News : Africanews

As El-Sissi stressed his desire to enhance cooperation; a feeling shared by Vladimir Putin on Tuesday (Oct. 21). Egypt is one of 5 nations which were invited to join the BRICS this year.

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CAF unveils 2022-2023 financial report, projects net profit next year

Business • 6:00 AM

2 min

Patrice Motsepe who was elected at the helm of CAF in 2021 hailed the body's reduction in losses. Officialy, the losses were reduced to $ 9.2 million from $ 28.9 million. CAF projects net profit in next financial year.

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South African Minister of International Relations hails ties with China, ahead of BRICS summit

Business • 8:38 PM

1 min

Ahead of the BRICS summit of emerging economies taking place in Russia, the South African Minister of International Relations hailed ties with China. Ronald Lamola described the relationship between the two nations as based on mutual trust. The BRICS summ

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Vladimir Putin holds bilateral talks with Cyril Ramaphosa on sidelines of BRICS summit

Business • 7:09 PM

1 min

Russian president Vladimir Putin hosted bilateral talks with his South African counterpart, Cyril Ramaphosa, on Tuesday. These discussions were held on the sidelines of the BRICS summit, which kicked off on the same day. Both leaders hailed the relationsh

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Putin hosts BRICS summit, Defies Western isolation

Business • 1:16 PM

1 min

The leaders of China, South Africa and India arrived in Russia on Tuesday for the BRICS summit of emerging economies. The meeting will see president Vladimir Putin host more than 20 heads of state, in a move that defies expectations that the Ukraine war a

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16th BRICS summit: a test of Moscow's influence in world affairs

Business • 10:06 AM

4 min

Russian President Vladimir Putin is set to host leaders for the 16th annual BRICS summit, on teusday aiming to demonstrate that Moscow remains engaged on the global stage showcasing BRICS coalition as a counterbalance to Western influence in international

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Putin says BRICS countries will drive economic growth in coming years

Business • 9:48 AM

2 min

He was speaking at the bloc’s business forum which comes ahead of the BRICS summit in the Russian city of Kazan from 22-24 October.

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Global South experts see BRICS expansion as positive

Business • 7:03 AM

1 min

Experts from 40 think tanks were speaking at a Global South meeting ahead of the BRICS summit in Russia from 22-24 October.

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Russia's Putin praises economic growth of BRICS countries, says they are exceeding G7

Business • 1:56 PM

2 min

Putin noted that the total GDP of the members of the BRICS association is more than 60 trillion dollars and that its total share in the world gross product "confidently exceeds" the corresponding indicators of the G7 group.

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Egypt increases fuel prices by 10% to 17%

Business • 1:04 PM

1 min

Egyptians have been grappling with soaring inflation as they navigate rising daily costs that reached another high over the summer including a previous 10% increase in fuel prices, a hike in subway fares and the local currency sliding against foreign curr

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Egypt's Economy Hard Hit by Gaza War [Business Africa]

Business • 3:06 PM

4 min

The Egyptian economy, already struggling for several years, has been severely impacted by the war in Gaza. The escalation of the conflict between Israel and its neighbors has become yet another obstacle to economic reforms and development in Egypt.

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Women entrepreneurs face financing hurdles in agriculture, FAO program offers solutions

Business • 5:05 PM

2 min

Through initiatives like EWAT, women like Augustina and Asma are gaining the tools and knowledge needed to overcome structural barriers and expand their businesses in the agriculture sector.

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World Bank cuts 2024 growth forecast for Sub-Saharan Africa over Sudan

Business • 2:03 PM

2 min

...the region’s recovery is slow, but inflation is going down in many countries.

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Zambians struggle with electricity shortages driven by drought

Business • 6:53 AM

3 min

The water level is so low that only one of the six turbines on Zambia's side of the dam can operate, cutting generation to less than 10% of normal output. The most damaging impact is during the daylight hours when small businesses, the backbone of the cou

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Ghana: Catholic Church takes stand against illegal mining also known as 'Galamsey'

Business • 2:10 PM

2 min

The peaceful demonstration, aimed at raising awareness about the environmental damage caused by galamsey, culminated in the presentation of a petition to the presidency.

