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Africa

Randgold Resources Faces Legal Battle as Hannam Alleges Breach of Advisory Agreement

Due to his involvement in Randgold Resources acquisition by Barrick Gold, dealmaker Ian Hannam is suing the company for up to $18 million. Known as th

Due to his involvement in Randgold Resources acquisition by Barrick Gold, dealmaker Ian Hannam is suing the company for up to $18 million. Known as the "king of mining" for his ability to successfully broker significant transactions, Hannam claimed in a London court that Randgold had broken their agreement. Before Barricks $18 billion acquisition in 2018, his consultancy firm, Hannam & Partners, claims a deal was reached that guaranteed him at least $10 million for his services, rising in tandem with the deals value. Randgold responds that it paid its financial advisors $18 million, the same amount as no formal agreement. A decision in the ongoing trial is anticipated next week. Read More..

B2B Tech News | 3 days ago         

AfDB and CDP’s CoFinancing Deal Aims to Accelerate Sustainable Growth in Africa

The African Development Bank AfDB and Italian state lender CDP have inked a 400 million euro $420 million cofinance deal to improve technical assistan

The African Development Bank AfDB and Italian state lender CDP have inked a 400 million euro $420 million cofinance deal to improve technical assistance, education, sustainable agriculture, and climate finance. As part of Italys larger Mattei plan, which intends to spend 6 billion euros in African development, the agreement was finalised during the AfDBs Africa Investment Forum in Rabat. Hassatou Diop NSele, the Vice President for Finance at the African Development Bank, stressed the significance of leveraging local funds to expedite equality and mobilise money within Africa. Paolo Lombardo, head of CDPs international cooperation and development finance, emphasised the initiatives objective of promoting sustainable growth throughout the continent. Read More..

B2B Tech News | 6 days ago         

Biden Commits $600 Million for Lobito Corridor Railway Project in Africa

"Africa has been left behind for too long," said President Joe Biden, who pledged an additional $600 million for the Lobito Corridor railway project d

"Africa has been left behind for too long," said President Joe Biden, who pledged an additional $600 million for the Lobito Corridor railway project during his trip to subSaharan Africa. Biden highlighted the U.S. commitment to restoring 800 miles of rail across Zambia, Congo, and Angola, highlighting the projects potential to strengthen U.S. influence in an area abundant in vital minerals for renewable energy and electric vehicles. He said the route can revolutionise transportation times and help the area become a food exporter, calling it a "game changer." The Lobito Corridor, expected to generate tremendous economic advantages and employment development for the area, is considered the most significant American railway project overseas, with a total U.S. investment of $4 billion. Read More..

B2B Tech News | 7 days ago         

President Biden Makes Historic First Visit to Angola, Strengthening U.S.Angola Relations

The first time a sitting U.S. president visited Angola was Tuesday when U.S. President Joe Biden met with Angolan President João Lourenço in Luanda.

The first time a sitting U.S. president visited Angola was Tuesday when U.S. President Joe Biden met with Angolan President João Lourenço in Luanda. During their discussions, Biden highlighted a $3 billion U.S. investment in the Lobito Corridor railway redevelopment project. He expressed satisfaction with the two countries Cold Warera alliance. By improving raw material transit between Angola, Zambia, and Congo, this corridor seeks to offset Chinas regional influence. Like Chinas Belt and Road plan, the railway project supports U.S. efforts to improve African infrastructure and trade. To recognise the historical ties between the two countries and talk about potential future collaboration, Biden will also stop by Angolas National Slavery Museum. Read More..

B2B Tech News | 8 days ago         

MTN South Africa Joins Forces with China Telecom and Huawei to Boost 5G and AI

To enhance its 5G, cloud, artificial intelligence, and business solutions, MTN South Africa has inked a Memorandum of Understanding with China Telecom

To enhance its 5G, cloud, artificial intelligence, and business solutions, MTN South Africa has inked a Memorandum of Understanding with China Telecom and Huawei. The partnership seeks to improve digital infrastructure in Africa by fusing Huaweis stateoftheart technology, MTNs regional footprint, and China Telecoms worldwide experience. In addition to offering better network services to consumers and companies, this collaboration will promote IoT developments and provide new opportunities, especially in intelligent mining and industrial applications. Read More..

B2B Tech News | 15 days ago         

Orange Partners with OpenAI and Meta to Translate West African Languages via AI

To facilitate the translation of regional languages in West Africa, Orange will collaborate with OpenAI and Meta to improve large language models LLMs

To facilitate the translation of regional languages in West Africa, Orange will collaborate with OpenAI and Meta to improve large language models LLMs, such as OpenAIs Whisper and Metas Llama. The project, which aims to rectify the underrepresentation of nonEnglish languages in AI, is scheduled for 2025. Orange will supply data to train these models by drawing on its experience in African markets, enabling local languages for public services and customer support. Orange also inked an agreement for direct access to OpenAI models in Europe to increase its AI skills across several applications. Read More..

B2B Tech News | 15 days ago         

Zimbabwe’s President Mnangagwa Tackles $12.7 Billion External Debt in Key Meeting

President Emmerson Mnangagwa of Zimbabwe convened a meeting to discuss the restructuring process and the nations $12.7 billion external debt. The IMF

President Emmerson Mnangagwa of Zimbabwe convened a meeting to discuss the restructuring process and the nations $12.7 billion external debt. The IMF and the government are discussing a Staff Monitored Program SMP, which may result in significant reforms. Mthuli Ncube, the finance minister, anticipates having more precise debt restructuring dates by the middle of 2025. Resolving debts owed to large creditors, such as the World Bank and the IMF, is necessary to obtain financial support and future funding. Zimbabwes debt problems, however, continue to be a significant obstacle to foreign financing. Read More..

B2B Tech News | 15 days ago         

Developing Countries Slam $300 Billion Climate Deal as "Paltry" and "Insufficient" at COP29

Developing country delegates vehemently denounced the UN climate negotiations deal, which pledges $300 billion a year to assist developing countries i

Developing country delegates vehemently denounced the UN climate negotiations deal, which pledges $300 billion a year to assist developing countries in tackling climate change. COP29 President Mukhtar Babayev forced the agreement through without letting countries protest, but when given the opportunity, representatives from nations such as Nigeria and India voiced their anger. Chandni Raina, Indias negotiator, described the agreed sum as "paltry" and inadequate to sustain the economic expansion and climate action required for survival. Similar worries were expressed by Nkiruka Maduekwe of Nigeria, who called the agreement "a joke" and an "insult," emphasising that affluent countries need to be held more accountable for their part in driving climate change. Read More..

B2B Tech News | 17 days ago         



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