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Resolute Mining Settles $160 Million Tax Dispute with Mali’s Military Government

After its CEO Terry Holohan and two coworkers were detained, Australian gold firm Resolute Mining agreed to pay $160 million to settle a tax dispute w

After its CEO Terry Holohan and two coworkers were detained, Australian gold firm Resolute Mining agreed to pay $160 million to settle a tax dispute with Malis militaryled government. Amidst growing scrutiny of international mining companies in Mali, the executives were detained on their way to Bamako for what was supposed to be a regular meeting. The remaining sum will be paid in the upcoming months after Resolute makes an initial payment of $80 million. Mali tightened its supervision over international operators, notably by enacting a new mining code, to increase its portion of mining profits. The scenario demonstrates the growing hostilities between mining firms supported by the West and Malis military government. Read More..

B2B Tech News | 2 days ago

Nigeria Secures $1.2 Billion Deal with China to Revitalize Gas Facility and Boost Aluminium Production

Nigeria and Chinas CNCEC have agreed to a $1.2 billion agreement to restore a gas processing plant at the Nigerian Aluminium Smelter Company. This col

Nigeria and Chinas CNCEC have agreed to a $1.2 billion agreement to restore a gas processing plant at the Nigerian Aluminium Smelter Company. This collaboration aims to increase Nigerias aluminium output and establish it as a significant producer in local and global markets. The agreement is viewed as a step towards economic recovery and more international investment despite the nations financial difficulties, which include rising inflation and a depreciating currency. The partnership strengthens ties between China and Nigeria, which have been closer since 2016. Read More..

B2B Tech News | 3 days ago

NNPC Signs 10Year Gas Supply Deal with Dangote Refinery to Deliver 100 Million Cubic Feet Daily

Through its subsidiary NNPC Gas Marketing Ltd, Nigerias state oil company, NNPC Ltd, has agreed to provide the Dangote oil refinery with 100 million s

Through its subsidiary NNPC Gas Marketing Ltd, Nigerias state oil company, NNPC Ltd, has agreed to provide the Dangote oil refinery with 100 million standard cubic feet of gas per day for the next ten years. This gas will be used as feedstock in the refinery to generate electricity. The deal contains options for renewal and additional supply, but financial information still needs to be provided. NNPC seeks to increase domestic petrol consumption to promote industrial growth in Nigeria. Read More..

B2B Tech News | 7 days ago

Chinese Official Li Xi Arrives in Nairobi for Key Bilateral Talks with Kenyan President William Ruto

Kenyan President William Ruto greeted Li Xi, a senior Chinese official, as he arrived in Nairobi, Kenya, on Monday for bilateral talks. During the mee

Kenyan President William Ruto greeted Li Xi, a senior Chinese official, as he arrived in Nairobi, Kenya, on Monday for bilateral talks. During the meeting, Ruto reaffirmed Kenyas support for the "One China" policy and the countrys commitment to deepening its strategic engagement with China. Ruto asked China to back Kenyas ambition to join the BRICS group of rising economies, and the two countries are working together on several economic initiatives in Kenya. The BRICS group accounts for approximately 28% of the world economy, which now consists of countries like Brazil, Russia, India, China, South Africa, Egypt, and Ethiopia. Read More..

B2B Tech News | 14 days ago

South Africa Revises Budget Forecast, Projects Increased Deficits and Debt Amid Growth Hopes

Despite an improved energy supply that suggests more robust development prospects, the South African government has altered its budget estimate, predi

Despite an improved energy supply that suggests more robust development prospects, the South African government has altered its budget estimate, predicting more enormous deficits and debt over the next three years. In its first budget review since establishing a coalition, the National Treasury increased its forecast of the national production deficit from 4.5% to 5.0% for the fiscal year ending March 2025. The deficit is predicted to increase from 3.7% of GDP to 4.3% the following year. Declines in gasoline and import taxes are putting strain on revenue collection, which is why the rand is depreciating. With an emphasis on luring private sector investment in infrastructure, the government expects economic growth of 1.1% this year and 1.7% by 2025, with debt stabilising at 75.5% of GDP by 2025–2026. Read More..

B2B Tech News | 14 days ago

Senegals $1.8 Billion IMF Aid Program Frozen Amid Revised Budget Deficit Concerns

Senegals 2023 IMF bailout package of $1.8 billion is on hold, requiring a restructuring after an audit found a budget shortfall of over 10% of GDP, ov

Senegals 2023 IMF bailout package of $1.8 billion is on hold, requiring a restructuring after an audit found a budget shortfall of over 10% of GDP, over double the previously stated 5.5%. According to Finance Minister Cheikh Diba, the administration hopes to reach a new deal with the IMF by 2025s first quarter. Due to the revision of the debttoGDP ratio to more than 80%, Moodys further lowered the countrys credit rating into the speculative category. Senegal is preparing for significant oil and gas output, including the $4.8 billion GTA liquefied natural gas project, which is expected to propel economic growth beyond 10% in 2025. Amid these advances, the government is evaluating natural resource contracts. Read More..

B2B Tech News | 17 days ago

IMF Reports Improved Economic Outlook for SubSaharan Africa Amid Ongoing Challenges

The International Monetary Fund IMF said that although subSaharan Africas economic outlook is improving, high poverty rates, a lack of employment pros

The International Monetary Fund IMF said that although subSaharan Africas economic outlook is improving, high poverty rates, a lack of employment prospects, and poor governance continue to make reform implementation difficult. The IMFs most recent Regional Economic Outlook predicts average growth of 3.6% this year and 4.2% in 2025, but several nations inflation rates are still in the double digits. Policymakers must balance addressing significant development needs and stabilising macroeconomic circumstances in the face of slow growth and limited funding. Rebuilding public confidence requires strengthening social safety nets, safeguarding vulnerable groups, and improving governance, according to the IMF, which also states that passivity is not an option for sustainable development. Read More..

B2B Tech News | 23 days ago

Rapid Growth for Huawei Cloud in South Africa Serving Over 1,000 Clients Across Multiple Sectors

Huawei Cloud has increased in South Africa over the last five years, significantly expanding its clientele and market share. To gain a larger share of

Huawei Cloud has increased in South Africa over the last five years, significantly expanding its clientele and market share. To gain a larger share of the expanding cloud industry, which is expected to increase at a compound annual growth rate of about 26% to reach 113 billion rand $6 billion by 2028, the firm plans to further diversify its products. The company has expanded more than 16 times over this time, according to Jacqueline Shi, president of Huawei Cloud Global Marketing and Sales Service. It now serves over 1,000 clients in various industries, including banking and government. Despite this expansion, Shi admitted that overall income is still low, so more cloud solutions are being planned. Huawei Cloud competes with major players like Microsoft, Amazon, and Google and operates three data centre zones in Johannesburg. Read More..

B2B Tech News | 23 days ago

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