Category: Business
Bybit Cryptocurrency Exchange Faces Massive $1.1 Billion Hack
Bybit faced a massive security breach when $1.1 billion in ETH was stolen from a compromised cold wallet. The hack exploited vulnerabilities during a transfer using Safe.global's multi-signature technology. Though it's a huge loss, Bybit assures customers their funds are protected. An investigation into potential phishing attacks and technical flaws continues.
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Eskom Faces Challenges as Stage 3 Load-Shedding Returns Amid Grid Woes
Eskom resumes Stage 3 load-shedding on February 22, 2025, after a 20-day pause, due to depleted emergency fuel reserves and power station disruptions. The resumption underscores persistent challenges in maintaining grid stability, with economic growth at risk. Despite setbacks, Eskom reports improvements in energy availability and continues to combat network issues like illegal connections.
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Raila Odinga Advocates for Adani Group amidst Controversy over Kenyan Infrastructure Investments
Raila Odinga staunchly defended the Adani Group against criticism over its involvement in Kenyan infrastructure projects. While addressing audiences in Mombasa, Odinga emphasized the importance of Public-Private Partnerships (PPPs) in addressing economic challenges and securing investment. He highlighted Adani's global reputation and past transformative projects as evidence of its reliability as an investment partner.
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Nigeria Labour Congress Leader Challenges Impact of Petrol Price Surge on Minimum Wage
Joe Ajaero, leader of the Nigeria Labour Congress (NLC), opposes the recent petrol price increase, linking it to the rapid reduction in the value of the newly approved N70,000 minimum wage. With petrol now over N1,000 per litre in major cities, Ajaero argues that the hike undermines the significance of the wage increase previously calculated at a lower fuel cost. The NLC will convene soon to plan a response to this economic development, while implementation delays continue in the proposed wage adjustment.
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Maine Rent Relief Initiative: A Lifeline for Tenants Facing Housing Struggles
Maine launches a pilot rent relief program offering up to $800 monthly to tenants facing eviction risks. Part of the Eviction Diversion Program, it aims to aid those in financial hardship, preventing homelessness. Eligible Mainers are urged to apply promptly due to limited funds and first-come, first-served processing.
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Top Crypto Headlines This Week: Binance Founder CZ Release, Sky's USDS on Solana, Major Token Unlocks, and More
This week in crypto sees significant changes shaping the industry. Highlights include: Binance co-founder CZ's release from prison, Sky's launch of USDS on Solana, over $48 million in token unlocks, and updates from Jupiter. These developments could have widespread implications for the market.
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South Africa Sees Welcome Drop in September Fuel Prices Amid Economic Pressures
Motorists across South Africa will benefit from a decrease in fuel prices starting in September. This reduction, part of regular price reviews that consider global oil prices and exchange rates, aims to ease the financial burden on consumers. The move is expected to save money at petrol stations, contributing to the country's broader efforts to stabilize fuel costs.
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NNPC Addresses Allegations Regarding Tinubu's Nephew and Subsidiary Acquisition
The Nigerian National Petroleum Company (NNPC) has dismissed accusations by former Vice President Atiku Abubakar that one of its subsidiaries was acquired irregularly by President Bola Tinubu's nephew. Addressing these claims, NNPC stated that the acquisition of OVH Energy adhered strictly to legal and regulatory protocols and was part of its strategic plans.
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Kenyan Government Allocates KSH 500M to Revitalize Miraa and Muguka Farming Sectors
The Kenyan government has earmarked KSH 500 million to bolster the miraa and muguka farming sectors. These industries have faced numerous challenges, but the funding aims to rejuvenate them by improving farming techniques, providing farmer training, and enhancing market access. This initiative supports a vital part of the economy, benefiting thousands of farmers and traders. The decision is a significant boost against hurdles like climate change and poor infrastructure.
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