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24 countries' leaders to come to BRICS summit in Russia, Kremlin says

Business • 6:58 PM

1 min

Russian President's foreign affairs adviser Yuri Ushakov said Thursday that 24 leaders have confirmed their participation in a summit of the BRICS bloc of developing economies set to be held in Kazan later this month.

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The economy, the challenge of Kaïs Saïed's second term [Business Africa]

Business • 10:35 AM

4 min

Despite signs of improvement, such as the inflation rate falling to 6.7%, the majority of Tunisians are still feeling the effects of a sluggish economy.

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Nigeria's fuel price challenge: second increase in one month

Business • 9:30 AM

1 min

Fuel prices surged at gas stations throughout Nigeria on Wednesday, adding to the hardships faced by citizens enduring the most severe economic crisis in decades.

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India offers financial support to Maldives after talks to repair ties

Business • 2:27 PM

2 min

ndia stepped up its development assistance to the Maldives after Modi and Maldive's President Mohamed Muizzu held talks in New Delhi Monday in a bid to repair strained ties that saw the president of the Indian Ocean archipelago forging closer relations wi

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30 countries confirm their participation in October BRICS summit

Business • 12:10 AM

1 min

Russian Deputy Foreign Minister Sergei Ryabkov held a news briefing Thursday about the BRICS summit in Russia later this month.

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Israeli threats on Iran's oil infrastructure drive up oil prices

Business • 4:21 PM

2 min

Israel's threat to target Iran's oil production infrastructure, including gas and oil rigs, refineries and storage facilities has heightened market concerns.

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Ethiopia: Electromobility, turning point or illusion? [Business Africa]

Business • 2:14 PM

3 min

This week, we examine Ethiopia's goal of reaching 440,000 electric vehicles by 2030, featuring an interview with the CEO of Dodai. We also discuss mobile cafés in Morocco, which provide opportunities, and Lienne Shonhiwa, the founder of Manetain Organics

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Ivory Coast: Rising cocoa farmgate price fails to convince

Business • 4:39 PM

1 min

The move has failed to meet the expectations of the local association of coffee and cocoa producers. They say the farmgate price should at least be at 5,000 CFA francs per kilogram if the 60% CIF rule was enforced.

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Nigeria celebrates independence day amid protests over economic hardship

Business • 7:24 PM

1 min

Nigeria’s independence anniversary is marked by protests and frustration over economic hardship

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Libya's parliament approves new central bank governor

Business • 5:41 AM

2 min

Libya’s eastern parliament on Monday agreed to appoint Naji Mohamed Issa Belqasem as the new central bank governor after the former governor, Sadiq al-Kabir, was fired last month by the presidential council in the capital, Tripoli

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Egypt: Suez Canal revenues plummet as Gaza war hurts shipping

Business • 8:20 AM

1 min

Egypt’s president said on Sunday its revenues from the Suez Canal have dropped by 60%, or more than $6 billion, in recent months as attacks by Yemen’s Houthis disrupt Red Sea shipping

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Bahamas seeks help to pay off debt brought by huge storms

Business • 9:52 AM

3 min

The Bahamas is stuck in a financial pickle, much of it because of the whims of climate change, bureaucracy and the fossil fuel industry, said its prime minister, who adds that he is tired of promises of help but little action.

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Guterres urges G20 leaders to tackle inequality, hunger and the climate crisis

Business • 4:59 AM

2 min

On the sidelines of the General Assembly High-Level debate, for the first time in history, the G20 Foreign Ministers gathered at the United Nations Headquarters, bringing together the world's largest economies in an event open to all 193 UN member states.

