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- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
- Portugal’s Galp Energia projects 10 billion barrels in Namibia’s new oil find
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Africa
- Meg Whitman, US Ambassador to Kenya, highlights key investment opportunities in Kenya, particularly in the creative industry and clean energy.
- She noted that Kenya has the potential to become the Singapore of Africa through vertical business integration, job creation, innovation, and foreign direct investment.
- AmCham Business Summit 2024 seeks to strengthen bilateral trade and investment between the US, Kenya, and East Africa.
The fourth edition of the regional American Chamber of Commerce Kenya (AmCham) Business Summit, has officially kicked off in Nairobi, Kenya, under the theme, ‘Catalyzing The Future of US-East Africa Trade and Investment’.
This year’s forum underscores AmCham Business Summit as the premier platform for strengthening bilateral trade and investment between the United States, Kenya, and East Africa.
Hosted by the American Chamber of Commerce (AmCham), the two-day Summit has brought together delegates from the United States of America, East and Sub-Saharan Africa in efforts to deliberate and …
- UN faults UK-Rwanda asylum treaty citing concerns on potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
- Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country.
- With deportation flights slated to start in July, the move is sparking weighty debates over the ethical implications of outsourcing asylum responsibilities.
This week’s passage of the “Safety of Rwanda” Bill by the UK Parliament has triggered alarm bells within the United Nations (UN), with two prominent leaders, Filippo Grandi, the UN High Commissioner for Refugees, and Volker Türk, the UN High Commissioner for Human Rights, raising concerns over its potentially harmful impact on global responsibility-sharing, human rights, and refugee protection.
Spearheaded by Prime Minister Rishi Sunak, the legislation mandates judges to deem Rwanda as a safe third country, paving the way for the deportation of thousands of migrants who have sought refuge …
- Namibia’s Mopane field could hold up to 10 billion barrels of oil, Galp announces.
- Tests on Mopane-1X well in January and the Mopane-2X well in March gave highly promising findings.
- Exploration success in Namibia could pave the way for a new revenue stream for Galp.
Portuguese oil company Galp Energia has set the stage for a potential game-changer in the global energy industry with its announcement at the weekend regarding the Mopane field off the coast of Namibia.
Following the conclusion of the first phase of exploration, Galp projects that the Mopane field could hold up to 10 billion barrels of oil, marking a huge step in the evolving oil and gas industry in Namibia.
Gap noted that testing operations were undertaken at the Mopane-1X well in January and the Mopane-2X well in March gave highly promising findings. The company noted the discovery of significant light oil columns in …
- If oil disappeared tomorrow, thousands of petroleum-based products would vanish with it.
- If oil disappeared tomorrow, it would be catastrophic for health services everywhere.
- If oil disappeared tomorrow, millions of jobs would be lost. Tax revenues would be depleted, and industrial production would crimp.
If oil disappeared tomorrow, there would be no more jet fuel, gasoline, or diesel. Internal combustion engines, automobiles, trucks, lorries, and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
There would be no point in calling emergency services. Most ambulances, fire engines, police cars, rescue helicopters, and other emergency vehicles would be stationary. Most phones and computers would also vanish as their plastic components derive from oil, so it would …
- Uganda’s diaspora remittances have seen 13.4% jump, reaching $1.42 billion.
- Remittances continue to outshine foreign direct investment and official development assistance as the primary source of external finance for low and middle-income countries.
- Economies are leveraging diaspora remittances through innovative financial instruments such as diaspora bonds and policies aimed at financial inclusion to enhance their impact on development.
Diaspora remittances from Ugandans living and working abroad increased by 13.4 per cent in the 12 months ending January 2024. This surge, as reported by the Bank of Uganda’s Executive Director of Research, Mr. Adam Mugume, highlights the increasing role of diaspora inflows in the nation’s economy, reaching $1.42 billion, up from the previous $1.25 billion.
Such growth underscores the essential contribution of the Uganda’s diaspora remittances amidst a challenging global financial landscape.
Globally, remittances have emerged as a critical source of external finance for low- and middle-income countries (LMICs), overshadowing foreign …
- Hormuud Telecom has launched the 5G network across Somalia, enhancing the speed of internet and communication.
- This marks a significant leap towards a digitally inclusive society with reliable internet connectivity in the country.
- A 5G networks is set to stimulate economic growth, create jobs, and revolutionize public services such as healthcare and education.
Hormuud Telecom has unveiled its 5G network, marking a historic moment for its main market Somalia, which now enters into the elite group of African nations such as Kenya and Ethiopia that have embraced this cutting-edge technology.
Hormuud Telecom 5G signal is now present across 30 cities and towns, promising to revolutionize the speed of the internet and communication and transform Somalia’s digital economy.
Enhancing Communication with 5G Technology
The introduction of the 5G network by Hormuud Telecom signifies a monumental leap in improving internet connectivity’s speed and reliability across Somalia. President Hassan Sheikh Mohamud, along …
- Africa is loosing out on bad minerals for loan deals, AfDB warns.
- AfDB is developing initiatives to help countries’ address the bad loans.
- China alleged to be the leader in bad minerals for loan deals with Africa.
Africa’s natural resources are being traded for loans from international lenders and that is why the continent is underdeveloped, the Head of the African Development Bank, Dr Akinwumi Adesina, has decried.
In an interview with The Associated Press in Lagos, Nigeria, Dr Adesina called for an end to “loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.”
The Head of Africa’s biggest lending bank, AfDB, said some countries have gained control over mineral mining in places such as Congo and have left some African countries in financial crisis owing to such ‘mineral for loans deals.’
“They are just bad, first …
- Global tech giants are meeting in Marrakech in May for the GITEX Africa expo as they seek a slice digital economy in the continent.
- Investors will be keen on learning tech advances in digital health, finance, AI consumer tech, cloud and IoT, as well as cybersecurity among others.
- GITEX Africa is organised by KAOUN International, an affiliate of Dubai World Trade Centre, which also organises GITEX GLOBAL show in the UAE.
This year, thousands of investors and entrepreneurs are converging in Marrakech, Morocco, for GITEX Africa, a signature tech and start-up expo that is poised to define the next phase of the continent’s digital economy.
The show, now in its second edition, comes under the Patronage of His Majesty King Mohammed VI of the Kingdom of Morocco. GITEX Africa, which is scheduled from 29-31 May 2024, is organised under the authority of the Moroccan Ministry of Digital Transition and Administration …
- Cairo-based lender CIB made this announcement during the first Egypt-Kenya forum held in Nairobi, Kenya.
- Egypt is shifting its economic strategy by enhancing collaboration with sub–Saharan Africa
- Kenya exports tea, coffee, nuts, meat, wheat and flowers, skin and hides as well as live animals to Egypt..
Lender Commercial International Bank (CIB) has identified partnerships as key drivers of growth that will power investments by bringing together businesses seeking to explore Egypt-Kenya trade opportunities.
Kenya’s Prime Cabinet Secretary Musalia Mudavadi says the entry of CIB into Kenya’s market is a major win for Africa’s quest to enhance trade among its 54 member states.
Speaking at the Egypt-Kenya trade forum in Nairobi attended by roughly 40 Egyptian companies drawn from construction, transport, water, tourism, manufacturing and healthcare sectors, Mudavadi said Kenya was at the forefront of opening its market to African countries to boost intra-Africa trade.
“As a government, we will facilitate …
