Browsing: Africa

Absa suffered a major data leak in South Africa and even though the breach did not occur at the bank itself, the data leak still raises security questions concern the safety of client’s money.

Absa is new in Tanzania, the newest big player in the banking industry and has invested a great deal in creating a positive image. However, earlier this month, that image was gravely tainted after an Absa employee allegedly leaked some of the bank’s customer data.

The incident occurred in the bank’s South African main branch where it is reported that the said employee provided customer information to unknown third party interests. The leaked customer info included client ID numbers, bank account numbers, credit card numbers and even mobile phone numbers.

The information that was leaked includes names and surnames, identity numbers and physical addresses, the bank admits.

Further still it also admitted other leaked data includes …

Irony of the hungry farmer

‘Armed with machetes…and borrowed guns, two of three nations are fighting each other, what is to stop a nuclear holocaust should Africa be allowed to develop nuclear energy? First it will be to power their villages then they will weaponize and a nuclear catastrophe will follow…’ anonymous.

Yet nuclear energy may be the very power thrust that Africa needs to pull itself out of the bottomless pit of abject poverty. Its clean, its efficient and comparably cheap. It will by large cut the cost of doing business and powering African homes.

The cost of living in Africa is very high because the cost of production is also very high, why? Easy, the cost of energy is very high. Africa relies mainly on hydroelectric power stations that are very, very expensive to build and maintain.

As such, the cost of electricity is relatively high and in …

Only a fort night after the collapse of Beit-al-Ajaib or the House of Wonders in Stone Town, Zanzibar, the island’s tourism earnings are reported to be down 38 percent compared to last year.

The report comes from the Bank of Tanzania (BoT) which states that despite the tourism sector racking in a surplus of $62.7 million, however this is still 37.7 percent lower than what it was able to amass during the same period in 2019.

Zanzibar’s economy greatly relies on tourism and historical sites like the House of Wonders are a great attraction for tourists. Now with the building having collapsed during restoration efforts, the island is suffering the effects.

Granted the single event is not the cause for the dropped revenue, which the BoT blames on Covid-19, the loss of such an important site has an impact in the sector.

In its monthly economic review for December, BoT …

Businesses in  Zimbabwe are feeling the covid sting has the government moves to reinforce a strict countrywide lockdown in response to renewed breakout of Covid-19 infections.

The lockdown came to effect at the end of the week and involves restriction of movement as well as business operations. With borders closed, businessmen in the country fear worse losses than they are already suffering.

As of January 15, 2021 Zimbabwe had 25,365 confirmed coronavirus (COVID-19) cases and 636 deaths prompting more restrictions.

The lockdown means effective closure of what the country says are non-essential businesses and with it comes also the prohibition of large gatherings like weddings, parties and even religious events.

Issuing the announcement, Zimbabwe’s Vice-President Constantino Chiwenga said the government admits that there is a new Covid-19 outbreak and overwhelmed the country’s health institutions.

Chiwenga, who is also the Health Minister, said the lockdown also means a dusk-to-dawn curfew will …

Analysts at the African Trade Insurance Agency (ATI) annual roundtable noted that Africa is expected to see a subdued economic recovery in 2021 and not likely to reach 2019 growth levels until 2022.

The ATI virtual discussion hosted Uganda, Ghana and Senegal, international financial partners and risk analysts to discuss the most urgent risks and mitigation solutions.

During the virtual meeting, ATI’s newly appointed Chief Executive Officer, Manuel Moses emphasized the importance of partnerships that will help African economies recover from the pandemic. He also said that ATI with the support of partners like the European Investment Bank and the African Development Bank, it plans to go through rapid membership expansions so as to lend more support to the most vulnerable economies.

One of the striking features of the impact of the pandemic that was revealed as a key factor that should guide the continent’s recovery is that the pandemic …

Every year, the L’Oréal Fondation along with UNESCO short lists 20 African women researchers for the academic excellence of their work. The young women then, enter the Sub-Saharan Africa Young Talent Awards For Women in Science.

Sourced from 16 countries, these 15 PhD students and 5 post-doctorates embody, through their backgrounds and research subjects, all the diversity and potential of tomorrow’s African science – L’Oreal.

The shortlisted 20 youth had to fight their way through a maze of nearly 330 applications. The submission were sifted through by a jury that was Chaired by Professor Nelson Torto who is the Executive Director of the African Academy of Sciences.

“They all have in common the excellence of their projects and the desire to contribute to fueling innovation in Africa” he commented.

“They are joining the community of 3,400 women researchers around the world who have been supported by the For Women in …

South Africa bears a dark history of racist apartheid. Under the apartheid regime that came to an end in 1994, black people were considered inferior citizens with no rights whatsoever. The end of this callous regime brought policies meant to equalize the previously disadvantaged populace. 

Among these policies is the Broad-Based Black Economic Empowerment (BBBEE) policy that sought to empower and integrate black people into mainstream business and the corporate world.

Is Racism alive in Corporate South Africa?

Allegations of racism have risen in spite of the existence of BEE policies. If this case is anything to go by, it would appear that certain sections of the Corporate world are using the same policy meant to protect black people against them. 

In a matter to be heard in the courts tomorrow, Tuesday 10/11/2020, tech behemoth and businessman Andile Ngcaba is taking on a technology company, Dimension Data Middle …

Potential presidential elect, Joe Biden, took to Twitter to express his administration’s desire to rejoin the Paris climate agreement as soon as he gets into office. The announcement comes on the heels of the official exit of the US from the agreement. While Trump announced his exit from the agreement years ago, the actual process took much longer.

As part of his campaign, the Democratic candidate submitted a plan involving $1.7 trillion costs to see the US becoming a net-zero carbon emitter by 2050. The US is currently the second-largest emitter of carbon in the world

What is the Paris Climate Agreement?

To keep global warming on the planet below 1.5 °C, emissions of carbon around the world have to go down to net-zero by 2050. According to the Intergovernmental Panel on Climate Change (IPCC), even a 0.5°C increase in temperature could lead to devastating effects such as droughts, …

The UK and European Union are currently in the final stages of negotiation on the terms of their ‘divorce’. The talks have been characterized by a lot of talking, sulking, walk-aways, and renegotiations. It remains to be seen if the process will end in a deal or no deal as to the terms of trade. While the bickering goes on between the ‘parents’, it raises the issue of what will become of the ‘children’ after the break-up.  

The European Union is one of the major trading partners on the African continent. Countries like South Africa are the largest beneficiaries of this trade. Trade arrangements with the UK were initiated within the auspices of the European Union. As the UK sets out on a solo mission, what will become of these deals?  

According to forecasts by the London School of Economics, if the trade deal falls through, the UK would make …