June 29, 2020

Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.

Shares of the social media company fell 8.3% on Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network. Unilever said it would stop spending money with Facebook’s properties this year.

The share-price drop eliminated $...

March 4, 2020

As if a recession wasn’t enough bad news for South Africa, it’s now confirmed as the continent’s second-largest economy.

The answer to the question of whether South Africa or Nigeria, the two countries that account for almost half of sub-Saharan Africa’s gross domestic product, is the biggest economy on the continent has long depended on which exchange rate you use for the West African nation.

But now both the official naira rate of...

November 11, 2019

Francophone nations in West Africa want more control over the management of their currency and plan to move some reserves from France, said Beninese President Patrice Talon.

The eight-member nations of the West African Monetary Union “unanimously agree” on ending a decade-old model whereby their foreign-exchange accumulation is kept at the French Treasury, Talon said in an interview with Radio France Internationale. Their currency, t...

August 12, 2019

Deliveroo will stop operating in Germany, amid stiff competition for food-delivery services in Europe’s largest economy.

In emails to customers Monday, the company said that it would no longer be delivering in the country from August 16th.

“At Deliveroo we’re on a mission to create the very best food delivery service in the world, and at the heart of this is offering a service that works brilliantly for our customers, riders and resta...

June 19, 2019

Several financial services firms in London are refraining from building up further reserves in the euro area until closer to the October Brexit deadline.

Goldman Sachs Group Inc, Standard Chartered Plc are among global firms postponing the transfer of several billion euro worth of capital outside the UK, despite regulatory pressure to complete the move.

Other lenders including Citigroup Inc have only shifted part of the assets they we...

June 14, 2019

Nigeria plans to increase its palm oil production 700% over the next eight years to help improve its foreign-exchange earnings that are largely dependent on crude oil exports.

The new policy will boost local production to about five million tons from 600,000 tons a year by investing as much as 180 billion naira ($500 million) beginning this year, the trade and investment ministry said in a report.

“Our policy objectives over an eight...

May 22, 2019

British Steel Ltd.’s three-year run as a company ended on Wednesday, putting 5,000 jobs at risk and piling fresh misery on the U.K.’s manufacturing base.

The company was put into liquidation by the U.K. High Court, which appointed Ernst & Young LLP to manage the process. Despite last-minute pleas for a government rescue and pressure from Labour lawmakers and unions to nationalize the steelmaker, a bailout was ultimately denied.

“We ca...

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