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UNGA 2024: Spotlight on Africa's Future {Business Africa}

Business • 12:05 AM

2 min

At the 2024 UN General Assembly, African nations are focusing on empowering their youth, tackling climate change, and ensuring sustainable urban growth for a more resilient future while Dangote petroleum refinery launches petrol production in Nigeria, aim

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South Africa: Continent's largest aerospace and defence exhibition ends

Business • 8:59 AM

2 min

The 5-day Africa Aerospace and Defence Trade and Exhibition brought together a range of key local and international guests looking for business opportunities in South Africa’s defence industry. The next edition will be held in 2026.

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The rise of cybercrime in Africa: A growing threat

Business • 4:25 PM

3 min

In recent years, cybercrime has skyrocketed globally, with the number of successful cyberattacks more than doubling in the past five years. This alarming trend is also evident in Africa. In 2023, the continent recorded the highest number of weekly cyberat

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Dangote refinery begins gasoline sales to Nigeria's domestic market

Business • 10:59 AM

1 min

NPC has relied heavily on imports for domestic gasoline supply but hopes Dangote's operations will reduce this dependence. While the refinery aims to meet domestic demand, it is still ramping up production, supplying 16mn litres over the weekend, far belo

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WTO chief Ngozi Okonjo-Iweala to seek second term

Business • 5:35 AM

1 min

By tradition, the WTO chooses its director general by consensus, with all member countries having to approve a candidate. Last July, African nations at the WTO proposed Okonji-Iweala's name for second term.

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South Africa's new visa scheme welcomed

Business • 7:28 AM

2 min

"In terms of the scheme itself, the goal here is basically to facilitate less red tape for Chinese tourists and specifically also to make it easier for large tour groups to come and visit South Africa," Leon Schreiber, South African Minister of Home Affai

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BRICS: “34 countries have expressed desire to join” - Putin

Business • 4:13 PM

1 min

Th intergovernmental organization comprises Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

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Central Bank dispute affects Libya's Oil {Business Africa}

Business • 3:20 PM

2 min

Libya’s oil production drops due to central bank crisis. Concerns are growing over prolonged Instability in the country while China pledges $50bn. to Africa with focus on clean energy, despite debt relief concerns. China, Africa’s largest bilateral lender

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Mbappé rejects mediation offer in $60M financial dispute with PSG

Business • 10:06 AM

4 min

The France superstar rejected a mediation offer by the French soccer league’s legal commission on Wednesday in his dispute with his former club over wages and bonuses.

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China renews calls for unity and cooperation in the BRICS alliance

Business • 5:07 AM

2 min

China’s foreign minister Wang Yi called Wednesday to strengthen unity and cooperation within the BRICS alliance, in the face of "political forces holding Cold War mentalities."

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China elevates ties with Africa to "strategic level'

Business • 3:47 PM

1 min

Beijing also offered African countries over $50 billion in support over the next three years.

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Debt relief an "urgent imperative" for Africa, says African Union chair at China-Africa summit

Business • 9:29 AM

2 min

China has become sub-Saharan Africa’s largest bilateral trading partner but exports much more to the continent than it imports. In part to reduce its trade deficit, African leaders are seeking China's help to expand their agricultural exports and industri

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UN chief says Africa's debt situation is a recipe for social unrest

Business • 7:04 PM

2 min

Speaking at the China-Africa cooperation summit, Antonio Guterres called for "deep reforms" to the international financial system.

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Binance executive jailed in Nigeria to know bail outcome next month

Business • 3:08 PM

1 min

Tigran Gambaryan, a US citizen, has been detained since February in a dispute between the cryptocurrency exchange and the Nigerian government.

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China-Africa Summit 2024: Is the 9th a turning point? {Business Africa}

Business • 2:59 PM

2 min

This week on Business Africa: the 9th China-Africa Forum in Beijing, issues with the Maroua-Kousseri road in Cameroon, and a look at a vegetarian restaurant in Ouagadougou, Burkina Faso.

