Air Tanzania is ramping up its African presence by starting four weekly direct flights between Dar es Salaam and Johannesburg in late 2024. The move adds 3,000 monthly seats, pushing competition and making travel smoother between Tanzania and South Africa. This expansion aims to fuel trade, tourism, and regional influence.
Ford and Lincoln recalled hundreds of newer vehicles after spotting serious transmission defects that boost crash risks. The recalls target both 2024 and 2025 models over faulty valve bodies and loose bolts, prompting free repairs and owner notifications as early as February 2025.
As Donald Trump steps into his presidential role, sweeping changes in cryptocurrency laws are anticipated, aiming to boost bitcoin prices. Among these, reversing regulation SAB121 might propel bitcoin's value significantly. Plans to abolish capital gains tax on U.S. cryptocurrencies are also underway, potentially turning America into a global crypto hub. With such moves, Trump's administration looks to make notable market impacts.
Anthony Kituuka has announced his resignation from Equity Bank Uganda, where he served as Managing Director. During his tenure, the bank saw a significant rise in its customer base and financial metrics. Although Kituuka's departure marks a leadership change, the Board ensures a smooth transition, maintaining the bank's robust operational momentum.
Nigeria experienced its third national grid collapse in one week, plunging the country into darkness early Saturday morning. The failure was a result of a transformer explosion at the Jebba transmission station, leading to a precipitous drop in power generation and distribution. Though restoration efforts showed progress by the afternoon, the frequency of such occurrences raises urgent questions about the grid's stability and calls for a comprehensive investigation.
India's Securities and Exchange Board (SEBI) has fined Anil Ambani $3 million for not disclosing the sale of 1.25 billion Reliance Power shares in 2008. The decision highlights SEBI's commitment to transparency and fair practices in India's markets. Additionally, Ambani is barred from market access for five years.
The Dow Jones Industrial Average dropped by 0.4% while the S&P 500 saw a modest increase of 0.1% and the Nasdaq surged 0.5%. Nvidia stock staged a recovery after a significant dip, and Tesla's Cybertruck faced recalls amid increasing electric vehicle insurance registrations in China. Novo Nordisk's advancements in both weight-loss and diabetes treatments also fueled stock market movements.
The Kenya Conference of Catholic Bishops (KCCB) has warned that the Finance Bill 2024 will cause severe hardship for Kenyans by introducing new taxes and increasing existing ones. They urge President William Ruto to reconsider, highlighting how it will worsen living conditions and affect the poor. The bill aims to raise KES 100 billion in revenue, with heavy taxes on fuel, electricity, and essential goods.
Multichoice Nigeria has been fined N150 million by a Nigerian competition tribunal for contesting judicial authority and for violating pricing orders. The tribunal ordered the company to provide one month of free DStv and GOtv subscriptions to all Nigerians, following a controversial price increase announcement.
The Central Bank of Nigeria has revoked the license of Heritage Bank PLC over financial instability concerns. CBN cited breaches in financial regulations and persistent financial struggles as primary reasons. This decision led to the appointment of NDIC as liquidator, marking an end to Heritage Bank's operations.
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