Over and above the graft and management woes gripping South Africa’s power utility Eskom, a brazen coal-smuggling gang has been operating under the authorities’ nose, worsening the electricity crisis that could lead to a nationwide blackout.
However, the South African Revenue Service (SARS) says it is closing in on the gang. SARs is working with law enforcers to conduct searches and seizures across five provinces where the coal-smuggling gang operates.

The IMF and the World Bank are sounding a warning that global authorities are falling…

Africa is a continent of diverse religions, cultures, and intricate histories. Christianity is one of the major faiths that has shaped the lives and identities of millions of Africans. The continent has also evolved beyond its spiritual dimension to encompass a thriving business aspect.

Numerous churches and religious organizations have ventured into various economic activities, generating income and wielding significant influence. Consequently, some churches have become mega-churches with thousands of members and millions of dollars in revenue. They often own businesses such as schools, hospitals, media outlets, and real estate investments.

The latest Africa’s Pulse report by the World Bank presents a somber economic outlook for Sub-Saharan Africa. Escalating instability, lackluster growth within the region’s major economies, and persistent global economic uncertainties collectively overshadow the region’s economic resurgence prospects.

In its comprehensive analysis, the World Bank anticipates a slowdown in economic growth across Sub-Saharan Africa, with a projected rate of 2.5 per cent for 2023, compared to the 3.6 per cent recorded in 2022. This assessment underscores the multifaceted challenges currently facing the region’s economic landscape.

Angola will receive $124.4 million through two loan agreements to enhance the nation’s access to water, hygiene, and sanitation services. These agreements cover a $75 million loan from the African Development Bank and an additional $49.4 million from the Africa Growing Together Fund (AGTF).

The agreements were signed in Luanda, Angola, with the participation of Angolan Finance Minister Vera Daves de Sousa and African Development Bank Country Manager Pietro Toigo. This financing will enhance climate-resilient sanitation services in four coastal towns with a total population of 1.4 million. The towns include Benguela, Baía Farta, Catumbela, and Lobito.

Kenya’s private sector activities contracted in September as high fuel prices and inflation took a toll on businesses, which saw a drop in sales, the latest Purchasing Managers Index (PMI) now indicates.

Stanbic Bank Kenya’s PMI slid back into negative territory at the end of the third quarter, as firms saw a sharp contraction in new orders following a brief respite in August. In the period, elevated inflationary pressures and rising fuel bills dampened client sales, leading to the second-fastest rise in input costs in the survey’s near-decade history.