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Africa

South African Rand Slides Ahead of June Inflation Data and U.S. Political Developments

As investors anticipated June inflation statistics and kept an eye on developments in the U.S. presidential campaign, the South African rand fell by 0

As investors anticipated June inflation statistics and kept an eye on developments in the U.S. presidential campaign, the South African rand fell by 0.9% to 18.4025 against the dollar on Tuesday. Ahead of Statistics South Africas inflation data, which might influence future interest rate decisions, the rand has declined, reflecting caution. Markets are also paying attention to changes in U.S. politics after U.S. President Joe Biden withdrew from the 2024 race and endorsed Vice President Kamala Harris. Inflation in the local area is predicted to drop to 5.1% in June from 5.2% in May. The Top40 index on the Johannesburg Stock Exchange increased by 0.24%, while South Africas 2030 government bond yield decreased to 9.46%. Read More..

B2B Tech News | 1 days ago         

African Development Bank Grants $1 Billion Loan to South Africa’s Transnet for Recovery Efforts

Transnet, a logistics company in South Africa, has received a $1 billion loan from the African Development Bank AfDB to help with immediate recovery r

Transnet, a logistics company in South Africa, has received a $1 billion loan from the African Development Bank AfDB to help with immediate recovery requirements. AfDB Vice President for Infrastructure, Industrialization, and the Private Sector Solomon Quaynor outlined Transnets recent challenges, which included reduced efficiency, governance problems, and vandalism. The $8 billion, fiveyear Transnet recovery plan prioritizes rapid increases in operational effectiveness and will benefit from the financing. This support, backed by a sovereign guarantee, fits in with South Africas proposed reforms, including creating a National Crisis Committee for logistics and transportation. Quaynor mentioned the AfDBs broader emphasis on industrialization, which includes support for SMEs and essential industries like agriprocessing and minerals, as well as the possibility for private sector engagement. Read More..

B2B Tech News | 2 days ago         

IMF Approves New Loans to Niger to Support Economic Reforms and Stability

To promote economic reforms targeted at enhancing balance of payments stability and resolving longstanding balance of payments difficulties, Niger wil

To promote economic reforms targeted at enhancing balance of payments stability and resolving longstanding balance of payments difficulties, Niger will receive further loans from the IMF. The first review under the Resilience and Sustainability Facility RSF and the fourth and fifth reviews of Nigers Extended Credit Facility ECF were finished on Wednesday by the IMF Executive Board. As a result, SDR 19.74 million about $26 million under the ECF and SDR 34.216 million around $45 million under the RSF were immediately disbursed. To give essential reforms and fiscal consolidation more time, the ECF, which was authorised on December 8, 2021, and the RSF, which was introduced in July 2023, have been extended until December 2025. The political unrest in Niger caused interruptions to the programme, which affected the debt service. Read More..

B2B Tech News | 2 days ago         

GuineaBissau and China Upgrade Relations to Strategic Partnership

China decided to upgrade its bilateral ties with GuineaBissau to a strategic partnership on Wednesday, July 10. Xi Jinping, the president of China, ho

China decided to upgrade its bilateral ties with GuineaBissau to a strategic partnership on Wednesday, July 10. Xi Jinping, the president of China, hosted GuineaBissaus President Umaro Sissoco Embalo at a meeting. Reinforcing Chinas assistance through training opportunities and scholarships, Xi emphasised the need to foster exchanges and cooperation in education and youth to develop peopletopeople connections. Embalo conveyed his thanks for Chinas ongoing assistance by underlining their shared history and collaboration. The leaders saw the signing of cooperation agreements in various areas, such as customs and economic growth. As Xi again emphasised, the Forum on ChinaAfrica Cooperation FOCAC is crucial for fostering solidarity and reciprocal growth among developing nations. July 13th marks the end of Embalos state visit. Read More..

B2B Tech News | 4 days ago         

Gabon Resolves Payment Dispute with World Bank, Arrears Repaid

It seems that Gabon and the World Bank have settled their payment issue. The country in central Africa could not fulfil its obligations by June 30 due

It seems that Gabon and the World Bank have settled their payment issue. The country in central Africa could not fulfil its obligations by June 30 due to technological difficulties. The Ministry of Public Accounts of Gabon verified the repayment of arrears to the World Bank in an undated declaration. This comes after a confidential World Bank memo was leaked on July 1, stating that Gabons ability to withdraw grants and loans was halted for noncompliance, affecting payments of almost $17 million. The Gabonese transitional government, which replaced the previous government, said it would honour its pledge to pay off all existing bills while pointing to inherited debts. Read More..

B2B Tech News | 18 days ago         

Chinese Manufacturers Pivot Investments to Morocco in Wake of U.S. EV Subsidies

Chinese firms are moving their investments to Morocco in response to US incentives meant to increase local production of electric vehicles EVs and les

Chinese firms are moving their investments to Morocco in response to US incentives meant to increase local production of electric vehicles EVs and lessen dependency on Chinese supply chains. Moroccos selling point is that the country has free trade agreements with the United States, making EV parts eligible for subsidies. Since the Inflation Reduction Act was enacted, at least eight Chinese battery manufacturers have announced investments in Morocco due to this action. Aiming to take advantage of US incentives, joint ventures and new factories—such as Africas first EV battery facility by ChineseGerman company Gotion HighTech—are being established. Morocco is essential as the global EV rivalry heats up due to its advantageous location and commercial connections. Read More..

B2B Tech News | 18 days ago         

Cairo Meeting Yields MultiBillion Dollar Deals Between Egypt and EU

Billions of euros worth of deals were signed during the summit in Cairo, which EU Commission Chief Ursula von der Leyen and President Abdel Fattah elS

Billions of euros worth of deals were signed during the summit in Cairo, which EU Commission Chief Ursula von der Leyen and President Abdel Fattah elSissi attended. This meeting comes after a $7.9 billion aid package was approved in March to support Egypt battling its economic crisis, worsened by growing debt, inflation, and currency scarcity. Most of the package comprises small and mediumsized loans, and Cairo will also need to deal with irregular migration and boost energy exports to Europe. Human rights organisations have criticised similar agreements with Mauritania, Libya, and Tunisia. The EU sees Egypts natural gas reserves as essential to displacing Russian energy. Egypts attractiveness to European investment was demonstrated by the over 20 agreements totalling over €40 billion that European businesses inked. Read More..

B2B Tech News | 18 days ago         

Kenya Protests Intensify Over Controversial Finance Bill, President Ruto Halts Signing

After protests against a budget law that proposed higher taxes, the situation in Kenya dramatically worsened, leading to terrible bloodshed and politi

After protests against a budget law that proposed higher taxes, the situation in Kenya dramatically worsened, leading to terrible bloodshed and political unrest. The bills economic consequences and the public outrage it caused have led President William Ruto to proclaim he will not sign it into law despite considerable resistance and turmoil. The governments use of military force and the protesters intensity resulted in several fatalities and injuries, and there were also allegations of police shootings, which heightened tensions. The High Court stopped military deployment, pointing out legal issues in the face of rising hostilities and advocating for a national conversation to resolve the situation. Read More..

B2B Tech News | 25 days ago         



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