- Adil Arshed Khawaja replaces John Ngumi as Safaricom Chairman
- EABL half year profit remains flat as costs rise
- Can Nuclear power generation save Southern Africa’s Power Pool?
- The Slowdown of the Global Economy: What it means for Africa’s Fragile Economies
- Tullow Oil to invest US$10 million in Kenya’s oil field development
- Harnessing 4IR to propel Africa’s economy to address unemployment
- Kenya ranked 13 on list of countries with good governance in Africa
- Mozambique: Central Bank maintains monetary policy interest rate
Author: Joseph Kangethe
I am a journalist who is an enthusiastic tech, business and investment news writer from across Africa. There is always something good happening in Africa but most gets lost in the stereotypes. I tell the stories that matter to the Africans for Africa. Have a tip? You can contact me at firstname.lastname@example.org
According to the Airline Operators of Nigeria (AON), oil marketers have raised the price of jet fuel from 190 to 700 Nigerian Naira per litre in May since January of this year Nigerian airlines use 1.6 million gallons of fuel per day, whereas foreign carriers and private jet operators demand around 800,000 litres per day Stakeholders in the industry think that prompt intervention is required and everything should be done to prevent a potentially permanent disaster Nigerian airlines have struggled to get aviation fuel, known as Jet A1, at the proper price and quantity required for the past four months.…
Before Mnangagwa’s statement, the Zimbabwean currency was officially valued at 165.94 to the US dollar, but it was trading on the black market at a rate ranging from 330 to 400 to the dollar Investigations found that many enterprises are simply borrowing significant sums of Zimbabwe dollars, which they then channel into the parallel market to acquire US dollars The president proposed issuing an order to compensate account holders who lost the value of their assets when the country de-dollarized in 2019 Zimbabwe ditched its depreciated currency in 2009, preferring to utilize foreign currencies, notably the US dollar. Mnangagwa’s administration…
African countries’ attempts to form a common regional currency have proven futile precisely because of all the frameworks of laws that need to be revised and harmonized in the different countries. For example, the eco in West Africa and the shilling in East Africa.
Ghana and Nigeria have even gone ahead to create their central bank digital currencies, indicating their lack of belief in the workability of the eco.
What does this mean? In the next 100 years or more, Africa cannot create a common currency acceptable throughout the continent.
Allianz reports that the overall group equity value is estimated to be more than US$2.1 billion, and the new business is likely to rank in the top three in the majority of the areas in which it operates. Initially, Sanlam will retain a 60 per cent stake in the joint venture, with Allianz holding a 40 per cent stake and the option to purchase an additional nine per cent at a later date Insurance penetration in Africa is considerably lower than the global average, standing at 2.78 per cent in 2019 compared to 7.23 per cent globally Only about 1…
These AWS Local Zones deliver single-digit millisecond latency performance at the edge of the cloud to hundreds of millions of people globally Amazon Web Services, Inc. (AWS) has revealed plans to launch an AWS Local Zone in Nairobi, Kenya This year, Amazon plans to launch an additional 32 AWS Local Zones in 26 countries globally reaching millions of users Amazon Web Services, Inc. (AWS) has revealed plans to launch an AWS Local Zone in Nairobi, Kenya. The company infrastructure will join 16 existing AWS Local Zones across the US. This year, Amazon plans to launch an additional 32 AWS Local…
Treatment centres worldwide are now considering cryptocurrency trading as an addiction, with some asking for as high as US$90,000 to treat the “ailment” There are more than 12,000 cryptocurrencies. At the end of 2021, the market was adding about 1,000 new cryptocurrencies every month According to Jan Gerber, a clinic owner, inquiries about crypto-related issues have increased by 300 per cent between 2018 and 2021 One would be tempted to ask, how is crypto trading addictive, and if it is, how much would it cost to treat a crypto addiction? Treatment centres worldwide are now considering cryptocurrency trading as an…
CertiK, a blockchain security firm, reports that the amount exploited in the first four months of 2022 surpasses the total amount stolen in 2021 (US$1.3 billion) and 2020 (US$516 million) combined. The month of March alone beats 2020 by US$203.2 million.
The decentralized finance (DeFi) space has been stained with hackers, exploiters and scammers. Over US$1.6 billion worth of crypto has been stolen from users in the first quarter of 2022, the highest ever recorded.
CertiK revealed the statistics on May 2; the month of March recorded the highest stolen value of US$719.2 million.
The UK-based investment company has built a market-leading research strategy to facilitate decisions involving property investment. The investor simply chooses what would be suitable for them; the company gives a step-by-step guide on choosing the right property to purchase in the United Kingdom.
This strategy gives the investor the power and confidence to ask the right questions for profitable property investment in the country.
According to Mark Pearson, Baron & Cabot’s primary goal is to ensure the property investment process remains transparent and straightforward, even as the demand for property investment rises among African investors.
Nigeria, Africa’s largest economy, has not been spared either. Food staples are scarcer in Nigeria than ever before as the government tries to deal with a record inflation rate, indicating that the country may be in danger of experiencing a food crisis. Staple food costs have risen for a third year as Africa’s most populous nation succumbs to the onslaught of causes that are pushing an estimated 200 million people into poverty.
Because it relies on oil imports, Nigeria, a major petroleum producer, has a very fragile economy. Nigeria has been left vulnerable as oil prices have surged to a historic high. Increased political instability, the consequences of climate change, and the COVID-19 aftermath have all harmed Nigeria’s economy, sending the value of its currency down even more against the dollar.
As a result, the poverty rate in the country has remained at around 50%. According to the UN’s food organization, millions of people currently experience food insecurity, which is anticipated to rise this year. Nigeria now has the world’s greatest number of impoverished people. As many as four out of every ten individuals live below the poverty line, which means they earn less than $1 a day.
The race to adopt cryptocurrencies is hitting new ceilings in Africa as their popularity increases, despite hostile policies from several governments in the continent.
One of the main reasons investors across the globe are seeking to diversify traditional assets in Africa into cryptos is to counter rising fiat inflation, with a majority of crypto investors and traders believing that crypto coins and tokens are safer and more secure than traditional investments such as gold, oil, stocks, liquid cash and real estate.
The roles that these cryptos and alternative coins play in society are not well defined, but they have a vivid description as each day passes as to which purposes they serve.