative mindset, making stakeholders explore the uncharted territories of green hydrogen production. Ekpo stated that the prospect for synergy between conventional and sustainable energy was vast, adding that the country must seize that opportunity to diversify its energy portfolio.

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The Federal Government says it had started exploring opportunities in green hydrogen as part of the drive for transition from fossil fuels to cleaner energy. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, noted that the pursuit of sustainable energy solutions had necessitated an innovative mindset, making stakeholders explore the uncharted territories of green hydrogen production. Ekpo stated that the prospect for synergy between conventional and sustainable energy was vast, adding that the country must seize that opportunity to diversify its energy portfolio.

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Managing Director Kristalina Georgieva says the IMF sees a greater risk to the global economy if central banks start cutting interest rates too soon than if they move slightly too late The US Federal Reserve, the European Central Bank and others have held interest rates elevated in recent months in an attempt to bring inflation back down toward target, following a post-pandemic surge in prices. Georgieva says the IMF team has looked back in history, and the conclusion they drew is that the risk of premature easing is higher than the risk of being slightly behind. Georgieva says that the United States was close to achieving a so-called soft landing, when policymakers bring inflation back to target without triggering a recession.

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Managing Director Kristalina Georgieva says the IMF sees a greater risk to the global economy if central banks start cutting interest rates too soon than if they move slightly too late The US Federal Reserve, the European Central Bank and others have held interest rates elevated in recent months in an attempt to bring inflation back down toward target, following a post-pandemic surge in prices. Georgieva says the IMF team has looked back in history, and the conclusion they drew is that the risk of premature easing is higher than the risk of being slightly behind. Georgieva says that the United States was close to achieving a so-called soft landing, when policymakers bring inflation back to target without triggering a recession.

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The Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024, as part of moves to stabilise the nation’s volatile exchange rate. The apex bank also warned lenders against hoarding excess foreign currencies for profit. The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position. CBN says this has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks. The apex bank says this calculation must be done using the Gross Aggregate Method, which provides a comprehensive view of the bank’s foreign currency exposure.

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French broadcast company Canal+ has made an offer to purchase South Africa's MultiChoice, Africa's largest provider of subscription TV services, which include DStv. Canal+ is already a majority shareholder in MultiChoice and has a 30% stake. The company is proposing to buy the remaining shares for 31.7 billion rand ($1.6bn) Canal+ says that its acquisition of the South African company promises to turn around its fortunes by creating "a group with significant scale, putting MultiChoice on a secure long-term path and enabling the company to thrive.

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French broadcast company Canal+ has made an offer to purchase South Africa's MultiChoice, Africa's largest provider of subscription TV services, which include DStv. Canal+ is already a majority shareholder in MultiChoice and has a 30% stake. The company is proposing to buy the remaining shares for 31.7 billion rand ($1.6bn) Canal+ says that its acquisition of the South African company promises to turn around its fortunes by creating "a group with significant scale, putting MultiChoice on a secure long-term path and enabling the company to thrive.

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