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Africa

UN Chief Guterres Slams Africa’s Debt Crisis as ‘Unsustainable’ at ChinaAfrica Summit

During the ChinaAfrica Cooperation Summit in Beijing, UN SecretaryGeneral Antonio Guterres cautioned that societal unrest might result from Africas de

During the ChinaAfrica Cooperation Summit in Beijing, UN SecretaryGeneral Antonio Guterres cautioned that societal unrest might result from Africas debt issue, calling it "unsustainable." He urged for comprehensive changes to the international financial system to provide poor nations the liquidity they need to address problems like climate change. Significant debt, restricted access to debt relief, and inadequate financing for fundamental necessities and sustainable development are among the issues that Guterres brought attention to in several African countries. In order to confront the effects of climate change, he underlined the necessity of solid debt relief and improved resources. China, a significant infrastructure and mining investor, is hosting the conference. African leaders are looking to China to help industrialise their economy and increase agricultural exports. Read More..

B2B Tech News | 7 days ago         

ChinaAfrica Trade Surges 5.5% to $166.6 Billion in First Seven Months of 2024

In the first seven months of 2024, commerce between China and Africa increased by 5.5% annually to 1.19 trillion yuan, or almost $166.6 billion. With

In the first seven months of 2024, commerce between China and Africa increased by 5.5% annually to 1.19 trillion yuan, or almost $166.6 billion. With 1.5% growth over the previous year, commerce between China and Africa reached a new high of $282.1 billion in 2023. Chinas exports of new energy cars, lithium batteries, and photovoltaic items to Africa increased dramatically, while Chinas purchases of African fruits, vegetables, nuts, and flowers increased noticeably. For the past 15 years running, China has been Africas biggest trade partner. 990.55 points was the record obtained by the freshly created ChinaAfrica Trade Index in 2022, with a benchmark set at 100 points in 2000. Expected to strengthen commercial and economic relations further is the 2024 Forum on ChinaAfrica Cooperation Summit, scheduled for September 46 in Beijing. Read More..

B2B Tech News | 12 days ago         

Comoros Joins WTO After 17Year Negotiation Process, Becoming 165th Member

Comoros is the 165th World Trade Organisation WTO member, having formally joined after 17 years of talks. Comoros aspirations for regional integration

Comoros is the 165th World Trade Organisation WTO member, having formally joined after 17 years of talks. Comoros aspirations for regional integration in Africa are bolstered by this milestone, which WTO members accepted in February. WTO DirectorGeneral Ngozi OkonjoIweala views it as a critical chance for modernisation and economic empowerment. Given the importance of agriculture to Comoros economy, the country must fulfil its obligations, including enforcing zero agricultural export subsidies to integrate fully. Europe and the United Arab Emirates are Comoros two main commercial partners. The process of negotiating 22 nations WTO entrance, including eight African nations, is currently ongoing. Read More..

B2B Tech News | 19 days ago         

Uganda Expands Oil Exploration to MorotoKadam and Kyoga Basins

The east MorotoKadam Basin and the central Kyoga Basin are the two new areas Uganda is exploring for oil. According to preliminary assessments, the Mo

The east MorotoKadam Basin and the central Kyoga Basin are the two new areas Uganda is exploring for oil. According to preliminary assessments, the MorotoKadam Basin may have economic gas and oil resources. The Ministry of Energy also intends to investigate western Ugandas Hoima Basin. Currently, Ugandas estimated amount of petroleum resources is 6.5 billion barrels. The exploration project intends to boost midstream projects such as the East African Crude Oil Pipeline EACOP, extend output beyond 25 years, and expand petroleum reserves. To accelerate Tanzanias economic growth, TotalEnergies EACOP entails digging 419 wells and building a 1,443kilometer pipeline from Lake Albert to the shore. Read More..

B2B Tech News | 20 days ago         

Senegal Establishes Commission to Review Oil and Gas Contracts with Multinationals

A panel to examine Senegals contracts for oil and gas with international companies was constituted on 19 August by Prime Minister Ousmane Sonko. The t

A panel to examine Senegals contracts for oil and gas with international companies was constituted on 19 August by Prime Minister Ousmane Sonko. The team, which includes legal, tax, and energy specialists, will closely review every legal aspect of the agreements, Sonko said in a national television announcement. Dismissing talk of nationalisation, he reiterated the governments intention to realign the contracts to Senegals benefit. After Senegal started producing oil in June, this development comes after the country began producing gas from the GTA project later this year. Woodside Energys Sangomar field started producing in June. Whether the contracts are altered will depend on the commissions recommendations and possible negotiating results. Read More..

B2B Tech News | 24 days ago         

Qatar Airways Acquires 25% Stake in South Africas Airlink

On August 20, Qatar Airways announced that it had bought a quarter of the South African airline Airlink. The deals financial specifics were kept priva

On August 20, Qatar Airways announced that it had bought a quarter of the South African airline Airlink. The deals financial specifics were kept private. This investment will improve connectivity throughout southern and eastern Africa as part of the two airlines ongoing codeshare arrangement. Qatar Airways dedication to growing its footprint in Africa is evident in its partnership with Airlink, which offers service to more than 45 locations in the area. Cities including Abidjan, Abuja, Accra, Harare, Luanda, and Lusaka are among the newest destinations on Qatar Airways network. Read More..

B2B Tech News | 24 days ago         

HSBC Contemplates Sale of South African Operations Amid Strategic Shift

Bloomberg News revealed that HSBC Holdings is considering selling its operations in South Africa. Operating as a branch of HSBCs British division, the

Bloomberg News revealed that HSBC Holdings is considering selling its operations in South Africa. Operating as a branch of HSBCs British division, the company does not provide personal or retail services it specialises in commercial and investment banking. African, Chinese, and UAE buyers have shown interest in HSBC, which joined the South African market in 1995. HSBC has recently reduced its footprint in Western markets, including the U.S., France, and Canada. This move aligns with the banks larger strategy of concentrating on Asia and other countries of considerable size. When asked about the rumours, HSBC declined to comment. Read More..

B2B Tech News | 24 days ago         

Kenyas Treasury to Present Revised EcoLevy Tax with New Measures to Parliament

John Mbadi, Kenyas Treasury Secretary, will shortly introduce a new ecolevy tax to Parliament that includes about 49 steps to address waste management

John Mbadi, Kenyas Treasury Secretary, will shortly introduce a new ecolevy tax to Parliament that includes about 49 steps to address waste management and pollution. In contrast to the original idea, the revised plan would not impose a charge on sanitary towels. Businesses like CocaCola are opposed to the fee, including a 10 per cent tax on domesticallymade plastics. Mbadi supported the levy, arguing that businesses that harm the environment must contribute to its repair. The administration would also prolong the tax amnesty period by six months to increase income. This comes after President William Ruto reevaluated the Finance Bill 2024, which was discarded due to objections. Leaders of the opposition are pleading with the judges to oppose the bills reinstatement. Read More..

B2B Tech News | 27 days ago         



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