News : Africanews

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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Senegal sets up commission to review oil and gas contracts

Business • 3:00 PM

1 min

It was a campaign promise, the Faye administration now seeks to make it real. On Monday (Aud. 19) Ousmane Sonko brushed off rumours of nationalization reiterating his government's ambition to "rebalance the energy contracts in the national interest."

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Qatar Airways buys 25% stake in SA's Airlink, eyes larger presence in African market

Business • 4:34 PM

1 min

“Our investment further demonstrates how integral we see Africa being to our business’ future," the CEO of the Qatari state-owned carried said.

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Libya’s powerful central bank governor sacked

Business • 10:30 AM

2 min

The presidential council in the capital of Tripoli, which is allied with the government of Prime Minister Abdul Hamid Dbeibah that controls western Libya, removed Gov. Sadiq al-Kabir, according to a decree issued late Sunday.

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Egypt increases electricity rates for households by up to 50 per cent

Business • 10:11 AM

1 min

The gradual phase out of electricity subsidies is part of an agreement with the IMF to expand Egypt’s loan programme to $8 billion.

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Kenya Airways records first half year profit in over a decade

Business • 7:15 AM

1 min

Kenya Airways reported its first half-year profit in over a decade on Monday, with a profit after tax of 513 million Kenyan shillings ($4 million) for January to June, reversing a 21.7 billion shilling loss from the same period last year.

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Informal traders present a complex challenge for Zimbabwe government

Business • 11:57 AM

2 min

While they have created employment for many of the country’s citizens who are outside of the labour market, neither informal shops nor their staff pay tax.

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Libya central bank suspends operations after kidnapping of director

Business • 11:23 AM

1 min

The central bank, which is independent but owned by the Libyan state, is the sole internationally recognized repository of Libya's oil revenues, a vital economic source of income for a country torn for years between rival governments in Tripoli and Bengha

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Kenya to revive scrapped tax plans, risking unrest

Business • 9:01 AM

2 min

The eco-levy tax aims to curb pollution and waste management at the office and household level. Unlike the initial proposal, this one will exclude sanitary towels, the newly appointed secretary has insisted.

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Jumia leading the e-Commerce revolution in Africa [Business Africa]

Business • 1:24 PM

2 min

Discover how online commerce will transform Africa with a projected 49% growth by 2028, the potential of mobile gaming in Ghana, and the challenges faced by mushroom wine producers in Uganda. Exclusive reports and interview to follow.

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South Africa's unemployment rate climbs, over 8 million jobless

Business • 4:23 PM

1 min

About 8.4 million people were out of work in Q2 2024, up from 5.2 million in 2014, the statistics office said. The figures are the first to be released since the May elections which brought in a coalition government which put reviving the ailing economy t

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Sudan's economy battered by conflict

Business • 1:44 PM

2 min

Once a major producer of food, people now have to contend with shortages and high prices. According to the Central Bureau of Statistics in Sudan, the inflation rate in the country has recently hit 159%

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Price instability rocks Ethiopia as it reels from foreign exchange rate reforms

Business • 9:27 AM

4 min

“Previously, prices would be updated bimonthly but nowadays it’s on a daily basis, if not by the hour, to reflect the changing landscape of the market,"

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South Sudan's oil revenue drops, Security Forces unpaid for months

Business • 11:26 AM

5 min

The recent rupture of a crucial oil pipeline has sent fresh pain through the economy of South Sudan, where even the security forces haven't been paid in nine months. Some soldiers and civil servants are turning to side hustles or abandoning their jobs.

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Egypt: Pound down against foreign currencies

Business • 11:51 AM

2 min

In June and July, the Egyptian pound fluctuated between 47 and 48 per dollar after its IPO in March and lost about 60% of its value, falling to around 30 per dollar.

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World Bank says more than 100 countries hindered by "middle-income trap"

Business • 3:04 PM

2 min

Countries, including South Africa, India, Brazil and China, face serious obstacles that could hinder efforts to become high-income countries in the next few decades.

