Cnbc africa news alert

Here are the latest news alerts from CNBC Africa:

Top Stories

  1. Nigeria's Inflation Rate Rises to 12.6%: Nigeria's inflation rate has risen to 12.6% in June, according to the National Bureau of Statistics. This is the highest rate in over two years, driven by rising food and transportation costs.
  2. South Africa's Economy Contracts by 0.7%: South Africa's economy contracted by 0.7% in the second quarter of 2022, according to the South African Reserve Bank. This is the third consecutive quarter of contraction, amid ongoing power outages and supply chain disruptions.
  3. Kenya's Central Bank Cuts Interest Rates: Kenya's Central Bank has cut its benchmark interest rate by 100 basis points to 8.5%, in a bid to boost economic growth and reduce inflation.

Market Updates

  1. Nigerian Stocks Fall by 1.1%: The Nigerian Stock Exchange All-Share Index fell by 1.1% on Wednesday, driven by losses in the banking and consumer goods sectors.
  2. South African Rand Weakens Against the Dollar: The South African rand weakened by 0.5% against the US dollar on Wednesday, amid concerns over the country's economic outlook.
  3. Kenyan Shilling Strengthens Against the Dollar: The Kenyan shilling strengthened by 0.2% against the US dollar on Wednesday, amid a decline in imports and a rise in foreign exchange reserves.

Business News

  1. MTN Nigeria Launches 5G Network: MTN Nigeria has launched its 5G network in the country, promising faster data speeds and lower latency.
  2. Shoprite to Sell Off Nigerian Operations: Shoprite, a South African retail chain, has announced plans to sell off its Nigerian operations, citing declining sales and profitability.
  3. Kenya's Safaricom Launches New Mobile Money Service: Safaricom, Kenya's largest mobile network operator, has launched a new mobile money service called M-Pesa, which allows customers to send and receive money using their mobile phones.

Economic News

  1. Africa's Economic Growth Slows Down: Africa's economic growth has slowed down to 3.4% in 2022, according to the African Development Bank, due to the impact of the COVID-19 pandemic and global economic uncertainty.
  2. South Africa's Unemployment Rate Rises to 34.4%: South Africa's unemployment rate has risen to 34.4%, according to the South African Reserve Bank, amid ongoing economic challenges and power outages.
  3. Kenya's GDP Growth Rate Slows Down to 4.8%: Kenya's GDP growth rate has slowed down to 4.8% in 2022, according to the Kenya National Bureau of Statistics, due to the impact of the COVID-19 pandemic and global economic uncertainty.

These are just some of the latest news alerts from CNBC Africa. Stay tuned for more updates on the latest business, economic, and financial news from across the continent.