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A new era: Xi's plans for China-Africa partnership development

Business • 9:24 AM

2 min

On Thursday, Chinese President Xi Jinping suggested to the gathered African leaders that the relationships with all African nations holding diplomatic ties with China should be upgraded to a "strategic" level.

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China-Africa summit officially kicks off on Wednesday

Business • 3:47 PM

1 min

The Chinese President welcomed African leaders in Beijing Wednesday for a summit aimed at strengthening ties at a time of strained relations with the West.

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African nations losing 5% of their GDP to climate change - Report

Business • 11:04 AM

2 min

In sub-Saharan Africa, the costs of adapting to extreme weather could be $30-50 billion per year over the next decade, the report by the World Meteorological Organization estimated

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South Africa, China vow stronger ties as Ramaphosa starts state visit

Business • 9:21 AM

2 min

Chinese President Xi Jinping on Monday called on China and South Africa to beef up solidarity and cooperation in a new era and on a new journey, which meets the shared aspirations of the two peoples

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How China-Africa infrastructure deals shape Kenya's economic landscape

Business • 6:17 AM

1 min

The Mombasa-Nairobi Standard Gauge Railway (SGR), a key project of the Belt and Road Initiative, has positively influenced Kenya's economic and social growth.

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Ghana to raise cocoa farmgate price

Business • 8:17 PM

1 min

Every year in September, the government announces new far-gate prices for cocoa bag and ton for the new coca season, which is between September of the current year and August of the following year.

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Cyril Ramaphosa arrives in Beijing for FOCAC 2024 summit

Business • 8:14 AM

3 min

Early Monday morning, South African President Cyril Ramaphosa arrived in Beijing to join the two-day 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), scheduled to start in the Chinese capital on September 4th.

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Mpox outbreak in Africa: Looming economic crisis {Business Africa}

Business • 2:34 PM

3 min

The crisis in North Kivu, DRC is escalating, with experts warning that supply chain disruptions and travel restrictions could deepen economic strain across the continent while Nigeria loses an estimated $9 billion annually due to illegal mining.

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China's trade with Africa hits 1.19 trl yuan

Business • 1:19 PM

2 min

China has remained Africa's largest trading partner for 15 consecutive years, according to the customs.

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Burkina Faso nationalises two gold mines, ending legal dispute between rival companies

Business • 1:51 PM

1 min

Burkina Faso has nationalised two gold mines for a sum of around 80 million dollars, ending a legal row between rival companies Endeavour and Lilium Mining. As part of the deal, the companies will abandon their legal cases against each other, launched aft

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South Africa’s Johan Rupert overtakes Dangote as Africa’s richest man

Business • 10:03 AM

1 min

South African luxury goods magnate Johann Rupert has become Africa’s wealthiest person, overtaking Nigeria’s Aliko Dangote, who previously held the top position.

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Comoros is World Trade Organization's 165th member

Business • 2:21 PM

1 min

The agricultural sector remains the backbone of the economy, with subsistence farming accounting for the largest share.

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China-Africa summit nears as Beijing seeks to bolster relations with Africa

Business • 8:59 AM

1 min

Chinese Vice Foreign Minister Chen Xiaodong said on Friday that now is "the right time" to deepen cooperation between China and Africa, ahead of an upcoming China-Africa summit in Beijing next month.

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Israel's economy is suffering and economists say the solution is to end the war

Business • 1:20 PM

3 min

The country’s deficit is up, credit ratings are down, the tourism industry is flailing, and state expenditures are mired in controversy.

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Uganda explores oil in two new regions

Business • 9:36 AM

1 min

The country's current petroleum resources stand at 6.5 billion barrels. Uganda aims to extend production beyond 25 years; and enhance the viability of midstream projects such as the East African Crude Oil Pipeline (EACOP).

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Gaza faces cash crisis as main banks halt operations

Business • 8:10 AM

1 min

The main Palestinian banking association has said that all banks across Gaza have halted operations, the latest deterioration in living conditions to hit the war-ravaged enclave.

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