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Ethiopia to save $4.9 billion after completing debt restructuring exercise

Business • 1:49 PM

2 min

The announcement comes as the country puts its long-delayed debt overhaul back on track after securing a new International Monetary Fund financing programme.

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Kenya's inflation drops in July as price of key food items and fuel ease

Business • 4:27 PM

2 min

The four-year low was helped by a strong shilling and marginal price reductions in key household costs such as electricity and fuel.

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China and Africa explore new frontiers in cooperation {Business Africa}

Business • 3:57 PM

1 min

China-Africa relations are set to grow beyond infrastructure to include green development and partnerships in new energy. These new cooperation areas are planned for September's Focac summit in Beijing while Zimbabwe embraces cannabis as tobacco demand de

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Landmark financing: World Bank approves $1.5 billion for Ethiopia

Business • 11:07 AM

1 min

The World Bank's board has granted approval for $1.5 billion in financing for Ethiopia's budget support, marking the first time the lender has offered this type of lending to the country.

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Ethiopia's central bank allows currency to plunge in a bid to secure IMF loan

Business • 10:57 AM

1 min

Ethiopia's national currency dropped 30 percent against the dollar after its central Bank floated its birr currency on Monday.

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Malaysia submits BRICS membership application

Business • 9:16 AM

1 min

Malaysia has applied to join the BRICS group of nations, the country's Prime Minister Anwar Ibrahim said on Sunday.

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French nuclear fuel company reports significant losses amid challenges in Niger

Business • 1:08 PM

1 min

One major issue is Niger's decision in June to strip the company of the Imouraren mine, the largest in the world, with estimated reserves of 200,000 tons.

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Britain drops challenge to ICC arrest warrant for Israeli Prime Minister

Business • 4:55 PM

1 min

Downing Street has confirmed the government would not submit a challenge to the International Criminal Court’s jurisdiction to issue an arrest warrant.

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New Home Secretary denounces dailed Rwanda migrant scheme

Business • 9:43 AM

3 min

The U.K.'s new home secretary criticized a failed proposal by ex-British Prime Minister Rishi Sunak to relocate migrants to Rwanda, calling it a "shocking waste of taxpayer money" totaling 700 million pounds

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Nigerian lawmakers mediate rift with Africa's richest man

Business • 7:47 AM

3 min

On Monday, Nigerian legislators launched a probe into the reported importation of polluted fuel into the nation, in a bid to resolve disputes between Africa's wealthiest man Aliko Dangote's oil refinery and the regulatory body.

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Nigeria doubles minimum wage for Government workers after strikes

Business • 1:05 PM

2 min

Public sector workers in Nigeria on the minimum wage will see their salaries double after the government reached an agreement on Thursday with labour unions that have been threatening further strikes as the cost of living spirals.

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Niger: IMF approves $71 million disbursement

Business • 9:01 AM

1 min

The IMF has announced a $71 million disbursement towards Niger under two arrangements which were extended untill late 2025.

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U.S. pledges $203M in the hopes of averting the crisis in Sudan

Business • 4:56 AM

2 min

U.N. ambassador Linda Thomas-Greenfield said the U.S. is pledging $203M in the hopes of averting the crisis in Sudan to spill over into the region.

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Morocco under Mohammed VI : A model of African progress? [Business Africa]

Business • 3:33 PM

5 min

King Mohammed VI celebrates 25 years of reign, marked by profound reforms that have redefined the Moroccan landscape; in Africa, digitalization is accelerating, leading to increased cyberattacks; Nigeria launches a new ministry to resolve conflicts betwee

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South Africa: AfDB to lend $1 billion to Transnet

Business • 3:30 PM

1 min

The 25-year loan is fully guaranteed by the South African government and will help finance the first phase of an $8.1 billion investment plan for Transnet to improve the country's rail and port infrastructure, the bank said.

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Mozambique: former finance minister on trial in US

Business • 10:50 AM

4 min

The former finance minister in Mozambique has gone on trial in the US over the so-called "tuna bond" scandal which came to light in 2016.

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